MANILA, Philippines — The peso exchange rate stands at P43.12 to the US dollar, the closing rate last Friday at the Philippine Dealing & Exchange Corp. (PDEx). The weighted average rate stands at P43.133.

P.L.D.T. exempts from escrow rules

The Securities and Exchange Commission (SEC) has approved in principle a request by Philippine Long Distance Telephone Company (PLDT) to be exempted from having to put in escrow the P69.2 worth of PLDT shares that will be paid the Gokongwei group for a 51.55 percent stake in Digital Telecommunications Philippines Inc.

SEC commission secretary Gerard Lukban said though that PLDT has been directed to formally seek exemptive relief, instead of the letter of request it submitted, as required by SEC rules.

Lukban noted that PLDT would have to spend more than P100 million if it were to put the shares under escrow. He explained that, to protect shareholders of the buyer, the shares to be issued in payment for an acquisition should be held in escrow by the SEC and will be released only upon the transfer of ownership of the property acquired (in this case Digitel shares and debt). (JAL)

P91.1-M loans granted to B.M.B.ES.

The Bangko Sentral ng Pilipinas (BSP) said P91.1 million of loans were released to Barangay Micro Business Enterprises (BMBEs) last year in compliance with Republic Act No. 9178 or the BMBE Act of 2002.

About P90.6 million of total loans were granted mostly by thrift, rural and cooperative banks while only P3.5 million came from wholesale funds of government-owned banks and institutions including GSIS and SSS.

Replacement of I.M.F. leader urged

SINGAPORE (AP) – A top International Monetary Fund (IMF) official says the agency should choose a replacement for former Managing Director Dominique Strauss-Kahn as soon as possible.

Singapore Finance Minister Tharman Shanmugaratnam said in a statement Saturday that the IMF is facing pressing challenges and an early conclusion to the selection process would be advantageous.

S.B.C. earns P1B in Q1

Security Bank Corporation (SBC) reported an 8.5 percent hike in net income attributable to equity holders to P1.01 billion in the first quarter of 2011 for an annualized return on equity of 16.1 percent.

The bank said its asset base stood at P183.5 billion, a 27.8 percent growth from end of March 2010 primarily due to a 25.7 percent increase in loans.