P/$ Rate Stands at P46.91/$ 1

Manila Bulletin, December 21, 2008 | Go to article overview

P/$ Rate Stands at P46.91/$ 1


The peso exchange rate closed at P46.91 to the US dollar last Friday at the Philippine Dealing & Exchange Corp., (PDEx). The weighted average rate stands at P46.891.

ADB acts to improve operations

The Asian Development Bank's (ADB) has approved a series of measures to further enhance the independence and overall effectiveness of ADB's operations evaluation function. The measures are based on a comprehensive review of the bank's operations evaluation function conducted by a Working Group set up by ADB President, Haruhiko Kuroda, in March. "These initiatives will further enhance the independence and effectiveness of ADB's evaluation function and will place it at the forefront of international evaluation practice," said Executive Director, Phil Bowen, chair of the Working Group which also comprised fellow Executive Directors, Howard Brown and Wencai Zhang, and ADB Managing Director General, Rajat M. Nag. The measures include extending the term of the director general of the Operations Evaluation Department (OED) to five years from three years on a non-renewable basis; and the position to be appointed by ADB's Board, upon the recommendation of the Development Effectiveness Committee of the Board, in consultation with the ADB president. The director general's performance will be subject to annual review by the Chair of the Development Effectiveness Committee, and the budget of the OED will be approved by ADB's Board separately from the Bank's administrative budget. OED would be renamed the Independent Evaluation Department to reflect its enhanced independent status. Although ADB has a clearly articulated model of independent evaluation that emphasizes organizational and behavioral independence, protection from influence, and the avoidance of conflicts of interest, OED's credibility as an independent evaluation unit could be further enhanced by the measures, the report said.

Concepcion heads MSMED council

Presidential Consultant on Entrepreneurship - Go Negosyo's Founding Trustee Joey Concepcion has been elected as the Chairman of the Executive Committee of the reorganized Micro Small and Medium Enterprise Development (MSMED) Council. The new MSMED Council was reorganized under the revised Magna Carta for Micro, Small and Medium Enterprises Development or Republic Act 9501. The MSMED Council is still chaired by Secretary of Trade and Industry Peter Favila. …

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