MANILA, Philippines – The peso exchange rate stands at P44.00 to the US dollar, the closing rate on Tuesday at the Philippine Dealing & Exchange Corp. (PDEx). The weighted average rate stands at P44.146.

B.D.O. LAUNCHES NEW CREDIT CARD FOR CHINA

Banco De Oro Unibank, Inc. (BDO) recently launched the BDO China UnionPay Credit Card to provide its cardbase of over one million and other prospective consumers greater convenience when travelling to China. China UnionPay (CUP) also aims to provide BDO’s merchant partners, now numbering over 48,000, with more possible credit card transactions for business growth. CUP is the most widely used credit card in the world’s second largest economy. Because it also appeals to overseas Chinese with strong ties to the mainland, it is likewise accepted in over 90 countries, many with significant Chinese communities. In addition to the card’s worldwide reach, BDO China UnionPay cardholders in the Philippines enjoy the payment convenience offered by all BDO credit cards. These include the settlement of bills in any BDO branch, SM outlet or through Internet or phone banking. BDO executive vice president Rolando C. Tanchanco expects the China UnionPay Credit Card “to become an indispensable travel companion to the many Filipino entrepreneurs and business executives who go to China for both business and pleasure.” (JAL)

A.L.I. SETS P10-B DEBT PLACEMENT

Ayala Land Inc., (ALI) the country’s largest property developer by sales, said Wednesday its board approved a plan to privately place as much as P10 billion of debt paper with maturities of at least five years. Ayala Land said part of the issue will be swapped for P1.8 billion of existing notes. "Proceeds from the notes, net of issue-related expenses, shall be used by the company for general corporate purposes and to partially finance its capital expenditure program for 2011," Solomon Hermosura, Ayala Land's assistant corporate secretary, told the stock exchange. Ayala Land said it has engaged BPI Capital Corp., Citibank N.A. and HSBC to underwrite the debt issue, which will be privately placed to a handful of institutional lenders. (Dow Jones)