December 17, 2017, 12:48 am
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1 Philippine Peso = 0.03533 Neth Antilles Guilder
1 Philippine Peso = 0.34712 Argentine Peso
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1 Philippine Peso = 0.06539 Brazilian Real
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1 Philippine Peso = 2.28011 Algerian Dinar
1 Philippine Peso = 0.26427 Estonian Kroon
1 Philippine Peso = 0.35252 Egyptian Pound
1 Philippine Peso = 0.5391 Ethiopian Birr
1 Philippine Peso = 0.01689 Euro
1 Philippine Peso = 0.04119 Fiji Dollar
1 Philippine Peso = 0.01488 Falkland Islands Pound
1 Philippine Peso = 0.0149 British Pound
1 Philippine Peso = 0.08949 Ghanaian Cedi
1 Philippine Peso = 0.93628 Gambian Dalasi
1 Philippine Peso = 177.61016 Guinea Franc
1 Philippine Peso = 0.14561 Guatemala Quetzal
1 Philippine Peso = 4.01171 Guyana Dollar
1 Philippine Peso = 0.15502 Hong Kong Dollar
1 Philippine Peso = 0.46602 Honduras Lempira
1 Philippine Peso = 0.12717 Croatian Kuna
1 Philippine Peso = 1.24851 Haiti Gourde
1 Philippine Peso = 5.30468 Hungarian Forint
1 Philippine Peso = 269.45216 Indonesian Rupiah
1 Philippine Peso = 0.0697 Israeli Shekel
1 Philippine Peso = 1.27173 Indian Rupee
1 Philippine Peso = 23.50139 Iraqi Dinar
1 Philippine Peso = 706.60975 Iran Rial
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1 Philippine Peso = 2.47122 Jamaican Dollar
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1 Philippine Peso = 21.58495 Korean Won
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1 Philippine Peso = 0.26141 Lesotho Loti
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1 Philippine Peso = 0.33869 Moldovan Leu
1 Philippine Peso = 1.03414 Macedonian Denar
1 Philippine Peso = 27.03454 Myanmar Kyat
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1 Philippine Peso = 0.15967 Macau Pataca
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1 Philippine Peso = 0.67209 Mauritius Rupee
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1 Philippine Peso = 0.37963 Mexican Peso
1 Philippine Peso = 0.08094 Malaysian Ringgit
1 Philippine Peso = 0.2608 Namibian Dollar
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1 Philippine Peso = 0.16635 Norwegian Krone
1 Philippine Peso = 2.03573 Nepalese Rupee
1 Philippine Peso = 0.02839 New Zealand Dollar
1 Philippine Peso = 0.00762 Omani Rial
1 Philippine Peso = 0.01985 Panama Balboa
1 Philippine Peso = 0.06535 Peruvian Nuevo Sol
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1 Philippine Peso = 1 Philippine Peso
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1 Philippine Peso = 111.57205 Paraguayan Guarani
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1 Philippine Peso = 16.58892 Rwanda Franc
1 Philippine Peso = 0.07443 Saudi Arabian Riyal
1 Philippine Peso = 0.15358 Solomon Islands Dollar
1 Philippine Peso = 0.26852 Seychelles Rupee
1 Philippine Peso = 0.13219 Sudanese Pound
1 Philippine Peso = 0.16899 Swedish Krona
1 Philippine Peso = 0.02675 Singapore Dollar
1 Philippine Peso = 0.01489 St Helena Pound
1 Philippine Peso = 0.44077 Slovak Koruna
1 Philippine Peso = 151.44898 Sierra Leone Leone
1 Philippine Peso = 11.09567 Somali Shilling
1 Philippine Peso = 413.80507 Sao Tome Dobra
1 Philippine Peso = 0.17368 El Salvador Colon
1 Philippine Peso = 10.22191 Syrian Pound
1 Philippine Peso = 0.26054 Swaziland Lilageni
1 Philippine Peso = 0.6449 Thai Baht
1 Philippine Peso = 0.04961 Tunisian Dinar
1 Philippine Peso = 0.04557 Tongan paʻanga
1 Philippine Peso = 0.07666 Turkish Lira
1 Philippine Peso = 0.13159 Trinidad Tobago Dollar
1 Philippine Peso = 0.5944 Taiwan Dollar
1 Philippine Peso = 44.30329 Tanzanian Shilling
1 Philippine Peso = 0.54875 Ukraine Hryvnia
1 Philippine Peso = 71.55617 Ugandan Shilling
1 Philippine Peso = 0.01985 United States Dollar
1 Philippine Peso = 0.57046 Uruguayan New Peso
1 Philippine Peso = 160.57959 Uzbekistan Sum
1 Philippine Peso = 0.198 Venezuelan Bolivar
1 Philippine Peso = 450.55577 Vietnam Dong
1 Philippine Peso = 2.09845 Vanuatu Vatu
1 Philippine Peso = 0.05144 Samoa Tala
1 Philippine Peso = 11.07165 CFA Franc (BEAC)
1 Philippine Peso = 0.05359 East Caribbean Dollar
1 Philippine Peso = 11.49782 CFA Franc (BCEAO)
1 Philippine Peso = 2.00337 Pacific Franc
1 Philippine Peso = 4.96129 Yemen Riyal
1 Philippine Peso = 0.26079 South African Rand
1 Philippine Peso = 103.00714 Zambian Kwacha
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Tax perks tempt Italian bankers back to la dolce vita

By Pamela Barbaglia and Stephen Jewkes

LONDON/MILAN - Italian financiers who handle some of their country’s biggest deals out of London are moving to Milan, lured by bumper tax breaks at a time of deep uncertainty about Brexit, sources familiar with the plans said.

