The peso exchange rate stands at P46.20 to the US dollar, the closing rate last Friday at the Philippine Dealing & Exchange Corp. (PDEx). The weighted average rate stands at P46.228.

5 Firms seek nod for P.S.E. listing

The Philippine Stock Exchange said about five companies are seeking approval for initial public offerings.

Initial public offering will pick up amid a stronger market, Chairman Hans Sicat told reporters.

The exchange may name a new president in three or four weeks and is considering four candidates for the post, he said. (Bloomberg)

P.S.E., I.N.G. launch virtual stock trading contest

The Philippine Stock Exchange and ING Investment Management Philippines have forged a partnership for a marketing campaign to boost participation in the stock market with the launch of a virtual stock trading competition.

Dubbed, “The 2010 ING-PSE Equity Challenge,” the online stock trading tournament on the PSE website, provides players with real-world trading experience while using only virtual money.

Simulating what is actually happening on the trading floor of the stock exchange, the contest becomes a true-to-life stock market and trading experience for the participants or virtual investors without the actual pain of the learning cost.

Knowledge and techniques that the participating students get from the simulation game will come in handy, if and when the participating students decide to invest in the stock market in the future.

The Tournament proper starts on July 12 and ends on October 15, 2010. The top winner will receive a trip to Hong Kong, PSE stock market course scholarship, and other prizes from ING and PSE. (JAL)

Raffles Residences construction in full swing

The Raffles Residences in Manila reports steady progress on the construction of its 30-storey tower being build in the central business district of Makati City.

Over 1000 professionals and skilled workers have contributed to the development that will consist of a 279-room Fairmont Hotel, a 30-suite Raffles hotel and the 237 Raffles-branded private residences. The building’s construction and engineering techniques are unprecedented in Manila and involve sophisticated design and structural models as per KHI’s stringent quality standards.

“Build quality and design excellence have always set this project apart and our growing customer base is aware of the quality and superior standards that we bring to our projects. I believe the strong response we’ve received from this market is a testament to these quality standards. We are at an exciting stage in the construction process and one can now get a feel for the building’s layout,” said Garry Constantine, Project General Manager, Raffles Hotels and Residences, Manila.