MANILA, Philippines – The peso exchange rate stands at P43.38 to the US dollar, the closing rate on Wednesday at the Philippine Dealing & Exchange Corp. (PDEx). The weighted average rate stands at P43.41.

METROBANK EARNS P8.4 BILLION IN 2010, UP 39%

Metropolitan Bank and Trust Company reported a 39 percent increase in consolidated net income to P8.4 billion last year from P6 billion in 2009 to push its return on average equity to 10.3 percent in 2010 from 8.6 percent.

In a disclosure to the Philippine Stock Exchange, Metrobank said the robust increase in net income was steered by the healthy 10 percent growth in total revenues to P48.1 billion from P43.7 billion in 2009.

Revenue growth was on the back of a 28 percent hike in non-interest income to P21.7 billion while net interest income stood at P26.4 billion. (JAL)

R.C.B.C. SELLING P4.4-B MORE SHARES

Rizal Commercial Banking Corp (RCBC) said Thursday it was in talks to sell a minority stake worth about P4.4 billion ($100 million) to an undisclosed investor as part of efforts to boost its capital.

The bank announced earlier this week it had sold a 7.2 percent stake to International Finance Corp (IFC), the World Bank's private sector arm, for about $50 million.

''This is to confirm that there are ongoing discussions which are not yet final,'' Elbert Zosa, RCBC's corporate information officer, told the stock exchange.

The share sale, equivalent to a 14 percent stake, is part of a P6 billion-P6.5 billion Tier 1 capital raising plan that included the IFC investment, the report said, citing bank president Lorenzo Tan.

PACIFIC ONLINE SEES RECORD YEAR

Pacific Online Systems Corporation, the exclusive lotto system provider in Visayas and Mindanao, expects a record year in 2011 and is now considering its entry into the gaming business’including casino operations.

In a disclosure to the Philippine Stock Exchange, the firm said it posted a 63 percent surge in profits to P430 million last year from P263 million in 2009. The higher profit comes on the back of record high Philippine Charity Sweepstakes Office lotto and instant scratch ticket sales. (JAL)

NICKEL MINE FIRM GETS E.C.C.

Marcventures Mining & Development Corporation (MMDC), a unit of Marventures Holdings, has been granted an Environmental Compliance Certificate (ECC) to construct a causeway so it can start its first nickel shipment by June 2011.

In a disclosure to the Philippine Stock Exchange, the firm said the certificate was granted by the Environmental Management Bureau (EMB) of the CARAGA region after completing its evaluation of MMDC’s ECC application and environmental protection plans.