Philippine Peso Essay Example

Philippine Peso Essay Philippine Peso is the currency of the Philippines. The Central Bank of the Philippines, the Bangko Sentral ny Pilipinas (BSP) administers foreign exchange controls and all other currency problems in the Philippines. The former Marcos government of Philippines, known for its corruption, always aimed at retaining the foreign exchange earnings from traditional exporters. From 1970 to 1984, the Philippines had an intermittent history of multiple rate structure with different rates to foreign exchange transactions for exports, imports and foreign debts, on the basis of a daily Guided Rate.From 1970 till 1973, traditional exporters were required to surrender 80% of the foreign exchange earning at a Official Rate fixed at 3. 9, which is more disadvantageous to exporters than other rates. This requirement was later replaced by a stabilization tax on traditional exports, which also worked to siphon off the gains of traditional exports. (Bautista, 1987) In mid 1980s, with the economic takeoff of the neighbouring Asia-Pacific area, the Philippines witnessed the importance of removing distortions in its economic regimes and opening up the highly protected economy.Read also The Philippine Peso Us Dollar Exchange RateAlso partly due to the 1983 financial crisis, in 1984 the multiple rate structure was abolished. Ever since then, the Philippines has maintained a floating exchange rate regime. An Inter-bank Rate, determined on the basis of supply and demand in the exchange market, has governed all transactions. The authorities intervene in the medium to maintain orderly market conditions and the political objectives. In addition, the Bankers Association maintains a Reference Rate as the Peso-U. S. Dollar convention rate for customs valuation purposes and for computation of import duties/taxies.Major sources of reference include: 1. World Currency Yearbook. (WCY) 2. Annual Report on Exchange Arrangement and Exchange Restriction. (IMF)Â   3. Romeo M. Bautista (1987): Productio n Incentives in Philippine Agriculture: Effects of Trade and Exchange Policies. | Â  | Â  | | Date| Changes to the exchange rate regime| Peso per U. S. Dollar| 8 November 1965| The fluctuating free rate was abolished. (WCY, 1984, p. 614)Â  | 3. 900Â  | 21 February 1970| A multiple rate structure with a Mixed Rate (not explained in WCY) was reinstated based on a controlled, floating Official Free Flucturating Guided Rate. WCY, 1984, p. 614) . The daily Guided Rate was establishedby the Bankers Association. (IMF 1976, p. 369). 80% of foreign exchange earnings from some traditional exports (including copra, sugar, logs, and copper concentrates) were to be surrendered to the Central Bank at the Official Rate of P3. 90 per U. S. Dollar, while the remaining 20% could be sold at the free market rate. (Bautista, 1987, p. 24)Â  | 5. 500Â  | May 1970| The requirement of surrender 80% of export earnings was replaced by a stabilization tax on traditional exports. (Bautista, 1987, p. 4)Â  | Â  | 22 September 1970| Â  | 6. 435Â  | 20 December 1970|The gold content of the Peso was cut 7. 89%, paralleling the U. S. Dollar devaluation. | Â  | 26 April 1972| Â  | 6. 780Â  | 13 February 1973| The gold content of the Peso was cut 10%, in the aftermath of the U. S. Dollar devaluation. (WCY 1984, p. 614)Â  | Â  | 31 December 1974| Â  | 7. 070Â  | 1975| In spot transactions between commercial banks and customers, the maximum and minimum spot buying rates are 0. 5% and 1% below the guiding rate, respectively. The minimum and maximum spot selling rates are 0. 75% and 1. 5 % above the guiding rate, respectively. (IMF 1976, p. 369)Â  | Â  | 31 December 1975| Â  | 7. 510Â  | 31 December 1976| Â  | 7. 