P/$ Rate Closes at P49.82/$ 1

Article excerpt

The peso exchange rate closed higher at P49.82 to the US dollar yesterday at the Philippine Dealing & Exchange Corp. (PDEx) from P49.999 the previous day. The weighted average rate unchanged to P49.984 from P49.984. Total volume amounted to $ 622.5 million.

4 oil firms cut prices further

For the second time this week, four oil companies have brought down their pump prices by P1.00 per liter starting midnight of Saturday (November 22). This latest round of price rollback for gasoline, diesel and kerosene products was initiated anew by Pilipinas Shell Petroleum Corporation and followed by Petron Corporation, PTT Philippines and Chevron Philippines (which carries the Caltex brand). Industry players said they typically adhere to the dictates of market forces to keep their customers' patronage. Petron, in its advisory, particularly stated that "this is third price rollback in 8 days and since August, gasoline and diesel prices have both been decreased by P19.50 per liter." (MMV)

RP to import aromatic rice

The Philippines is planning to import 10,000 tons of aromatic rice, possibly from Thailand and Vietnam, government sources said on Friday. State-owned Philippine International Trading Corp. (PITC) has asked the National Food Authority (NFA), the country's grain-importing arm, for permission to import the rice and the request has been submitted to Agriculture Secretary Arthur Yap, sources from both agencies told Reuters. The Philippines, the world's biggest rice importer this year, does not grow the aromatic variety such as Thailand's jasmine rice and usually buys the grain overseas. PITC secures the import permit from the government and distributes the allocation to private rice traders and cooperatives. ''There were rice cooperatives and traders who want to import rice who approached us so we made a request to NFA,'' a source from the Philippine government's trading arm said. NFA officials said in September that the agency hoped to cut rice imports in 2009 to 1.5 million tons from a record 2.3 million tons this year, as the government expected to buy more from local farmers.

Remittances to top $ 1B monthly

Remittances from overseas Filipinos are expected to continue to exceed $ 1 billion a month in 2009 however the growth forecast of 10 percent next year is under review because of the slowing global economy. …