NEWS IN BRIEF; P/$ Rate Closes at P56.285 to $1
The peso rate closed lower at P56.285 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P56.20 last Thursday. The weighted average rate depreciated to P56.267 from P56.113. Total volume amounted to $224.05 million.
End-Nov. GIR at $15.872 B
The gross international reserves (GIR) at the end of November have been revised up to $15.872 billion from the previously reported $15.817 billion, the Bangko Sentral said on its website. No reasons were given for the revision. The Bangko Sentral said earlier that GIR in November fell from the October level of $15.919 billion as a result of debt payments made by the government and the bank itself. The previously reported end-November GIR level was enough to cover about 4.2 months of imports of goods and payments of services and income. This level was also equivalent to 2.6 times the countrys short-term debt based on original maturity and 1.4 times based on residual maturity, the Bangko Sentral said. The bank is aiming to keep the reserves between $14 billion to $15 billion this year.
Soriano re-elected ECoP head
Rene Y. Soriano, incumbent president of the Employers Confederation of the Philippines (ECoP), has been given a fresh mandate to be at the helm anew of the biggest employers group in the country starting January 1, 2005. Soriano was re-elected as president of ECoP by the Board of Governors following the Confederations recent annual general membership meeting. Soriano is a stalwart of ECoP. He has served in various positions before his election as president. He was vice president from 1996 up to the present, and chaired various ECoP committees since 1985, foremost of which are the industrial Relations Committee and the annual National Conference of Employers. He is also chairman and member of the board of several corporations and is involved in the services, pharmaceutical, manufacturing and trading industries.
BDO to issue P5-B LTCPs
Banco de Oro Universal Bank (BDO), the banking unit of the SM Group, will issue P5 billion worth of long-term negotiable certificates of time deposit. The issuances lead arranger is HSBC. The first tranche or P1.5 billion will have a maturity of five years and one day. BDO will push through with the longterm float despite existing tax issues. …