440Â  | 1977| For spot transactions in excess of US$100,000 between banks and their customers, the margins are competitively determined. (IMF 1978, p. 331)Â  | Â  | 31 December 1977| Â  | 7. 380Â  | 31 December 1978| Â  | 7. 380Â  | 31 December 1979| Â  | 7. 420 Â  | 31 December 1980| Â  | 7. 600Â  | 31 December 1981| Â  | 8. 200Â  | 31 December 1982| Â  | 9. 170Â  | 23 June 1983| Â  | 11. 000Â  | 5 October 1983| Inter-bank trading in foreign exchange was suspended.The Guided Rate was phased out in favor of a controlled, floating Effective Rate. (WCY 1984, p. 614)Â  | 14. 000Â  | 31 December 1983| Â  | 14. 000Â  | 1984| All spot buying and selling margins were to be determined on a competitive basis. (IMF 1985, p. 400)Â  | Â  | 6 June 1984| The exchange rate system was revised into a de facto multiple rate structure as follows: The Effective Rate applied only to essential imports and interest on the foreign debt. Based on a 10% tax on the purchase of foreign exchange, an exchange for other transactions.An exchange rate for export proceeds. The Black Market Rate was officially recognized as the major source of foreign exchange. (The exchange rate for purchase of exchange in other transactions: 19. 80; Export proceeds were exch anged at P16. 20 per U. S. dollar; The Black Market Rate: P20. 00-P24. 00) (WCY 1985, p. 669)Â  | 18. 000Â  | 10 October 1984| The multiple rate structure was abolished. Inter-bank trading in foreign exchange was resumed. An Interbank Rate, determined on the basis of supply and demand in the exchange market, was to govern all transactions.Authorities intervene when necessary to maintain orderly conditions. (WCY 1990-1993, p. 510) Â  | Â  | 13 December 1984| The Peso-U. S. Dollar guiding rate was abolished. (IMF. 1986. p. 422) Â  | Â  | 31 December 1984| Â  | 19. 760Â  | 29 March 1985| The Central Bank announced that, the reference rate of the Bankers Association should be the Peso-U. S. Dollar conversion rate for customs valuation purposes and for computation of import duties/taxies. (IMF. 1986. p. 422)Â  | Â  | 31 December 1985| Â  | 19. 030Â  | 31 December 1986| Â  | 20. 530Â  | 31 December 1987| Â  | 20. 800Â  | 1 December 1988| Â  | 21. 340Â  | 31 December 1989 | Â  | 22. 440Â  | 13 September 1990| Guidelines were issued that the buying rate for spot transactions must not be less than 1% below the reference rate of the Bankers Association, while the spot selling rate must not be more than 2% above the reference rate.For transactions other than spot, the buying rate must not be less than 1% below the spot buying rate, while the selling rate must not be more than 1% above the spot selling rate. (IMF. 1991, p. 398)Â  | Â  | 31 October 1990| Â  | 28. 000Â  | 31 December 1990| Â  | 28. 000Â  | 8 January 1991| The margins for spot buying and selling rates for commercial reference transactions around the official reference rate were eliminated. (IMF. 1991, p. 400)Â  | Â  | 31 December 1991| Â  | 26. 650Â  | 30 July 1992| A system of eight-hour continuous interbank foreign exchange trading under the Philippine Dealing System (PDS) was introduced. (IMF. 1993, p. 405)Â  | Â  | 31 December 1994| Â  | 24. 418Â  | 31 December 1995| Â   | 26. 214Â  | 15 March 1998| The authorities allowed the Peso to float more freely against the dollar by lifting the volatility bank system.The band include a 6% limit around the exchange rate of the previous day, with trading being suspended for the remainder of the day if the limit was reached. (IMF 1999, p. 683)Â  | Â  | Notes:Throughout the course, the Philippine authority posted an Official Rate of P3. 90 per U. S. Dollar. This rate was originally used for exporters to surrender their exchange earnings to the Central Bank since 1965. However, this rate is now left inoperative since the exporters are not required to render their export earnings any more. (WCY 1986-1987, p. 511)|

