MANILA, Philippines – The peso exchange rate closed lower at P43.18 to the US dollar on Tuesday at the Philippine Dealing & Exchange Corp. (PDEx) from P43.08 the previous day. The weighted average rate depreciated to P43.237 from P43.061.  Total volume amounted  to $1.044.89  billion.  

7-YEAR BONDS FETCH 6.334%

The Bureau of Treasury on Tuesday decided to reissue a treasury bond due January 2018 at 6.334%, a yield lower than that quoted for comparable government securities in the secondary market due to excess liquidity.

Total tenders for the bond, which was originally issued at a coupon of 5.875% in 2008, reached P25.97 billion. The offered amount of P9 billion was awarded in full.

In the secondary market for government securities Tuesday, the yield on the seven-year bond stood at 6.609%.

F.D.I. AT $207 M IN JANUARY

The Philippines had net foreign direct investment (FDI)  of $207 million in January, up 21.8% from $170 million a year earlier, the central bank said Tuesday.

Equity capital in January turned to a net inflow of $25 million, from a net outflow of $27 million in January last year as gross equity capital placements reached $31 million compared with $17 million a year earlier.

Net reinvested earnings came to $64 million, 28.9% lower from a year earlier.

The "other capital" account, which consist mainly of inter-company borrowings between foreign investors and local units and affiliates, showed a net inflow of $118 million compared with a net inflow of $107 million a year earlier. (Dow Jones)

CUSTOMS PLUGS REVENUE LEAKS

Customs Commissioner Angelito Alvarez has ordered the adoption of worldwide freight rate reference for containerized cargoes to deny tax cheats one of their age-old tricks for duties and taxes avoidance.

Alvarez said the Bureau of Customs was losing more than P1.3 billion a year from freight under-valuation due to absence of a reliable reference rate which the agency’s assessment personnel could use to check under-declarations in freight charges. (CSL)

RICE IMPORT VOLUME FIXED

Agriculture Secretary Proceso Alcala said on Tuesday there was no reason for the country to import more rice than had already been planned for this year.   

The National Food Authority is looking to import 860,000 tonnes of rice this year, including 200,000 tonnes it has agreed to purchase from Vietnam in a government deal.