Investment bankers making the switch include Goldman Sachs’ co-head of Italy Francesco Pascuzzi, who also co-heads the global power and infrastructure team, and is looking to move early next year, the sources told Reuters.

Goldman and JPMorgan have started looking for new offices in Milan as their current bases, in the bustling heart of Milan, behind La Scala theatre, are too small to house those seeking to relocate.

Goldman has about 20 people on its payroll in Milan - Italy’s financial capital - but expects headcount to double by 2019 as a result of Italian bankers returning from London, said the sources who declined to be named as the plans are confidential.

JPMorgan, which has a much bigger presence of about 160 staff, aims to significantly increase that number, they added.

“Hiring bankers from London used to be hard, no one was too keen to relocate as London was the place to be in finance. But things have changed,” said Leopoldo Attolico, the Italy country manager for Citi, which has 200 Milan staff and expects some workers to seek relocation from London.

“Now there is a sense of insecurity among non-UK nationals working in London and we have seen more interest in relocating to Milan, also thanks to new fiscal incentives.”

For those returning, Italy is offering significant perks, including a 50 percent income tax break. There is no mass exodus, however, with only dozens of Italians choosing to relocate so far.

But the shift points to a growing fragmentation of the European investment banking sector, which has been almost exclusively concentrated in London for the past 20 years.

As Brexit nears, more financiers are expected to shift to their home countries or to other financial hubs like Frankfurt and Paris. This would increasingly spell the end of a model that has allowed banks to streamline operations and costs by covering European markets out of Britain.

“You don’t move back to Italy to get a tax break, but it’s a good incentive when you’re thinking about your next step,” said former DBAY investment adviser Raffaele Petrone who returned to Italy in February to join private equity firm Armonia SGR.

Antonino Mattarella, nephew of Italian president Sergio Mattarella, is also among bankers making the switch. In February the 38-year-old, who spent 12 years in London at Goldman Sachs, became Bank of America’s Italy head in Milan. ‎

Some private equity and hedge fund executives have shifted too.

Giuseppe Prestia, partner at Charterhouse, has just relocated to Milan after handling the private equity house’s Italian investments out of London for 13 years, and his firm is considering opening its own base in Italy, according to the sources.

London-based buyout funds Cinven and Advent have started beefing up their Milan subsidiaries, with Advent director Francesco Casiraghi being the first to relocate, they said.

Over the past two decades, thousands of graduates have left Italy due to a lack of work and career prospects, with London a favourite destination.

In a bid to reverse this brain drain the government has introduced the 50 percent, five-year income tax break for high-skilled Italian workers returning from abroad, as well as a flat tax rate of 100,000 euros on foreign income aimed at luring the wealthy of all nationalities.

Fabrizio Pagani, chief of staff for Italy’s finance minister, has been organising international events to promote Milan as a financial centre. “We have seen a lot of interest around these new fiscal policies, especially the one offering a 50 percent tax holiday,” he said.

Milan still has a long way to go to come close to rivalling London or New York. Its share of global foreign currency trading is 0.3 percent compared with 36.9 percent in London, according to the Bank for International Settlements, while Italy lags Britain, France and Germany for investment banking fees.

But there are other attractions for affluent financiers.

Known as a hub for world-class design, fashion and food, the city of 1.3 million people boasts 17 Michelin-starred restaurants among about 7,000 bars, cafes and eateries. It is also marketing itself as a modern banking centre with the newly developed Porta Nuova financial district reshaping the skyline.

“More than 6 billion euros has been invested in office space in Italy over the past 24 months, a significant part of which went to Porta Nuova,” said Manfredi Catella, CEO of real estate investment firm Coima.

Apartments in prime areas like the Brera district cost about $12,000 per square metre versus an average of $25,000 in London’s exclusive Mayfair.

“For someone from London buying in Milan is like going to the supermarket,” said Vincenzo Albanese, CEO of estate agency Sigest.

Albanese said financial-sector workers in London had been sounding out the Milan property market over the past year with top-floor terraced apartments in high demand.

International schools are also reporting a pick-up in interest.

“We had a lot of interest from Italians working in London who decided it was time to come back. This has been a trend since Brexit,” said Chris Greenhalgh, principal at the British School of Milan.

Greenhalgh said Milan’s municipality recently gathered all international schools and asked them to provide details about their capacity as part of a pitch to lure people from London.

St Louis School recently added a third school to its Milan network in expectation of a boom in demand from returning Italians, converting a former monastery into a 600-place school. – Reuters 
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