Top 8 Most Underpaid Jobs That Deserve Much Higher Pay

Top 8 Most Underpaid Jobs That Deserve Much Higher Pay We all feel overworked and underpaid, as a rule. But  it’s no surprise that some of the  most valued and hard-working professionals you might know (or might be yourself!) don’t receive the pay that matches the sacrifices they make. Here are 8 of the most underpaid jobs in our society, all of which deserve to be paid much, much better. 1.  Public school teacherThis almost doesn’t require an explanation. Teachers make a median income of around $55k, but given the hours they put in and the importance of the work they do, this doesn’t seem nearly enough. If children are indeed our future, perhaps we should be investing more in the people who get them where they need to be?2. Registered nurseSure, nurses typically make around $60k per year, and that seems pretty high compared to a lot of jobs in our current economy. But then you have to factor in how many more hours and responsibilities that have been piled upon them. And they’re increasingly requi red to do more work formerly assigned to doctors because of their higher levels of education.3. Farm workerWe pay the people who are responsible for feeding us very very poorly. These are the worst of conditions, the hardest, most back-breaking physical labor, and less than $20k per year (if they’re lucky) for long hours and having to move all over the place to follow the harvest schedules. Some undocumented workers also face harassment and unfairly curtailed wages as well.4. Child care professionalChild care workers don’t make that much more than farm workers, but their work is also very intense. Imagine all those kids, all that energy, all that responsibility, plus their hyper-vigilant and often overbearing parents. The amount of impact these folks can have on kids in their most crucial stages of development is huge. Shouldn’t they at least make a living wage?5. ParamedicEmts deal with people in the worst of circumstances, and are usually responsible for wheth er or not they make it through. They’re constantly throwing themselves between us and danger (or death) and should really make more than their median salary of roughly $31k per year.6. Home health aideAgain, home health aides make only marginally more than farm workers. And they are the ones who make sure that our elderly loved ones get the care they need in the years they need it most- often at their frailest and most scared. If we value our loved ones, shouldn’t we value those who care for them so expertly?7. Social workerSocial workers are the people on the front lines who protect those in our society who need protecting most. Even if you’ve never had cause to run into one in your life and work, it’s clear that they perform a crucial function in making our world a safer place for all our citizens. They should make as much as CEOs, but they barely clear $45k per year.8. Food service workerIn this economy, the demand for inexpensive and convenient food i s extremely high and sometimes jobs in food service are the easiest to procure when times are hard. But the minimum wage, adjusted for inflation, hasn’t improved since 1968. Given the conditions food services workers suffer through each day to feed us, don’t you think they deserve to make enough to feed their own families?

Report on the recent performance of Bank of New York Mellon Essay

Report on the recent performance of Bank of New York Mellon - Essay Example The banking entity is also one of the largest asset managers in the world managing USD 1 trillion of assets in its business. The bank of New York Mellon has an employee base of around 50,000 working in more than 100 markets throughout the globe. The Bank provides global financial services for corporations, institutions as well as the high net worth clients. The main functions of the bank are servicing and managing the financial assets of the customers. The banking corporation provides excellent asset management, wealth management, treasury services, asset management and services and clearing services. The Bank of New York Mellon Corporation is the first bank in the United States of America which joined Society for Worldwide Interbank Financial Telecommunication (SWIFT) in 2007. The Bank is also a member of the Clearing House Interbank Payment system (CHIPS). The BNY Mellon Corporation has two subsidiaries operating under its business- The Mellon Capital Management and BNY Mellon Asse t Management which are used for providing the asset management and wealth management services to the institutional investors. The wealth management business of BNY Mellon Corporation is dedicated towards the high net worth investors and foundations. The paper aims to focus on the wealth management or the private banking services of BNY Mellon. The wealth management of BNY Mellon offers world class capabilities customised for all types of clients across the world. The services offered to the clients include investment management, servicing of assets and information management, planning of wealth and estate as well as private banking. The client base of the bank includes families and individuals, endowments and foundations, institutions as well as professionals. Discussion The main industrial characteristics of the market The global banking industry is characterized by most of the financial institutions struggling towards growth and implementation of change programs while managing the costs in the changing global scenario. The largest banks of the work banks are implementing evaluated restructuring programs to cut down on the costs while increasing the profitability of the business. The industry is dominated by rapid growing markets and unpredictable changes thus making flexibility and adaptability the key secrets to survive in the evolving global banking industry. The industry shows a number of conflicting challenges and demands for the banks and presents an uncertain and volatile industry landscape. Unfortunately, they had anticipated a much more benign economic environment in which to adapt to the paradigm shift in the banking landscape. Now banks face a near-perfect storm of challenges and conflicting demands in a volatile and uncertain environment, locally and globally. The economic slowdown throughout the world is varying across the different geographical sectors and the Governments continue to take strong steps towards stimulating economic growth. The glo bal banking industry has a sustained growth rate but at a decreased magnitude (Cap Gemini Consulting, 2012, p.3). The main issues impacting the private banking and wealth management industry are with respect to then external environment of the industry, the

