October 23, 2017, 8:35 am
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.07128 UAE Dirham
1 Philippine Peso = 2.18168 Albanian Lek
1 Philippine Peso = 0.0346 Neth Antilles Guilder
1 Philippine Peso = 0.33849 Argentine Peso
1 Philippine Peso = 0.02474 Australian Dollar
1 Philippine Peso = 0.03455 Aruba Florin
1 Philippine Peso = 0.03882 Barbados Dollar
1 Philippine Peso = 1.59705 Bangladesh Taka
1 Philippine Peso = 0.03208 Bulgarian Lev
1 Philippine Peso = 0.00732 Bahraini Dinar
1 Philippine Peso = 33.78397 Burundi Franc
1 Philippine Peso = 0.01941 Bermuda Dollar
1 Philippine Peso = 0.02639 Brunei Dollar
1 Philippine Peso = 0.13315 Bolivian Boliviano
1 Philippine Peso = 0.06146 Brazilian Real
1 Philippine Peso = 0.01941 Bahamian Dollar
1 Philippine Peso = 1.26213 Bhutan Ngultrum
1 Philippine Peso = 0.20042 Botswana Pula
1 Philippine Peso = 388.58696 Belarus Ruble
1 Philippine Peso = 0.03878 Belize Dollar
1 Philippine Peso = 0.02429 Canadian Dollar
1 Philippine Peso = 0.01906 Swiss Franc
1 Philippine Peso = 12.12442 Chilean Peso
1 Philippine Peso = 0.1285 Chinese Yuan
1 Philippine Peso = 56.61879 Colombian Peso
1 Philippine Peso = 10.99029 Costa Rica Colon
1 Philippine Peso = 0.01941 Cuban Peso
1 Philippine Peso = 1.81172 Cape Verde Escudo
1 Philippine Peso = 0.42217 Czech Koruna
1 Philippine Peso = 3.44992 Djibouti Franc
1 Philippine Peso = 0.12229 Danish Krone
1 Philippine Peso = 0.91751 Dominican Peso
1 Philippine Peso = 2.21396 Algerian Dinar
1 Philippine Peso = 0.25699 Estonian Kroon
1 Philippine Peso = 0.34161 Egyptian Pound
1 Philippine Peso = 0.52232 Ethiopian Birr
1 Philippine Peso = 0.01642 Euro
1 Philippine Peso = 0.03984 Fiji Dollar
1 Philippine Peso = 0.01474 Falkland Islands Pound
1 Philippine Peso = 0.01481 British Pound
1 Philippine Peso = 0.08518 Ghanaian Cedi
1 Philippine Peso = 0.91421 Gambian Dalasi
1 Philippine Peso = 174.2236 Guinea Franc
1 Philippine Peso = 0.14253 Guatemala Quetzal
1 Philippine Peso = 3.96933 Guyana Dollar
1 Philippine Peso = 0.15143 Hong Kong Dollar
1 Philippine Peso = 0.45421 Honduras Lempira
1 Philippine Peso = 0.12329 Croatian Kuna
1 Philippine Peso = 1.19002 Haiti Gourde
1 Philippine Peso = 5.04988 Hungarian Forint
1 Philippine Peso = 262.46118 Indonesian Rupiah
1 Philippine Peso = 0.06762 Israeli Shekel
1 Philippine Peso = 1.26145 Indian Rupee
1 Philippine Peso = 22.63199 Iraqi Dinar
1 Philippine Peso = 665.74146 Iran Rial
1 Philippine Peso = 2.03707 Iceland Krona
1 Philippine Peso = 2.46487 Jamaican Dollar
1 Philippine Peso = 0.01373 Jordanian Dinar
1 Philippine Peso = 2.19732 Japanese Yen
1 Philippine Peso = 2.00019 Kenyan Shilling
1 Philippine Peso = 1.33191 Kyrgyzstan Som
1 Philippine Peso = 78.26087 Cambodia Riel
1 Philippine Peso = 8.11083 Comoros Franc
1 Philippine Peso = 17.46894 North Korean Won
1 Philippine Peso = 21.96991 Korean Won
1 Philippine Peso = 0.00585 Kuwaiti Dinar
1 Philippine Peso = 0.01592 Cayman Islands Dollar
1 Philippine Peso = 6.49204 Kazakhstan Tenge
1 Philippine Peso = 160.69488 Lao Kip
1 Philippine Peso = 29.21972 Lebanese Pound
1 Philippine Peso = 2.98137 Sri Lanka Rupee
1 Philippine Peso = 2.29173 Liberian Dollar
