MANILA, Philippines — The peso exchange rate stands at P43.495 to the US dollar, the closing rate on Thursday at the Philippine Dealing & Exchange Corp. (PDEx).

The weighted average rate stands at P43.486.

Percapita income at $2,100

Fitch Ratings, which just upgraded the country’s credit worthiness to just a notch below the investment grade, noted that the average five-year GDP growth rate of 4.9 percent has raised the Philippines per capita income to US$2,100 this year.

However, it pointed out that the average growth posed in the last five years was note enough to close the gap in average income quickly.

Q1 current account surplus down

The current account surplus in the first quarter of $933 million (1.8 percent of GDP) is 23 percent lower year-on-year due to wider trade gap during the period.

The central bank reported the trade-in-goods deficit rose by 36.2 percent to $3.9 billion from same time in 2010. For 2012, officials said with rising imports, the current account position will decrease to $1.2 billion from the projected $5.6 billion this year. (LCC)

New head for DHL asia

Jerry Hsu, currently President of Greater China Area, will take over the role as CEO Express Asia Pacific for DHL composed of China, Japan, Korea, Hong Kong, Taiwan, South East Asia, India, and South Asia, Oceania and other markets and territories in the region.

Jerry is a veteran business leader in Asia and has an impeccable record in the region. Over the past 10 years in DHL Express he developed and successfully led the Greater China markets to dominate the Express industry and enhanced the success of the DHL network.

In his new role, Jerry will focus on creating the most efficient model for this important geography, drive growth and develop DHL’s market-leading position.

House overhauls U.S. patent system

WASHINGTON (AP) – Congress has approved legislation to rewrite 60-year-old US patent law with the goal of assuring that inventors can get patents on their innovations in a more timely, less litigious fashion. The legislation approved 304-117 in the House of Representatives would change the United States to the first-inventor-to-file system for patent applications used by other industrialized nations.

It also would take steps to give the US Patent and Trademark Office the funds it needs to deal with an overwhelmed system that forces inventors to wait an average three years for patent approvals. Differences with the Senate-passed version still have to be reconciled.