Ethical dilemma Essay Example | Topics and Well Written Essays - 750 words - 1

Ethical dilemma - Essay Example This research will begin with the statement that ethics is at the core of every practice in the field of childcare. When childcare workers deal with an ethical dilemma, they must be guided by the essential values which underpin ethical framework, honesty, and trust. When dealing with a dilemma, it is important to follow the Ethical Response circle (ERC) to resolve the dilemma. If one educator or director handles the issue without supporting evidence, the dilemma won’t be resolved completely. When a dilemma arises it is important that the staff follow the ERC using supporting documents to support them. The researcher’s   group chose Ethical dilemma 3. The dilemma centered around a preschool boy who was wearing a female clothing when his dad arrived to pick him up. The father got really angry seeing his son in female clothing. The childcare educator tried to explain the situation, but the boy’s father was really frustrated. So the researchers started the Ethical Response Circle, where I had the role of the child. Each of the group members posted a reactionary response according to the stages provided by the tutor.   At the end, the researchers reached a resolution. The child’s best interests were the main focus of the discussion between the parents and the childcare center staff. The researchers agreed to provide the boy's parents with information about our program, their son's interests and choices of activities by using the daily communication book.  ... But sometimes there is usually a difference between the parents knowledge and the career professional's knowledge. These are noted as factors inhibiting parent-career partnerships. In this dilemma there is a big gap between the partnership of the centre and the parents. That is why we looked at NQS Element 1.1.6. Each child’s agency is promoted, enabling them to make choices and decisions and to influence events and their world. Early childhood professionals have an important role in advocating for children (Smith, A. B. (2007). But advocating for children is not about undermining the role of parents. That was why we moved to the next level of the ERC; Professional Consideration. At this level, we believed that it was important to support our practice and policies by addressing the Code of Ethics as the key factor of our professionalism. The Code of Ethics acknowledged that in relation to children we must â€Å"Acknowledge his uniqueness and potential to ensure he enjoys his childhood†. Besides this we incorporated The Early Years Learning Framework (EYLF) and the National Quality Standard (NQS) into daily life at our centre. Our professional staff plan daily activities based on their observations, extend them when children show interest in particular themes and we also use intentional teaching as part of our program. We encouraged the boy's parents to borrow the copies of EYLF and NQS to get a better idea about the principles that our professional team follows to enhance children’s learning and development. After that the boy's parents showed more interest in listening to us. This is when we moved to next circle in ERC. The next circle was ethical principles. According to

Discussion - of hypothesis testing results (dissertation) Essay

Discussion - of hypothesis testing results (dissertation) - Essay Example In this model, logistics regression was applied to test the probabilities that young people consider price, effect of brand image, design, trendiness of fast fashion cloths, and effect of advertising on their decision to make a purchase. Categorical variables were considered to show how various variables affect the predictability of the decision to purchase of not within the population. Based on gender, age, and education the logistic regression provides a platform of identifying fit within the model. The application of the Chi Square in this analysis is to identify the relationship or association of two cross-tabulated variables within a population (Kocherlakota, 2010). The null hypothesis in this case is considered to show that an association exists between the cross-tabulated variables of the population. The alternative hypothesis using the chi square analysis is used to refute the null and reinstate the hypothesis (Kocherlakota, 2010). In this case, the chi square method is applied to test the association between young people’s decisions of making a purchase with price, effect of brand image, effect of advertising, design, and/or trendiness of fast fashion cloths as influencing factors. The log likelihood statistics method was used in this analysis to show the fit between coefficient estimates and data (Kocherlakota, 2010). Since data is fixed, coefficients influence the likelihood that certain outcomes will take place. In the current case, the method was applied to show how different parameters influence the likelihood of young individuals to purchasing fast fashion or not. The parameters include price, design, brand image, trendiness, and advert effects on the decisions made. H1: As it mention in the literature by Jackson (2001), price is a major determinant of the decision to buy fast fashion. In addition, a conflicting factor is also identified. The cost of fast fashion cloths does not matter to young buyers

