News in Brief
Peso rate at P43.981
The peso reference rate remains at P43.981 to the U.S. dollar, the weighted average rate pegged at the Philippine Dealing System of the Bankers Association of the Philippines last Friday.
PEZA investment up 87%
Investments registered with the Philippine Economic Zone Authority in the first six months rose 87 percent year-on-year, Finance Secretary Jose Pardo said. "According to the latest reports from the Philippine (Economic) Zone Authority, investments increased by 87 percent as of end June. New investment commitments in Clark also reached over P2 billion over the same period," Pardo said in a statement. He said the country's macroeconomic fundamentals are strong and that it "remains an attractive long-term bet." He said he is optimistic about growth prospects for the economy, with the current account in surplus after 10 years of deficit and foreign exchange reserves at an alltime high. Pardo also cited a study by US-based investment bank Paine-Webber saying the Philippines has the strongest ability to pay its sovereign obligations among BB+ rated countries in the region.
Electronic bond trading on
The premier system for for trading in fixed-income government securities and and analysis began last week Bloomberg's Electronic Electronic Trading platform. The system was successfully launched in cooperation with 26 of the country's leading banks. Bloomberg's received the mandate to provide the system from the Bankers Association of the Philippines on March 2, 2000 and completed its development, installation and testing in under four months. Ultimately the system will encompass over 50 banks and broker dealers and will serve to facilitate trading among banks and broker dealers in the secondary government securities market. As the primary platform for nearly 14,000 brokerage firms, money managers and corporations, the Bloomberg Professional service is currently one of the most widely used institutional networks in the world for point-topoint electronic trading, pricing and order routing of securities. In 1999, volume in secondary and new issues in trading on the Bloomberg was more than 16 trillion dollars. …