The peso exchange rate stands at P45.37 to the US dollar, the closing rate on Tuesday at the Philippine Dealing & Exchange Corp. (PDEx). The weighted average rate stands at P45.314.

F.P.H.C. UPS STAKE IN FIRST GEN

First Philippine Holdings Corp., (FPHP) an investment holding company primarily invested in the power sector, has acquired additional shares in power generation unit First Gen Corp. from its wholly-owned unit FGHC International Ltd., First Holdings Treasurer and Chief Finance Officer Francis Giles Puno said yesterday. A total 382.7 million shares in First Gen were traded on the Philippine Stock Exchange through a special block sale handled by PCCI Securities Broker. The shares were sold at P9.35 each for a total P3.58 billion, boosting the market's transaction volume yesterday. "It was just an inter-company trade...First Holdings will now own all its shares in First Gen directly. It was previously partially held in a fully-owned subsidiary," said Puno, who is also president and chief operating officer of First Gen. Prior to the transaction, First Holdings directly held 67.91% of First Gen, which produces electricity through its natural gas-fired, geothermal and hydroelectric power plants. The shares acquired from FGHC International are equivalent to an 8.08% stake in First Gen.

A.U.B. EARNS P760 M IN 7 MONTHS

Asia United Bank (AUB), a medium-sized commercial bank posted a net income of P759.70 million up to the end of July this year. This is 87% higher than the P406.70 million net income it recorded in the same period last year. The bank's strong income performance was credited to the growth in low cost deposits by 20% and higher trading gains. For July 2010, the bank's capital base was P8.269 Billion, which translates to a Capital Adequacy Ratio (CAR) of 21 percent. The increase in the number of AUB branches nationwide, the continued strong performance of its flagship products like the AUB BizKit and Preferred On-line Banking coupled with the introduction of new innovative products have contributed immensely to the bank's unprecedented growth. To date, Asia United Bank has 54 branches in major urban areas in the country and is projected to have 70 branches by the first half of 2011

B.I.R., B.O.C. SEEN MISSING TARGETS IN AUGUST

The government's main tax agency and customs bureau likely missed their respective collection targets in August, but officials yesterday expressed confidence that revenue generation will return on track starting September. The Bureau of Internal Revenue's collection target for August was P86.67 billion, while the Bureau of Customs' target was P23.5 billion. Customs collection in August was "bad that's why we call it (the) ghost month. But we expect collection to recover during the BER months," Customs Commissioner Lito Alvarez said.