Impact of Population Growth on Environment

Impact of Population Growth on Environment Thesis Statement: The negative impact of increasing population pressure upon environment may be at least partially improved by relocating people. Introduction The intimate relationship of geography and environment helps us to comprehend many salient features of history and the changes that occurred from generation to generation. A greater appreciation for environment may stem from deeper understanding of humanity in their complex aspects constituting life, work and play. Political economy may be understood as a union of agriculture with the different social, economic and political aspects of our existence. (Castree et al, Making Sense of Environmental Geography) The sustainability of the earth’s resources is being put to the severest test at the present moment when 7 billion people crowd the planet with excessive concentrations in some areas like Kolkata. On the other hand, some locations like Canada and Australia have a very low population density. Several other countries like Iceland and Bhutan have fewer people. The frozen wastes of the Arctic and Antarctic regions have no inhabitants only because conditions are not conducive to a normal existence. (Eaton, On the Farm and in the Field) While we cannot survive in difficult conditions of the earth, science dreams of colonizing other planets like Mars as an alternative to the earthly existence. What could be the causes of such a mismatch? Is it only an oddity of history or are pressing economic, social, religious or political factors behind such a divide. Are there any solutions like bringing about a global balance not only in population density but resources, standard of living, food, health and economic resources? The Kolkata Scenario: THE LAST TABOO In 2009, the world consumed the resources that would have belonged to 1.35 earths. United Nations believes that stability to the earth’s population would arrive in 2050 with 9.1 billion people. Strangely enough, the earth population was 3.3 billion in 1965. Of the 157 added to the world population every minute, only 4 are in the developed countries with 153 in the backward regions. Eastern India is home to 300 million or the entire population of USA. Excessive population and consumption problems are most severe in India. Hard to believe but in India, 17 percent of the global human population occupy 2.5 percent of the land resources. If the case of Kolkata is contrasted with America, it is a strange story of statistics beyond belief. The per capita consumption and income levels are at different ends of the spectrum. If people in Kolkata can survive on a dollar a day, Americans earn several dollars in a single hour. The absolutely unequal distribution of opportunities, wealth, education, health and lifestyle has been the topic of much heated debate. Is there a philosophical basis behind it? Why do people say that the world is almost equally divided between the haves and have-nots? How does Population impact Environment? It would be appropriate to commence with agricultural practice that sustains us in the first place and also includes the highest number of workers, both human and animal though more of mechanized farming is nowadays visible. Agriculture impacts the environment by releasing greenhouse gases like carbon dioxide and nitrous oxide, methane too. Agriculture changes the land and leads to deforestation and a desert like condition. Climate change results from global warming and rising carbon dioxide levels and impacts agriculture positively and negatively. Irrigation reduces underground water levels. Over-irrigation may lead to water pollution. Agricultural chemicals soon turn into pollutants through misuse. The soil is degraded and plastics do further damage to the already fragile environment. Technology upon which the majority of urban lives depend has succeeded in creating an artificial order at the expense of a natural disorder. Metals and plastics are the chief pollutants besides industrial wastes dumped into river ways. The use of petroleum products only painfully reminds that oil reserves are finite and would exhaust sooner rather than later. The search for renewable sources of energy is never ending. Nuclear power has its dangers of radiation that enters living tissues and causes devastation. Fishing is depleting rivers and oceans besides the loss of ecological habitats due to greedy over ambitious entrepreneurs. Nanotechnology, paint and paper in spite of their tremendous benefits are harmful in diverse ways. Causes for Human Migration and Relocation Political and linguistic domination seems to be the heart of large scale movement of people. Stalin deported 1.5 million political enemies toSiberiaand theCentral Asianrepublics after the Second World War. Mussolini‘s establishment in Italy forced the minorities to adopt the national language and ethos. They wished to obliterate remnants of any race besides their own. All through recorded history we come across large scale movement of people based on religious, racial or political grounds. What can explain this large scale exodus? And what are the possible causes of banishment and exile? Like the ongoing Syrian war crisis, war affects the peaceful lives of people and thousands suddenly turn refugees when they are compelled to cross international borders to escape atrocities or to enter refugee camps to have their basic needs fulfilled. The partition and Independence of India in 1947 created two states along religious lines. The two religions Hinduism and Islam migrated across vast territories in the midst of violence, many having lost possessions and property. Political and religious enmity seems to make sense. Genocide or the destruction of an entire race that is considered inferior is what Hitler attempted during the Second World War. Migration and relocation for the sake of a better life with greater incomes, peace and prosperity attracts lakhs of people across dangerous illegal journeys each year. Many never make it in the process called human smuggling, a well run business across the globe. After the internal Bhutanese dispute with the Nepalis settled in the southern border of Bhutan, large scale evictions of Nepalis took place. The displaced people landed in refugee camps in Nepal and India. Many of them got to eventually live and work in USA. The most advanced country America isolated the native people in selected areas or reserves for unknown political reasons. CONCLUSION Having looked at the complex causes of history, environment, production and inequality, a possibility of leveling the human scenario to some semblance of justice may be achieved by relocating and transferring segments of populations. Something in the nature of adoption that is already practiced somewhat widely like Russian exchange students living in American homes; backward communities of Kolkata may be relocated to better off nations that suffer from population shortage. In spite of adjustment problems, people will work and earn in the new lease of existence. Many such countries like Australia and Canada want more people. If people have migrated on religious and political grounds, such a movement on humanitarian grounds could change the face of history. Who would organize it? United Nations, perhaps with the backing of the rich countries. REFERENCES: Castree, Noel et al. Introduction: Making sense of Environmental Geography  http://onlinelibrary.wiley.com/doi/10.1002/9781444305722.ch1/summary Eaton, Emily. On the Farm and in the Field http://www.tandfonline.com/doi/abs/10.1080/13563467.2011.542802#.UvoJ9_mSy7Ade Sherbinin, Alex et al. POPULATION AND ENVIRONMENT http://www.ncbi.nlm.nih.gov/pmc/articles/PMC2792934/ List of Environmental Problems  http://www.buzzle.com/articles/lists-of-environmental-problems.html Rand, Population and Environment (A Complex Relationship)  http://www.rand.org/pubs/research_briefs/RB5045/index1.html

