P/$ Rate Closes at P40.68/$ 1
The peso exchange rate closed lower at P40.68 to the US dollar yesterday at the Philippine Dealing & Exchange Corp. (PDEx) from P40.50 last Friday. The weighted average rate depreciated to P40.558 from P40.511. Total volume amounted to $ 395.5 million.
Coco oil shipments rise 8%
The country's coconut oil shipments climbed 8 percent in December from a year earlier, reversing a November decline, preliminary data from an industry group showed yesterday. But total coconut oil shipments in 2007 fell 19 percent from 2006, according to the United Coconut Associations of the Philippines Inc. (UCAP). The Southeast Asian nation produced less coconuts last year than in 2006 after a slew of strong typhoons and a crop infestation damaged crop areas. The country exported 92,846 tons in December from 85,622 tons a year earlier and 71,213 tons in November. Total shipments of coconut oil -- used in foods, cosmetics and biodiesel -- for 2007 reached 867,789 tons, down from 1.07 million tons in 2006. Europe was the main destination for coconut oil exports in December, accounting for nearly two-thirds of the total. The United States made up 17 percent while the rest was shipped to Korea, China and Japan.
Viva Music acquires catalogue
The Viva Music Group, through its music publishing company, Harmony Music Publishing, Inc., announced recently that it has acquired the music publishing catalogue of the brothers Dennis Garcia and Rene Garcia of the legendary Hotdog band. The Hotdog band made an indelible mark in the Philippine music history in the mid-70's when they wrote and performed such hits as Manila, Annie Batungbakal, Bongga Ka Day, Ikaw ang Miss Universe ng Buhay Ko, Pers Lab, Langit na Naman, and Bitin Sa"Yo, topping the music charts for more than a decade. Hotdog's music was instrumental in defining what is now popularly known as Manila Sound, and in bringing the quality of local pop music up to par with international standards. The songs of Hotdog heralded the beginning of Original Pilipino Music or OPM, when, for the first time local songs dominated the Philippine music scene, and in the process, established the identity of mainstream Filipino music. Since then, the songs of the Hotdog have been used in numerous movies, television and radio commercials, videoke products, cellphone ringtones, etc. …