April 28, 2017, 12:36 am
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1 Philippine Peso = 0.07374 UAE Dirham
1 Philippine Peso = 2.49799 Albanian Lek
1 Philippine Peso = 0.03594 Neth Antilles Guilder
1 Philippine Peso = 0.30869 Argentine Peso
1 Philippine Peso = 0.02653 Australian Dollar
1 Philippine Peso = 0.03594 Aruba Florin
1 Philippine Peso = 0.04016 Barbados Dollar
1 Philippine Peso = 1.66265 Bangladesh Taka
1 Philippine Peso = 0.0362 Bulgarian Lev
1 Philippine Peso = 0.00756 Bahraini Dinar
1 Philippine Peso = 34.12309 Burundi Franc
1 Philippine Peso = 0.02008 Bermuda Dollar
1 Philippine Peso = 0.02795 Brunei Dollar
1 Philippine Peso = 0.13795 Bolivian Boliviano
1 Philippine Peso = 0.06279 Brazilian Real
1 Philippine Peso = 0.02008 Bahamian Dollar
1 Philippine Peso = 1.29719 Bhutan Ngultrum
1 Philippine Peso = 0.20691 Botswana Pula
1 Philippine Peso = 402.00804 Belarus Ruble
1 Philippine Peso = 0.04012 Belize Dollar
1 Philippine Peso = 0.02712 Canadian Dollar
1 Philippine Peso = 0.01999 Swiss Franc
1 Philippine Peso = 13.14779 Chilean Peso
1 Philippine Peso = 0.13823 Chinese Yuan
1 Philippine Peso = 57.61044 Colombian Peso
1 Philippine Peso = 11.0492 Costa Rica Colon
1 Philippine Peso = 0.02008 Cuban Peso
1 Philippine Peso = 2.03795 Cape Verde Escudo
1 Philippine Peso = 0.4955 Czech Koruna
1 Philippine Peso = 3.5743 Djibouti Franc
1 Philippine Peso = 0.13744 Danish Krone
1 Philippine Peso = 0.94578 Dominican Peso
1 Philippine Peso = 2.18602 Algerian Dinar
1 Philippine Peso = 0.28902 Estonian Kroon
1 Philippine Peso = 0.36285 Egyptian Pound
1 Philippine Peso = 0.45783 Ethiopian Birr
1 Philippine Peso = 0.01847 Euro
1 Philippine Peso = 0.04172 Fiji Dollar
1 Philippine Peso = 0.01569 Falkland Islands Pound
1 Philippine Peso = 0.0157 British Pound
1 Philippine Peso = 0.08205 Ghanaian Cedi
1 Philippine Peso = 0.88052 Gambian Dalasi
1 Philippine Peso = 185.36145 Guinea Franc
1 Philippine Peso = 0.14727 Guatemala Quetzal
1 Philippine Peso = 4.10221 Guyana Dollar
1 Philippine Peso = 0.15618 Hong Kong Dollar
1 Philippine Peso = 0.46867 Honduras Lempira
1 Philippine Peso = 0.13713 Croatian Kuna
1 Philippine Peso = 1.33153 Haiti Gourde
1 Philippine Peso = 5.74598 Hungarian Forint
1 Philippine Peso = 267.38956 Indonesian Rupiah
1 Philippine Peso = 0.07311 Israeli Shekel
1 Philippine Peso = 1.29488 Indian Rupee
1 Philippine Peso = 23.71486 Iraqi Dinar
1 Philippine Peso = 651.34539 Iran Rial
1 Philippine Peso = 2.16064 Iceland Krona
1 Philippine Peso = 2.5751 Jamaican Dollar
1 Philippine Peso = 0.01423 Jordanian Dinar
1 Philippine Peso = 2.20343 Japanese Yen
1 Philippine Peso = 2.06888 Kenyan Shilling
1 Philippine Peso = 1.34789 Kyrgyzstan Som
1 Philippine Peso = 80.12048 Cambodia Riel
1 Philippine Peso = 9.2747 Comoros Franc
1 Philippine Peso = 18.07229 North Korean Won
1 Philippine Peso = 22.75743 Korean Won
1 Philippine Peso = 0.0061 Kuwaiti Dinar
1 Philippine Peso = 0.01647 Cayman Islands Dollar
1 Philippine Peso = 6.25622 Kazakhstan Tenge
1 Philippine Peso = 164.67872 Lao Kip
1 Philippine Peso = 30.25502 Lebanese Pound
1 Philippine Peso = 3.05723 Sri Lanka Rupee
1 Philippine Peso = 1.80723 Liberian Dollar