Admissions Essay: The Plain Truth :: Medicine College Admissions Essays

Admissions Essay: The Plain Truth    All of my life I have been a city girl, but I moved to Santa Rosa when I was about 13. Up until I was about 16, I lived there permanently. I used to switch back and forth from parent to parent all of the time. When I first started high school, I went to Piner High and, in my junior year, I went to Montgomery and, from there, to a continuation school. I am currently now back at Piner. I had to basically kick and scream to get back into my regular high school--as you can see there is some drama behind the scene.    Applying to college was not an easy thing for me. First, I had to make the choice of whether I wanted to go or not. After I went to SMYSP, I knew I wanted to be there--my big problem was that I did not think I was good enough. No one in my family even has a high school diploma. At first I was going to just settle for a junior college, but with the pushing of my pals from Stanford, I decided not to sell myself short. I really had no confidence in myself. I did not feel so smart.    I kept telling myself that my chances for getting into college were slim because I went to a continuation school. So when I got back from my time at SMYSP, I put everything that I had into my education. For the rest of my summer I pretty much hit the books.    When I first started to apply to colleges I just told the truth about who I was. I did not try to put on a courageous act. I just wanted them to see that I may be just as qualified as anyone else, but the difference between us is that I want it so badly. I really did not care where I got accepted; I just wanted to go to college and be someone. Just being there would be a chance to prove that I am worth taking a second look at. See, I am not a rich girl who has always gotten what I wanted, and because I want this so badly, I don't want anyone to take it from me. I worked hard to be who I am, and the great part about it is that I have ambition and I am a goal reacher.