P/$ Rate Closes at P48.95 to $ 1
The peso rate closed lower at P48.95 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P48.84 the previous day. The weighted average rate depreciated to P48.885 from P48.848. Total volume amounted to $ 402.5 million.
ADB funds marine project
The Asian Development Bank is to put together a $ 42.8-million rescue package to help the Philippines save its fragile and fast disappearing marine ecosystem, the Manila-based lender said yesterday. The package will improve coastal resource management and boost the livelihoods of fishing communities, covering coastal communities in the provinces of Cagayan, Cebu, Davao Oriental, Masbate, Siquijor, and Zambales where almost eight out of 10 people live below the poverty line, the ADB said. It said the coastal and marine resources of the Philippines are of national and global importance because of their rich biodiversity and contribution to the economy. The Philippines is the 11th largest fish producer in the world and its fishing industry employs more than one million people, or five percent of the national labor force. However, only less than five percent of the Philippines' coral reefs are still in excellent condition while mang rove forests, a key coastal buffer and spawning groud, are declining fast. Catches of reef fish are down by about 90 percent in recent years as a result, the ADB said. The bank said overfishing, destructive fishing practices, and land conversion around the coastal areas are threatening to inflict "permanent damage on the ecosystem."
ALI keeps PRS Aaa rating
The ratings for Ayala Land, Inc.'s (ALI) outstanding P5-billion bond issue have been maintained at PRS Aaa, PhilRatings announced. A rating of PRS Aaa means that the issue has the "smallest degree of investment risk. Interest payments are protected by a large or by a exceptionally stable margin and principal is secured. While the various protective element are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues. PRS Aaa is the highest credit rating possible to PhilRatings rating scales for long-term issuances. Of the total amount of P5 billion, P3 billion will mature in April 2007 and the remaining P2 billion in November 2008. …