1 Philippine Peso = 0.26378 Lesotho Loti
1 Philippine Peso = 0.05918 Lithuanian Lita
1 Philippine Peso = 0.01204 Latvian Lat
1 Philippine Peso = 0.02652 Libyan Dinar
1 Philippine Peso = 0.18258 Moroccan Dirham
1 Philippine Peso = 0.33463 Moldovan Leu
1 Philippine Peso = 1.00621 Macedonian Denar
1 Philippine Peso = 26.37811 Myanmar Kyat
1 Philippine Peso = 47.47671 Mongolian Tugrik
1 Philippine Peso = 0.15597 Macau Pataca
1 Philippine Peso = 6.84045 Mauritania Ougulya
1 Philippine Peso = 0.65703 Mauritius Rupee
1 Philippine Peso = 0.30221 Maldives Rufiyaa
1 Philippine Peso = 13.90062 Malawi Kwacha
1 Philippine Peso = 0.36633 Mexican Peso
1 Philippine Peso = 0.08199 Malaysian Ringgit
1 Philippine Peso = 0.26335 Namibian Dollar
1 Philippine Peso = 6.8323 Nigerian Naira
1 Philippine Peso = 0.58773 Nicaragua Cordoba
1 Philippine Peso = 0.15441 Norwegian Krone
1 Philippine Peso = 2.0099 Nepalese Rupee
1 Philippine Peso = 0.02778 New Zealand Dollar
1 Philippine Peso = 0.00746 Omani Rial
1 Philippine Peso = 0.01941 Panama Balboa
1 Philippine Peso = 0.06268 Peruvian Nuevo Sol
1 Philippine Peso = 0.06206 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.03901 Pakistani Rupee
1 Philippine Peso = 0.06957 Polish Zloty
1 Philippine Peso = 109.45264 Paraguayan Guarani
1 Philippine Peso = 0.07337 Qatar Rial
1 Philippine Peso = 0.0755 Romanian New Leu
1 Philippine Peso = 1.11374 Russian Rouble
1 Philippine Peso = 16.1349 Rwanda Franc
1 Philippine Peso = 0.07279 Saudi Arabian Riyal
1 Philippine Peso = 0.15088 Solomon Islands Dollar
1 Philippine Peso = 0.26054 Seychelles Rupee
1 Philippine Peso = 0.12926 Sudanese Pound
1 Philippine Peso = 0.15816 Swedish Krona
1 Philippine Peso = 0.0264 Singapore Dollar
1 Philippine Peso = 0.01475 St Helena Pound
1 Philippine Peso = 0.43102 Slovak Koruna
1 Philippine Peso = 147.90373 Sierra Leone Leone
1 Philippine Peso = 10.81134 Somali Shilling
1 Philippine Peso = 402.56018 Sao Tome Dobra
1 Philippine Peso = 0.16984 El Salvador Colon
1 Philippine Peso = 9.99573 Syrian Pound
1 Philippine Peso = 0.26335 Swaziland Lilageni
1 Philippine Peso = 0.64344 Thai Baht
1 Philippine Peso = 0.04808 Tunisian Dinar
1 Philippine Peso = 0.04338 Tongan paʻanga
1 Philippine Peso = 0.07108 Turkish Lira
1 Philippine Peso = 0.12963 Trinidad Tobago Dollar
1 Philippine Peso = 0.58637 Taiwan Dollar
1 Philippine Peso = 43.42003 Tanzanian Shilling
1 Philippine Peso = 0.51417 Ukraine Hryvnia
1 Philippine Peso = 70.78804 Ugandan Shilling
1 Philippine Peso = 0.01941 United States Dollar
1 Philippine Peso = 0.5722 Uruguayan New Peso
1 Philippine Peso = 155.95885 Uzbekistan Sum
1 Philippine Peso = 0.1936 Venezuelan Bolivar
1 Philippine Peso = 440.93556 Vietnam Dong
1 Philippine Peso = 2.02426 Vanuatu Vatu
1 Philippine Peso = 0.04922 Samoa Tala
1 Philippine Peso = 10.76747 CFA Franc (BEAC)
1 Philippine Peso = 0.05241 East Caribbean Dollar
1 Philippine Peso = 10.69488 CFA Franc (BCEAO)
1 Philippine Peso = 1.94759 Pacific Franc
1 Philippine Peso = 4.85151 Yemen Riyal
1 Philippine Peso = 0.26339 South African Rand
1 Philippine Peso = 100.72787 Zambian Kwacha
1 Philippine Peso = 7.02446 Zimbabwe dollar

