The peso exchange rate stands at P43.125 to the US dollar, the closing rate last Friday at the Philippine Dealing & Exchange Corp. (PDEx). The weighted average rate stands at P43.187.

Banks’ credit standards remains unchanged

The central bank in a survey of senior bank loan officers said the credit standards implemented by the industry remain unchanged as of the first quarter this year compared to the previous quarter.

Fears of tightening credit standards have not surfaced in particular loans to enterprises. But the survey noted a net tightening of credit standards for loans to households, reflecting the tightening of credit standards for personal and salary loans.

The survey did not provide reasons for the perceived tightening. The survey covered 21 commercial banks.

Ayala crop. consolidates power business

Ayala Corporation is consolidating its new investments in wind power into Michigan Power Inc., which it had renamed to AC Energy Holdings Inc. In a disclosure to the Philippine Stock Exchange, Ayala managing director John Eric Francia said Ayala’s 50 percent investments in Northwind Power Development Corp. will be folded into MPI. It will also raise the authorized capital of MPI to P1 billion from P10 million. (JAL)

eBay appoints country managaer

eBay Philippines (www.ebay.ph) leading eCommerce Marketplace has announced the appointment of Muralikrishnan B. as country manager. In his new role, Murali will be responsible for the eBay portfolio in Philippines, Malaysia & India. Murali is taking over from Ambareesh Murty, who has led eBay Philippines since January 2010.

“We are very excited by the rapid evolution of the Philippines eCommerce market. eBay especially with its presence in the Group Buying space is uniquely positioned to shape and lead this growth. I am delighted to take on my new role and look forward to further strengthening our leadership position," Murali said.

I.M.I. profit falls 88 percent in Q1

Integrated Micro-Electronics Inc. (IMI), a member of the Ayala group of companies, reported its profits fell 88 percent to just $377,000 in the first quarter of 2011 from $3.2 million in the same period last year despite a surge in revenues.

In a disclosure to the Philippine Stock Exchange, the firm said it posted a 36 percent growth in revenues to $123 million in the first quarter of 2011, as its China operations sustained strong growth and its subsidiary PSi Technologies Inc. (PSi) contributed additional revenues.

(JAL)