MANILA, Philippines – The peso exchange rate stands at P43.755 to the US dollar, the closing rate on Wednesday at the Philippine Dealing & Exchange Corp. (PDEx). The weighted average rate stands at P43.798.

D.B.M. CLARIFIES JAN. SPENDING

The Department of Budget and Management (DBM) said that it was not an intention of the Aquino administration to spend less in the first month of the year that resulted to a P13.4 billion budget surplus.

Budget and Management Secretary Florencio B. Abad said in an interview Thursday that boost in spending will be felt more in February and March, adding they are on track of meeting the P431 billion expenditure program.

“Usually the first month of the first quarter will be slow and that's really the target that we set for disbursement,” Abad said. “The release of allotments and obligations are significantly higher than last year,” Abad added. (CSL)

CHINATRUST POSTS P410-M INCOME

Chinatrust (Philippines) Commercial Bank reported a net income of P410.0 million last year, an increase of 20.84 percent over the P339.0 million generated in 2009. In a disclosure to the Philippine Stock Exchange, the bank said this translated to 7.3 percent return on equity (ROE) and 1.6 percent return on assets (ROA).

The increase in net income was attributed to better margins on account of lower cost of funds, as well as substantial increases in the bank’s income from Treasury operations. “The favorable economic environment that prevailed last year allowed Chinatrust to take advantage of the opportunities in the bond markets,” the bank said. (JAL)

F.L.I. REPORTS P2.95-B NET PROFIT IN 2010

Property developer Filinvest Land Inc. (FLI) said Thursday its net profit in 2010 rose 46%, bolstered by strong real estate sales and double-digit growth in lease income from its shopping mall and office buildings. The 2010 net profit figure of P2.95 billion included a P526 million one-time gain from its buyout of a 40% stake in Northgate Cyberzone and a portion of Timberland Heights. Excluding the gain, net profit would have risen 20% to P2.43 billion. Net profit in 2009 was P2.02 billion.

ATLAS MAKES 37TH SHIPMENT

Atlas Consolidated Mining and Development Corp. (Atlas) has completed its 37th shipment of copper concentrate since the start of mining operations through its subsidiary Carmen Copper Corporation (CCC).

Revenue from this copper concentrate shipment which weighs approximately 5,078 dry metric tons (dmt) and which contains 27.52 percent copper, 2.25 grams of gold per dmt and 21.33 grams of silver per dmt (based on preliminary assay analysis) is estimated to reach $12.24 million (inclusive of gold credits). (JAL)