P/$ Rate Closes at P47.85 /$ 1
The peso exchange rate closed lower at P47.85 to the US dollar yesterday at the Philippine Dealing & Exchange Corp. (PDEx) from P47.50 the previous day. The weighted average rate depreciated to P47.749 from P47.35. Total volume amounted to $ 999.12 million
10-year bond fetches 7.95%
The Bureau of Treasury yesterday sold treasury bonds due February 2019 at a coupon of 7.95 percent in an auction where some of the tenders were rejected to temper the yield. Tenders for the P8.0 billion offering totaled P11.02 billion, but the BTr accepted only P7.37 billion. Had the entire offer been awarded, the coupon would have been 8.0 percent.
PSALM slates barge pre-bid
The Power Sector Assets and Liabilities Management Corporation (PSALM) is scheduling pre-bid conference for the scheduled re-bidding of the 100-megawatt Power Barge 117 in Agusan del Norte this year. The pre-bid process will take place today, and this will be the venue for the two investor-groups to raise their respective concerns on the asset. The bidding for the facility will be on April 15, 2009. "PB 117 has attracted two investor groups that have completed the preparatory requirements for the sale of the power asset," PSALM said in a press statement. The two interested groups have executed a Confidentiality Agreement and Undertaking as part of the prequalification process. "The potential bidders are now conducting their respective due diligence on the power asset," the company said. This particular aspect in the asset divestment process started on February 3 and will end by March 27, 2009. PSALM laid down that one of the conditions for the sale of PB 117 will be for the power facility "to remain in its current location for at least three years." This shall be included in the terms of the Final Transaction Documents. (MMV)
Veterans Bank nets P406 M
Philippine Veterans Bank (PVB) reported an unaudited net income of P406.4 million for the year 2008, or a 23 percent decrease from the P528.6 million reported in 2007. This however still showed a reasonable 13.68 percent Return on Equity. PVB officials said this was due to the decline in securities trading income despite the significant growth of its deposit base and loan portfolios in 2008. PVB total assets grew by 25.1 percent to P45. …