MANILA, Philippines — The peso exchange rate closed higher at P43.25 to the US dollar yesterday at the Philippine Dealing & Exchange Corp. (PDEx) from P43.315 the previous day. The weighted average rate appreciated to P43.245 from P43.291. Total volume amounted to $800.43 million.

Daily N.D.F. deals report ordered

The Bangko Sentral ng Pilipinas (BSP) yesterday ordered all banks and trust institutions to report daily on non-deliverable forward (NDF) transactions instead of weekly. The order will take effect today, June 1, the central bank said.

Daily reporting of NDF transactions instead of weekly makes it easier for the central bank to see whether banks are complying with its overbought and oversold limits for foreign exchange holdings, said Marcelo Ayes, senior vice president at Rizal Commercial Banking Corp. (RCB.PH).

Berong nickel mine resumes operation

Atlas Consolidated Mining and Development Corporation reported that Berong Nickel Corporation (BNC) has resumed its mining operations.

In a disclosure to the Philippine Stock Exchange, Atlas said that BNC, in which Atlas owns a 25.2 percent economic interest, has already mobilized equipment to the mine site in Palawan.

Atlas said BNC is planning to ramp up nickel ore production to 100,000 wet metric tons (wmt) per month.

BNC aims to produce 500,000 wmt of nickel ore products this year, of which 300,000 wmt are expected to be shipped during the coming third and fourth calendar quarters. (JAL)

Robinsons Bank income Up 27%

Robinsons Bank grew its first-quarter net profit by 27 percent to P57 million boosted by net interest income from retail and commercial lending which surged 39 percent to P271 million.

RBank’s commercial lending operations expanded by 47 percent while retail loans grew by 20 percent as the rising inflation prompted companies and households to resort to borrowing funds to meet increasing costs.

P.S.E. to boost trading 20%

Philippine Stock Exchange (PSE) plans to boost trading value by 20 percent through measures including longer operating hours, links with regional exchanges and share sales by real estate trusts, Chairman Jose Pardo said.

The exchange plans to “gradually” extend trading hours into the afternoon to boost the benefits from future links with other exchanges in Southeast Asia, Pardo, 72, said in an interview at the exchange. (Bloomberg)