NEWS IN BRIEF; P/$ Rate Closes at P54.59 to $1

Manila Bulletin, May 19, 2005 | Go to article overview

NEWS IN BRIEF; P/$ Rate Closes at P54.59 to $1


The peso rate closed lower at P54.59 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P54.36 the previous day. The weighted average rate depreciated to P54.466 from P54.394. Total volume amounted to $288 million.

ECoP clinches P10.5-M funding

The Employers Confederation of the Philippines was able to clinch funding totalling R10.5 million for two important projects this year. The agreements were signed during 26th National Conference of Employers between between ECoP and two international agencies of the United Nations. First to be signed was an agreement with the International Labor Organization-International Program on the Elimination of Child Labor (ILO-IPEC), on an 18-month project entitled "Promoting a Child Labor-Free and Child-Friendly Workplace as a Corporate Social Responsibility" with a total amount of R3,925,238 to cover the period April 2005 to September 2006. ECOP and ILO are long-standing partners and have been implementing many joint projects. On the other hand, the United Nations Population Fund (UNFPA), formerly named United Nations Fund for Population Activities, but retained its popular acronym UNFPA, has approved ECOPs two-component project proposals which cover a three-year period, 2005-2007. The two components are Population Development Strategies with a total budget of R4.25 million just for this year, and Reproductive Health, which has a total budget of R2.22 million or a combined amount of R6.48 million for 2005 alone.

NHMFC remits P119.6 M to SSS

Maintaining its no-default payment record with the Social Security System since 2003, the National Home Mortgage Finance Corporation (NHMFC) recently remitted P119.6-million to SSS, as NHMFCs loan amortization. Celso G. de los Angeles, Jr., NHMFC president, reported that the amount represents interest and principal payments for both the low and moderately-delinquent mortgage accounts for the month of April this year. The mortgage accounts currently held by NHMFC, secure the housing loans earlier granted by the government home financing agency between 1987 and 1996 to SSS members using wholesale funds lent out by SSS to NHMFC under the latters erstwhile Unified Home Lending Program (UHLP). In Dec. 2003, SSS agreed to have NHMFCs loans restructured under more viable terms, thus, assuring SSS a regular stream of payments.The April payment brings to close to P4 billion (P3.948-billion) the total monthly payments covering the period Jan. 1, 2003 to April 2005.

95% of Bonifacio Heights sold

DMCI Homes, Inc. has sold 95 percent of Bonifacio Heights, the first off-base military residential condominium complex for AFP officers and personnel, in only three months after its launch. Envisioned to improve the housing condition of AFP officers and enlisted personnel and their families, Bonifacio Heights is the countrys biggest military housing joint project of the government and the private sector. Located at Fort Bonifacio, the project takes pride of its prime location with The Fort, Makati and Ortigas Business and Commercial Districts within reach. It also features high-end amenities such as a grand clubhouse completely equipped with function rooms, swimming pool, basketball court and well-landscaped parks and playgrounds. …

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NEWS IN BRIEF; P/$ Rate Closes at P54.59 to $1
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