The peso exchange rate closed higher at P44.69 to the US dollar Friday at the Philippine Dealing & Exchange Corp. (PDEx) from P44.95 the previous day. The weighted average rate appreciated to P44.77 from P44.979. Total volume amounted to $1.063.34 billion.

FURNITURE SECTOR URGES GOV’T TO MAINTAIN SUPPORT

The Chamber of Furniture Industries of the Philippines (CFIP) has called on the government to continue supporting exporters particularly in marketing their products abroad to achieve steady revenue growth. CFIP vice president for industry relations Rashmi Tolentino-Singh made the call despite the 37.7-percent rise in merchandise exports during the first half of 2010. Singh said industry players need continued assistance for their trade show participations abroad, for bringing in internationally-known designers and marketing consultants in the country and finance second-level designerstraining in the countryside. "While we work with our own designers, we have to work also with designers of other countries for us to know what they are really buying." (EHL)

B.A.P. MEMBERS ADHERE TO B.S.P.’S REPORTING RULES

Bankers Association of the Philippines’ (BAP) members are adhering to the central bank’s regulation on requiring borrowers to submit a financial statement “stamped” by the Bureau of Internal Revenue, its President Aurelio Montinola said. “We’ve done an informal check and there’s almost total compliance with that requirement,” Montinola, also the president of Bank of the Philippine Islands said in an interview. Finance Secretary Cesar Purisima in July said that bankers may be accountable in tax evasion cases if the lender accepted “illegal documents” from a borrower who’s a subject of tax complaint. (Bloomberg)

CUSTOMS MISSES AUG. GOAL DUE TO OIL TARIFF ABOLITION

The Bureau of Customs likely missed its collection target for August by P1.3 billion due to the removal of tariff on imported oil last month, Customs Commissioner Lito Alvarez said. Alvarez told reporters that the customs bureau's target collection for the month was P23.5 billion plus P4.5 billion in tax expenditure funds, a tax subsidy provided by the government for imports made by state agencies. At the sidelines of a congressional hearing on the 2011 budget, Alvarez expressed confidence the agency will still meet its full-year collection target of P280 billion because collection is poised to recover starting in September as economic activity picks up ahead of the Christmas season.