MANILA, Philippines — The peso exchange rate stands at P43.24 to the US dollar, the closing rate on Wednesday at the Philippine Dealing & Exchange Corp. (PDEx). The weighted average rate stands at P43.209.

Alsons sets P7-B share offering

Alsons Consolidated Resources Inc. is raising $175 million or P7.5 billion from a planned offering of common shares to finance its power business expansion plans, particularly to put up power plants in Sarangani and Zamboanga.

In a disclosure to the Philippine Stock Exchange, ACR said its board has approved a placement and subscription transaction under which Alsons Corporation and Alsons Development and Investment Corporation will also offer to sell a portion of their ACR shares primarily offshore. (JAL)

Ford May sales up 85%

Ford Group Philippines reported that overall May retail sales for Ford brand vehicles jumped 85 percent year-over-year to 817 units.

The American automaker said that its Ford Fiesta recorded its best monthly performance of the year in May with sales of 324 units, helping to further establish its position as a leader in the small car segment.

Year-to-date sales of Fiesta total 1,406 units. Ford’s May performance was also supported by continued strong sales of Ford Everest and Ford Ranger.

Sales of Everest rose 47 percent year-over-year to 226 units, while Ranger sales increased 38 percent to 102 units. The Ford Focus turned in its best monthly performance of the year with sales of 62 units. (BCM)

G.M.A. network, Globe team up

GMA New Media Inc., GMA Network’s digital arm, has teamed up with Globe Telecom and Ironroad to launch a breakthrough mobile application called Video Message Service (VMS) that allows mobile phone users to access video clips of GMA’s top-rating shows.

“The new service makes GMA celebrities and programs more reachable to a wider market.

While GMA enjoys a strong presence in the local and international market through its multimedia platform, the experience becomes more personal and instant when the service can be accessed by handheld device users anytime at their convenience,” said NMI Senior Vice President and Chief Information Officer Edna T. Belleza. (JAL)

R.P. joins tax evasion drive

The Philippines, a member of the Global Forum on Transparency and Exchange of Information for Tax Purposes, has joined the global campaign to fight against international tax evasion and bank secrecy.

The forum has issued 9 new peer review reports on Hungary, the Philippines, Singapore, and Switzerland which focus on the legal framework for transparency and exchange of tax information. (EHL)