NEWS IN BRIEF; P/$ Rate Closes at P54.195 to $1

Manila Bulletin, March 24, 2005 | Go to article overview

NEWS IN BRIEF; P/$ Rate Closes at P54.195 to $1


The peso rate closed lower at P54.195 to the US dollar in a half-day trading yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P54.125 the previous day. The weighted average rate depreciated to P54.189 from P54.162. Total volume amounted to $195.5 million. The financial market, was closed for the Easter holidays, reopening on Monday.

Firms prodded on reporting

Local companies have a lot of catching up to meet the 2005 deadline in meeting the international financial reporting standards. This is because many of them have not started adjusting to the new system. The reminder has been made in the analysis made by Dalisay Duque in the latest issue of FINEX digest. The author noted that the Securities and Exchange Commission (SEC) has issued a memorandum circular adopting all 26 new standards adopted by the International Accounting Standards Board. This requires not only publicly listed firms, but also those required to submit to the SEC their audited financial reports. On the part of the banks and other financial institutions, the Bangko Sentral ng Pilipinas has issued a similar order to comply. The domestic accountancy profession, for its part, has adopted the international standards as generally accepted accounting principles. The catch is, those standards have been adopted in the global community on a phase-in basis since 2001. In the case of the Philippines, many corporations need just the whole of this year to comply. In the case of SEC-regulated corporations, the standards should already reflect in their 2005 financial statements.

PLDT eyes Singapore, US

Philippine Long Distance Telephone (PLDT) said it was in talks with Singapore and United States carriers to launch a mobile phone service in these countries later this year. PLDT and unit Smart Communications Inc. are negotiating with Singapore carriers MobileOne and StarHub as well as several US carriers for a tieup that would allow PLDT to operate a mobile virtual network operation or MVNO in those countries, said PLDT Global president Alfredo Panlilio. "Ongoing discussions with local providers in Singapore and North America will shape up within the year. We hope to launch in Singapore by June or July," Panlilio said. "We will also launch (the service) in North America just shortly after Singapore." He did not identify the American carriers involved in the talks. PLDT launched a mobile service in Hong Kong in September, in partnership with CSL.

PCCI gives regions autonomy

The Philippine Chamber of Commerce and Industry (PCCI) has embarked on a major restructuring program to give regional chambers autonomy to chart economic and social programs in their territories, work with the government and the academe, and get them involved in trade negotiations. PCCI president Donald Dee stressed that the move was in response to the fact that the Philippines stands out as a sore thumb for under-performance while its neighbors in the rest of East Asia have solved their joblessness and poverty problems. He told a forum of young economists that a lot of studies have been made to find out what has gone wrong with the local economy or what are intrinsically wrong. Dee explained that PCCI has done extensive regional consultations in past years to get their inputs on what economic agenda the national chamber submits to the government. And then, they waited for government action. …

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