In work, but out of pocket

LONDON- Unemployment in the world’s biggest developed economies has been falling, at least since the end of the financial crisis. 

But wages, in the main, have not reacted as might be expected.

They have generally either grown only modestly, or even fallen.

Take, for example, resurgent Germany. Since 2012, the unemployment rate has tumbled to the lowest level since reunification. Wages and salaries have grown -- but only gradually and at nothing like a rate to imply pressure.

It is even clearer in Japan, where unemployment this year has fallen to a more than 20-year low of just 2.8 percent

“Everything tells us the labor market is tight in Japan,” said Mark Williams, chief Asia economist at Capital Economics. “(But) the one place we are not seeing labor market tightness in is wages, which aren’t rising at all.”

One impact of this globally is that inflation has not picked up much despite the massive amount of stimulus hurled at it by central banks, including negligible or even negative interest rates. Indeed, it may be one reason why some banks appear to be less worried about low inflation than they were.

For the worker, the lack of inflation has masked some of the wage stagnation. 

It has only become a hot issue in Britain, for example, since inflation took off after the Brexit vote.

But this may not last. September’s GfK sentiment index suggested German consumer morale may be about to cool as a result of a more negative expectation for incomes. 

The more-workers-less-pay-growth phenomenon, meanwhile, is the subject of a new report from International Monetary Fund economists Gee Hee Hong, Zsoka Koczan, Weicheng Lian and Malhar Nabar.

They find the disconnect between unemployment and wages to be the result of a number of factors -- including the slowdown of productivity -- that are relatively new and which are probably not going to go away.

A key factor is an abundant workforce -- labor market slack in the jargon. But that is a seeming contradiction given the record low unemployment rates in some places.

It comes down to people working fewer hours than they would like and the trend towards temporary contracts -- the gig economy, zero-hours contracts and so on.

That leaves a large number of workers for companies to choose from if wage demands rise.

“Despite employment growth, hours per worker have continued to decline and involuntary part-time employment has increased in more than two-thirds of countries,” the IMF report notes.

A second factor is, in effect, the impact of globalization and a more integrated global economy.

Local labor slack is essentially only part of the picture.

“(Playing a possible role are) the threat of plant relocation across borders, or an increase in the effective worldwide supply of labor,” the economists found.

Interestingly, a third factor -- automation -- was not found by the IMF team to have had a major impact, at least yet.

That may come later. In March, PwC consultants estimated that by 2030 automation will impact -- do away with or change -- 38 percent of existing jobs in the United States, 35 percent in Germany, 30 in Britain, and 21 in Japan.

Sounds a long time away, but it is just over 12 years.

The political impact of all this is unknown -- although Britain’s Brexit vote, the election of US President Donald Trump, and the rise of the far-right AfD in Germany all point at the very least to voter disenchantment with the status quo.

So the next big test could be Italy, where unemployment is a stubborn 11.4 percent and wage growth has been running at negligible year-on-year rates.

Italy will have to hold a general election by the end of May next year and an economy deemed to be weak or unequal could boost support for parties that at the very least have been critical of the euro.

Among them are the 5-Star Movement, the Northern League and even former prime minister Silvio Berlusconi’s Forza Italia. Berlusconi recently raised the idea of a parallel currency to the euro.

The coming week will give a snapshot of Italy’s economy, with September’s purchasing manager indexes (PMI) and the unemployment rate for August. There will also be retail sales data -- sometimes a test of voter contentment.

Meanwhile, there will be a global economic snapshot for the end of the third quarter, from PMI across the globe to US payrolls. – Reuters 
Rating: 
No votes yet

Column of the Day

Finally, better airports

By DAHLI ASPILLERA | October 23,2017
‘Eight provincial airports being readied for night operations; to improve air travel, and help decongest NAIA. – Makati City Rep. Luis Campos Jr.’

Opinion of the Day

Who speaks for whom?

By JOSE BAYANI BAYLON | October 23, 2017
‘Let the people of Manicani speak for themselves and let the rest of us respect their wishes whatever that may be.’