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Silver Prices in Philippine Pesos
The price of silver is typically quoted by the ounce, gram and kilogram. The white metal can be quoted in and transacted in any currency. If you are in the Philippines, for example, you would likely see the price of silver quoted in pesos. You may also see silver prices quoted in one or more alternative currencies such as U.S. Dollars or euros.
The Philippine Peso is the official currency of the Philippines. The Philippine Peso is produced by the Bangko Sentral ng Pilipinas, the central bank of the Philippines. Like many other currencies, the peso can be subdivided into 10 smaller units of currency called centavos. The Philippines Central Bank is headquartered in Quezon City. The peso is currently a floating currency. The currency has also undergone numerous devaluations over the years.
Like many other global central banks, the Philippines Central Bank maintains part of its reserves in gold. Central banks may hold gold bullion as part of their reserves for numerous reasons including added diversification and to boost the credibility of their currency. According to Tradingeconomics.com, the Philippine Central Bank had gold holdings of 196.18 tons as of the third quarter of 2016.
The Bangko Sentral ng Pilipinas was created in 1949 to administer the country’s banking and credit systems.
Silver Pricing in the Philippines
Silver is a globally traded commodity that plays an important role in both investment as well as industry. Silver prices are constantly on the move, and can be affected by numerous potential factors. Some of the biggest potential influences on the silver market include interest rates, industrial demand, investment or coin demand, inflation, investor sentiment and more.
Unlike gold, which is purchase primarily for investment purposes and jewelry, silver is also widely used in various areas of industry. The white metal is used in chemical production, solar energy, nuclear energy, x-ray film and other applications. Silver is common in many everyday items including computers, cell phones, plasma televisions and batteries. As more potential uses for silver are discovered, demand for the metal could potentially increase significantly.
The Economy of the Philippines
The Philippines is considered an emerging market economy, and its economy is in the midst of a transition from being primarily agricultural to focusing more on the manufacturing and services sectors. The main trading partners of the Philippines include China, the U.S., Japan, Germany, Thailand, Singapore and more.
The Philippines is heavily involved in shipbuilding and repair, with several major shipyards in operation. Among other products, the country is an exporter of copper, coconut oil, fruits, petroleum and more.
The nation has abundant mineral and geothermal resources. The Philippines has deposits of sulfur, coal, silver and gypsum. Its deposits of nickel, copper, gold and chromite are some of the largest anywhere in the world.
Due to its location and climate, tourism also plays a major role in the nation’s economy. Tourism accounts for a significant portion of GDP and employs a lot of people.
The Philippines is one of the global leaders in business process outsourcing. This industry contributes significant amounts of revenue to the country, and employs a large amount of citizens. This industry is considered to be one of the fastest growing industries in the world, and could potentially make an even more significant contribution to the country’s economic output.
Some analysts believe that the Philippines could potentially see very strong growth in the coming years, becoming one of the world’s largest economies in the process. The nation has some of the largest gold deposits in the world, and could potentially produce more silver and gold.
Higher mineral output could potentially play a significant role in boosting GDP and annual growth rates, and could also potentially improve employment levels.
As the Philippines continues its economic expansion, demand for silver could potentially increase. Higher levels of employment and higher wages could potentially lead to higher levels of disposable income. This disposable income could be used to purchase silver jewelry or to make investments in silver coin or bullion.