The peso exchange rate stands at P44.44 to the US dollar, the closing rate on Tuesday at the Philippine Dealing & Exchange Corp. (PDEx). The weighted average rate stands at P44.42.

Smaller banks' N.P.L. ratio down in first quarter

The central bank said rural banks’ non-performing loans ratio at the end of the first quarter to March slid to 9.43 percent year-on-year. The sector’s total non-performing loans during the quarter dipped to P9.36 billion while its total loan portfolio was up 1.86 percent to P99.35 billion. The Bangko Sentral ng Pilipinas (BSP) said rural banks’ non-performing assets were also lower during the period, at P17.36 billion. BSP also noted that the sector’s foreclosure procedures reduced delinquent loans. As for the mid-sized thrift banks, the BSP said that as of end-March, NPL ratio was higher at 7.27 percent from the same period in 2009. Total NPLs also rose to P314.86 billion. Thrift banks corner a bulk of the industry’s auto and housing loans. The sector had a total restructured loans of P4.33 billion and ROPA (real and other properties acquired) of P24.78 billion in the same period. Based on a study by the Rural Bankers Research and Development Foundation, a subsidiary of the Rural Bankers Association of the Philippines, the rural banking industry, because of consolidation, was expected to decrease in number from 670 to 380 banks in five years. (LCC)

Maynilad sets 8-km pipe-laying in Las Piñas

Maynilad Water Services, Inc. (Maynilad) will lay this month eight kilometers of primary lines along the Alabang-Zapote Road to Daang Hari Road in Las Piñas City to provide safe, reliable, and affordable water to Las Piñas residents by 1st quarter next year. The P800-million project will benefit over 29,000 households and is expected to generate as much as 7,500 jobs. To lessen inconvenience for motorists, Maynilad is closely coordinating with the city government of Las Piñas to manage the traffic flow along the project. The work site will also be fully enclosed by board-up barricades, with appropriate lighting and traffic/warning signs. The pipe-laying project is part of Maynilad’s master plan to bring surface water to Paranaque, Muntinlupa, Las Piñas and parts of Cavite. In 2009, the West Zone concessionaire began constructing water reservoirs, pumping stations and a water treatment plant in various portions of Southern Metro Manila as part of their master plan. For 2010, Maynilad has set aside P6.6 billion for its capital expenditure projects. Over P1.7 billion of the budget will be used by the company to upgrade its network of water facilities and reach unserved areas in the West Zone.