1 Philippine Peso = 0.26094 Lesotho Loti
1 Philippine Peso = 0.06122 Lithuanian Lita
1 Philippine Peso = 0.01246 Latvian Lat
1 Philippine Peso = 0.02828 Libyan Dinar
1 Philippine Peso = 0.19886 Moroccan Dirham
1 Philippine Peso = 0.38584 Moldovan Leu
1 Philippine Peso = 1.13153 Macedonian Denar
1 Philippine Peso = 27.04819 Myanmar Kyat
1 Philippine Peso = 48.27309 Mongolian Tugrik
1 Philippine Peso = 0.16089 Macau Pataca
1 Philippine Peso = 7.14859 Mauritania Ougulya
1 Philippine Peso = 0.6994 Mauritius Rupee
1 Philippine Peso = 0.30622 Maldives Rufiyaa
1 Philippine Peso = 14.41345 Malawi Kwacha
1 Philippine Peso = 0.37604 Mexican Peso
1 Philippine Peso = 0.08831 Malaysian Ringgit
1 Philippine Peso = 0.261 Namibian Dollar
1 Philippine Peso = 6.3253 Nigerian Naira
1 Philippine Peso = 0.59056 Nicaragua Cordoba
1 Philippine Peso = 0.17162 Norwegian Krone
1 Philippine Peso = 2.07129 Nepalese Rupee
1 Philippine Peso = 0.02861 New Zealand Dollar
1 Philippine Peso = 0.00772 Omani Rial
1 Philippine Peso = 0.02008 Panama Balboa
1 Philippine Peso = 0.065 Peruvian Nuevo Sol
1 Philippine Peso = 0.06586 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.10141 Pakistani Rupee
1 Philippine Peso = 0.07841 Polish Zloty
1 Philippine Peso = 110.69879 Paraguayan Guarani
1 Philippine Peso = 0.07311 Qatar Rial
1 Philippine Peso = 0.08354 Romanian New Leu
1 Philippine Peso = 1.11942 Russian Rouble
1 Philippine Peso = 16.43896 Rwanda Franc
1 Philippine Peso = 0.07529 Saudi Arabian Riyal
1 Philippine Peso = 0.15744 Solomon Islands Dollar
1 Philippine Peso = 0.27046 Seychelles Rupee
1 Philippine Peso = 0.13372 Sudanese Pound
1 Philippine Peso = 0.17781 Swedish Krona
1 Philippine Peso = 0.02796 Singapore Dollar
1 Philippine Peso = 0.01569 St Helena Pound
1 Philippine Peso = 0.4459 Slovak Koruna
1 Philippine Peso = 149.5984 Sierra Leone Leone
1 Philippine Peso = 10.98394 Somali Shilling
1 Philippine Peso = 452.80121 Sao Tome Dobra
1 Philippine Peso = 0.17514 El Salvador Colon
1 Philippine Peso = 10.34096 Syrian Pound
1 Philippine Peso = 0.26104 Swaziland Lilageni
1 Philippine Peso = 0.68916 Thai Baht
1 Philippine Peso = 0.05006 Tunisian Dinar
1 Philippine Peso = 0.04645 Tongan paʻanga
1 Philippine Peso = 0.07169 Turkish Lira
1 Philippine Peso = 0.13453 Trinidad Tobago Dollar
1 Philippine Peso = 0.60745 Taiwan Dollar
1 Philippine Peso = 44.77912 Tanzanian Shilling
1 Philippine Peso = 0.53434 Ukraine Hryvnia
1 Philippine Peso = 72.53012 Ugandan Shilling
1 Philippine Peso = 0.02008 United States Dollar
1 Philippine Peso = 0.57068 Uruguayan New Peso
1 Philippine Peso = 74.29719 Uzbekistan Sum
1 Philippine Peso = 0.2003 Venezuelan Bolivar
1 Philippine Peso = 456.10443 Vietnam Dong
1 Philippine Peso = 2.17892 Vanuatu Vatu
1 Philippine Peso = 0.0517 Samoa Tala
1 Philippine Peso = 12.11064 CFA Franc (BEAC)
1 Philippine Peso = 0.05422 East Caribbean Dollar
1 Philippine Peso = 12.18876 CFA Franc (BCEAO)
1 Philippine Peso = 2.19137 Pacific Franc
1 Philippine Peso = 5.01908 Yemen Riyal
1 Philippine Peso = 0.26099 South African Rand
1 Philippine Peso = 104.20683 Zambian Kwacha
1 Philippine Peso = 7.26707 Zimbabwe dollar

