NEWS IN BRIEF; P/$ Rate Closes at P55.005 to $1

Manila Bulletin, October 27, 2005 | Go to article overview

NEWS IN BRIEF; P/$ Rate Closes at P55.005 to $1


The peso rate closed higher at P55.005 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P55.26 the previous day. The weighted average rate appreciated to P55.059 from P55.327. Total volume amounted to $559 million.

SBMA vows better services

Finance Secretary Margarito Teves and top officials of the Bureau of Customs (BoC) and the Bureau of Internal Revenue (BIR) have assured Subic investors of improved services that will pave the way for a better and more profitable business climate in the Freeport. Teves met with Subic locators over the weekend, along with BIR Commissioner Jose Marie Bunag, BoC Commissioner Alexander Arevalo, and top SMBA officials to respond to, and address a number of issues raised by investors here. "This forum is good way for us to be able to listen and understand what the stakeholders of Subic have to say," Teves said. He said that in terms of making policy changes regarding the Freeport, the DoF, along with other related departments, will now be consulting first with the investors. Teves also met top SMBA officials led by Chairman Feliciano Salonga, Chief Administrator Armand Arreza, Director JV Magsaysay and Senior Deputy Administrators.

Emirates hiring more Pinoys

International airline Emirates is stepping up hiring of personnel for its world-renowned air service and is increasingly counting on Filipinos to help fill demand. The Dubai-based carrier has steadily boosted recruitment in the Philippines for flight attendants, pilots, maintenance and allied personnel because of the depth, quality and skills of the country's aviation labor pool, said Gigie Baroa, Emirates' Manager - Philippines. "Our Filipino staff have displayed the competence and confidence needed to maintain our high standards of customer service," she said. "With the rapid growth being experienced by the airline, we are looking for more Filipinos to fill demand for high quality service." Baroa said Filipinos bring to the job a unique brand of hospitality and caring, and this is much valued by the airline's multinational and multicultural passengers, including a vast Filipino clientele. There are over 1,100 Filipino employees in Emirates. At least 280 are cabin crew serving on flights within its extensive international route network, including 10 flights a week.

BDO to issue negotiable CTDs

Banco de Oro Universal Bank plans to issue long-term negotiable certificates of time deposit to raise anywhere between P1.5 billion and P2.9 billion in fresh funds. In a statement, the country's seventh largest commercial bank said the instrument carries a five-year maturity and a fixed rate that will be determined prior to the issue. The issue date could be either Nov. 17 or Nov. 18. Standard Chartered Bank will be the lead arranger, underwriter, market-maker and selling agent of the planned offer. The other selling agents are BDO Capital & Investment Corp., BDO Securities Corp. and BDO Private Bank Inc. Banco de Oro, controlled by the group of retail tycoon Henry Sy, said it has received central bank approval for the issue. In June, the bank issued P2.1-billion worth of certificates in what was the first tranche of a program to issue instruments worth a total of P5 billion. The instrument has a minimum maturity of five years. Unlike regular time deposits, the instrument may be negotiated over its life. Banks issue such instruments to lengthen the maturity profile of their deposits. These instruments constitute a bank's direct obligations and add to its indebtedness. The certificates are insured by the Philippine Deposit Insurance Corp., a state agency.

MWC net profit up 46%

Manila Water Co. (MWC) which supplies water to the eastern section of the Philippine capital, said Wednesday that net profit in the nine months to end-September rose 46 percent to P1.49 billion from P1.02 billion in the same period last year. …

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