Philippine peso to usd

Illustrative image (Photo: zdnet.com) Hanoi (VNA) – The Philippines registered a high level of economic growth in 2017 and 2018, according to Secretary of Department of Budget and Management Benjamin Diokno. The country’s gross domestic product (GDP) grew by 6.7 percent in 2017 and is projected to expand at least 6.5 percent in 2018, the official said. He attributed the high economic growth to the country’s strong investment in infrastructure through the “Build Build Build” programme. The programme is expected to usher in the Golden Age of Infrastructure in the Philippines. The Philippine government said in 2017 that it will spend 8 trillion to 9 trillion pesos, or roughly 160 billion to 180 billion USD in six years in the programme. In 2017 and 2018, he said, the growth of the industry sector even outpaced overall GDP growth, at an average rate of 7 percent. This is crucial for the Philippine economy to achieve its poverty reduction goals, Diokno … [Read more...] about Philippines posts high economic growth

Flood triggered by storm in Camarines Sur, the Philippines (Photo: Xinhua/VNA)   Hanoi (VNA) – The death toll from heavy rains that triggered landslides and flash flooding in the Philippines rose to 122, said the Philippine National Disaster Risk Reduction and Management Council (NDRRMC) on January 3. The NDRRMC said that 37 new deaths were reported in connection with the recent tropical depression. The victims were all from the worst-hit region of Bicol, which now has an overall total of 105 deaths. Officials said the deaths in the region were mostly caused by landslides, triggered by heavy rains. Philippine President Rodrigo Duterte is scheduled to visit the Bicol region on January 4. Presidential spokesman Salvador Panelo said the President wants to see for himself the destruction brought about by the heavy rains and ensure that measures are being done to alleviate the plight of those affected by the storm. NDRRMC Executive Director Ricardo Jalad has also attributed … [Read more...] about Death toll from storm, landslides in Philippines surges to 122

The Philippine Air Force received FA-50PH aircraft made by a Korean manufacturer in 2017. (Photo: EPA/VNA) Hanoi (VNA) - The Philippine Air Force (PAF) on July 3 announced a plan to build more bases and expand its operations throughout the country as it has stepped up efforts to enhance the capability of its armed forces. This year, President Rodrigo Duterte said the PAF completed the acquisition of air defense surveillance radars, utility aircraft and unmanned aerial vehicles to complement its existing air assets. He said the government is working on the implementation of the second horizon of the revised Armed Forces of the Philippines (AFP) Modernization Programme by 2022 with 16 projects for the PAF worth over 139 billion pesos (around 2.6 billion USD) already in the pipeline. Meanwhile, PAF chief Lieut. Gen. Galileo Gerald Kintanar said the PAF has recently signed an agreement with the Palawan provincial administration to convert a 300-hectare land on Balabac island in the … [Read more...] about Philippine Air Force to build more bases, expand operations

Philippine President Rodrigo Duterte (Photo: AFP/VNA) Hanoi (VNA) - Philippine President Rodrigo Duterte has approved a five-year plan to spend 300 billion pesos (around 5.6 billion USD) to modernise the military, defence officials said on June 20. The sum will be used to buy brand-new equipment, such as fighters, drones, light tanks, radar, an additional frigate and a submarine, to boost the country’s defence capability, said a defence official, who declined to be named. President Duterte ratified the plan at a meeting with top defence and military officials last month. A senior general said the President had adopted 33 modernisation projects, with a focus on domestic security and protecting the maritime borders of the nation. The previous administration of the then President Benigno Aquino spent about 1.7 billion USD on the military during its 2010-2016 term, mostly on secondhand ships and planes. The Philippines has received donated military equipment from Australia, … [Read more...] about Philippines to spend 5.6 billion USD on military modernisation

Former President Benigno Aquino (Source: AP)   Hanoi (VNA) – The Philippine anti-graft agency on June 20 recommended a criminal charge against former President Benigno Aquino for disbursing 72 billion pesos (1.35 billion USD) of state funds for major government projects without the required approval of the Congress. The money became a source of controversy during Aquino's term from 2010-2016, with critics claiming that he used it to barter for favours from legislators. But, he has always denied any wrongdoing. The charge, filed last week by a special anti-corruption prosecutor but only made public on June 20, alleges that Aquino violated the constitution's separation of powers, AFP reported. In the indictment, prosecutor Conchita Morales alleged Aquino wrote a series of instructions to his budget minister to funnel 72 billion pesos into a special initiative in June 2012. Aquino branded the initiative, the "Disbursement Allocation Programme", an attempt to speed up … [Read more...] about Former Philippine President Aquino faces criminal charge

Philippine Tourism Secretary Wanda Teo who has recently resigned amid corruption allegations. (Photo: AFP/VNA) Hanoi (VNA) – Philippine President Rodrigo Duterte on May 8 accepted the resignation of Tourism Secretary Wanda Teo who was reportedly forced to tender her resignation amid corruption allegations. Presidential spokesman Harry Roque confirmed that Teo submitted her resignation letter before the cabinet meeting on May 7 night. Calls for Teo's resignation mounted following a Commission on Audit finding that the Department of Tourism (DOT) placed 60 million pesos (1.2 million USD) worth of advertisements on a television programme produced and hosted by her brothers. But Teo has denied the allegations. The Office of the Ombudsman said it would investigate Teo over the DOT's controversial ads deal. Ombudsman Conchita Carpio Morales said her office "will do a fact-finding" investigation over the deal. Teo is the latest government official fired over corruption … [Read more...] about Philippine tourism secretary resigns amid corruption allegations

Boracay beach (Source: AFP) Hanoi (VNA) – The Philippines has decided to close its resort island of Boracay to tourists for six months from April 26 to address sewage and environment-related problems. Philippine President Rodrigo Duterte ordered the shutdown to start on April 26, his spokesman Harry Roque said in an announcement on Twitter on April 4, without providing further details. Earlier, Environment Undersecretary Jonas Leones stated that a closure would mean airlines and ferries’ suspension of their Boracay services and make the beaches off-limits. There are around 17,000 people working in 500 hotels in Boracay, apart from 11,000 construction workers working on new projects. The decision raises questions about the livelihoods of thousands employed as part of a bustling tourist trade that serves some two million guests on the island each year. The island has some 500 tourism-related businesses, which had a combined annual revenue of 56 billion pesos (1.07 … [Read more...] about Philippines to temporarily close renowned Boracay island from April 26

TC90 surveillance aircraft (Source: Abs-cbn.com) Hanoi (VNA) – The Philippines on March 26 received three secondhand TC90 surveillance aircraft from the Japanese Ministry of Defence in an effort to strengthen the naval force’s capacity and stay ready to respond to increasing maritime challenges and threats. In a speech at a naval base south of Manila, Defence Secretary Delfin Lorenzana said that the Philippines is facing a lot of challenges related to maritime security such as piracy, armed insurgents in the Sulu sea and other transnational crimes, including smuggling of illegal drugs and poaching into rich fishing grounds in the Philippines’ territorial waters. Therefore, the planes will definitely boost the navy’s capability to gather intelligence, Lorenzana stated. The surveillance planes have a flight range of 300 km, doubling the capability of its existing aircraft. The navy said it has a budget of nearly 6 billion peso (114.65 million USD) to … [Read more...] about Philippines receives used surveillance aircraft from Japan