Think tank says PH banking sector remains positive

BMI Research, a member of the Fitch Group of Companies, said the growth outlook for the Philippine banking sector remains positive, and there are few risks to financial stability over the medium term. 

In a report, BMI said some of the key factors supporting their constructive view include a strong economic growth outlook, healthy capitalization and liquidity profiles, and ongoing positive structural reforms.

“The Philippine economy expanded by an impressive rate of 6.8 percent in 2016 with a boost from the one-off election spending, and although we forecast real GDP growth to taper off slightly to 6.3 percent in 2017, it will nevertheless remain one of the fastest growing economies in the region,” BMI said.

This outperformance, according to the think tank, will be underpinned by an improved business environment, positive demographics, and the government expansionary fiscal plans, which will continue to drive investment and output growth. 

“President Rodrigo Duterte’s efforts to improve bilateral relations with China and Japan will also help to boost trade and investment with the two economic powerhouses in the region, further reinforcing our positive view on the economy. This should help to drive credit demand as both households and businesses assume leverage against a backdrop of profitable opportunities and relatively low existing indebtedness,” BMI said.

BMI forecast loan growth to come in at 17.0 percent in 2017, which is similar to their estimate of 18.0 percent in 2016.

BMI also expects asset quality across the Philippine banking sector “to remain broadly stable and low as corporate earnings and asset valuations typically correlate positively with strong economic growth.”

“In other words, we see limited scope for further improvements, but do not expect deterioration,” BMI said.

BMI noted increasing loan exposure to consumers and small-medium enterprises (SME) - as banks deepen their penetration and search for engine of growth - may result in non-performing loan (NPL) ratio rising gradually. 

On the other hand, BMI said as the mid-tier banks continue to develop their risk-management tools and as banks resolve their existing problem assets with the support of higher asset prices, this will help to bring down NPLs on their balance sheets. 

Since January 2013, gross NPLs have been on a broad downtrend, falling from 3.5 percent, to 2.0 percent in February 2017.

BMI also noted one of the key strengths of the banking sector is that it boasts high capital buffers which should provide sufficient defense against moderate credit shocks and unexpected losses. 

“The capital-to-asset ratio was recorded at 12.1 percent as of February 2017, while the latest available data for capital adequacy ratio on a solo basis (which excludes subsidiaries) stood at 15.6 percent in September 2016. We expect the industry to maintain healthy buffers amid active supervision by the central bank and given that many of leading banks have the ability to raise fresh capital due to strong financial backing from large conglomerates,” BMI said.

BMI added the banking sector’s loan-to-deposit ratio is among the lowest in Asia, suggesting that Philippine banks have financed loans largely by using deposits rather than through international wholesale funding. 

“This reduces refinancing risk in the banking system as external borrowing tends to be difficult to roll over in times of uncertainty. It also lowers asset-liability mismatch risk arising from monetary tightening in the US, and currency movements,” the report cited.

Although the banking sector as a whole is on a sound footing, BMI noted that it has a long tail with over 600 banks as of end-2016, of which the largest 10 banks account for over 70 percent of total assets. 

“The high degree of fragmentation also comes with uneven risk distribution where performance indicators are skewed towards dominant banks in the industry. That said, the government has been encouraging consolidation in the industry, which we believe will help to reduce the regulatory burden on the central bank and improve financial intermediation processes in the country,” BMI said.

The Bangko Sentral ng Pilipinas has signed a finalized agreement with its Malaysian counterpart in early April regarding the entry of qualified Asean banks, in line with the Asean Banking Integration Framework (ABIF), and a Letter of Intent with the Bank of Thailand to begin similar discussions. 

“The entry of well-managed foreign banks will likely provide further impetus for consolidation as domestic banks gear up for more competition from abroad, and could potentially enable knowledge transfers from overseas which would improve risk management,” BMI said.
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