MANILA, Philippines – The peso exchange rate stands at P43.70 to the US dollar, the closing rate on Monday at the Philippine Dealing & Exchange Corp. (PDEx). The weighted average rate stands at P43.832.

LGU GUARANTEE GETS SECOND HIGHEST RATING

LGU Guarantee Corporation, a pioneering institution that guarantees LGU debt financing in the Philippines, obtained a PRS Aa plus (corp.) issuer credit rating from Philippine Rating Services Corporation (PhilRatings). According to PhilRatings, a company rated PRS Aa (corp.) differs from the highest rated corporates only to a small degree, and has a strong capacity to meet its financial commitments relative to that of other Philippine corporates. PhilRatings said that the ratings primarily considered the ability of LGUGC to consistently generate cash as a result of continuing profitable operations, the absence of any default on guaranteed financial obligations, and the debt-free situation of the company to date. (JAL)

U.C.P.B.’S PROFITS HIT P1.9 BILLION

United Coconut Planters Bank’s (UCPB) net income after tax rose by 74 percent to P1.88 billion at the end of the third quarter of 2010 from P1.08 billion a year ago as the bank grew interest income and non-interest income by double digits while cutting down interest expenses by similar double digits. With still a full quarter to go, the bank has already exceeded its full year income in 2009 of P1.66 billion and is on track to surpassing its profit target for this year of P2.20 billion. “We capitalized on the improving economic conditions and the tremendous goodwill created by our re-branding program to generate more deposits, loans and investments, and heighten trading operations,” UCPB executive vice president and chief finance officer Cesar Rubio said. Interest income of UCPB in the first nine months of 2010 rose by 19 percent or nearly a billion pesos over the same period last year, from P4.88 billion to P5.79 billion, on the back of higher loan volume.

PHILEX REPORTS OCTOBER OUTPUT

Philex Mining Corp. reported that gold production in October amounted to 14,895 ounces. The company also produced as other products 3,383.423 pounds of copper and 14,141 ounces of silver. During the month, the Padcal mine delivered 835,612 dry metric tons (DMT) of ore resulting to 6380 DMT of concentrates containing 72.57 grams per DMT of gold, 24.06 percent, and 68.94 grams per DMT of silver. The estimated value of the month’s production, based on provisional metal prices of $1,342 per ounce gold, $3.73 per pound copper, and $23.96 per ounce silver, at the exchange rate of P43.182 to $1, amounted to P1.423 billion. Of this P863 million is from gold, P545 million from copper, and P15 million from silver.