MANILA, Philippines — The peso exchange rate stands at P42.88 to the US dollar, the closing rate on Thursday at the Philippine Dealing & Exchange Corp. (PDEx). The weighted average rate stands at P42.832.

P.S.E.I. likely to reach 5,000

The Philippine Stock Exchange Index (PSEi) can advance to 5,000 as earnings and economic growth accelerate while inflation eases by the end of the year, according to Jonathan Ravelas, chief market strategist at Manila-based Banco de Oro Unibank Inc., the nation’s largest lender by assets.

The Philippine economy may expand between 5 percent and 5.5 percent this year while corporate earnings growth will range from 10 percent to 12 percent, he said.

Credit-rating upgrades from Fitch Ratings and Moody’s Investors Service helped drive a 7.2 percent gain in the benchmark stock index in the past three weeks. (Bloomberg)

Rules on imported autos tightened

Customs Commissioner Angelito A. Alvarez said imported vehicles would no longer be released unless these were covered by a ‘Clearance of No Derogatory Information’ issued by the newly created Motor Vehicle Monitoring and Clearance Office.

The new requirement applies to all imported motor vehicles including motorcycles and motor scooters that are either personally-owned or brought in for personal use under the No-Dollar Importation Program; imported by tax-exempt persons or entities under various laws and subsequently sold to non-tax exempt persons or entities; and, those that are pre-owned, regardless of whether they are declared under consumption or warehousing entries. (CSL)

D.B.P. launches O.F.W. financing facility

The Development Bank of the Philippines (DBP) has recently launched its OFW Reintegration Program (DBP-OFWRP), a financing facility that aims to support the entrepreneurial activities of overseas Filipino workers (OFWs) and their families.

DBP President-Chief Executive Officer Francisco F. Del Rosario, Jr. said the facility will assist OFWs in putting up or strengthening their existing business ventures and give them access to credit. The facility is also designed to help OFWs build up their assets and gain access to business development services. (EHL)

Megawide issuing P3-billion notes

Megawide Construction Corporation is raising up to P3 billion from a planned issuance of fixed rate corporate notes partly to refinance existing debt.

In a disclosure to the Philippine Stock Exchange, Megawide said its board of directors has authorized its chairman Michael Cosiquien and president Edgar Saavedra to enter into a notes facility agreement. (JAL)