MANILA, Philippines — The peso exchange rate stands at P42.735 to the US dollar, the closing rate last Friday at the Philippine Dealing & Exchange Corp. (PDEx). The weighted average rate stands at P42.76.

D.B.P. launches programs for O.F.W.S

State-owned Development Bank of the Philippines (DBP) has launched two programs designed to help overseas Filipino workers (OFWs) and their families in starting up or expanding their businesses.

DBP President & Chief Executive Officer Francisco F. Del Rosario Jr. led a group of senior DBP officials in the launching of the Pangkabuhayan Para sa Pinoy (PPP-OFW) and the DBP-OFW Reintegration Program (DBP-OFWRP) at the Philippine Embassy in Abu Dhabi and the Philippine Overseas Labor Office in Dubai.

The PPP-OFW is a raffle program that grants livelihood packages and start-up capital to lucky OFWs who have coursed their remittances through DBP.

B.S.P. welcomes strong local currency

The Bangko Sentral ng Pilipinas (BSP) welcomes the strong peso as it helps damp price pressures even as it doesn’t “deliberately” use currency gains as a tool against inflation, Assistant Governor Cyd Amador told reporters. Inflation “upside risks still dominate,” Amador said in Manila.

Authorities are monitoring growth in liquidity and lending as it plans to review inflation forecasts during the July 28 policy meeting, she said. This year’s 7 percent overseas remittance growth target remains achievable, Amador said. (Bloomberg)

I.M.F. releases funds to Greece

WASHINGTON (AFP) — The International Monetary Fund said Friday it was releasing 3.2 billion euros ($4.6 billion) to Greece but warned there was ''no margin for slippage'' in the country's reform program.

The funds, part of the 110 billion euro joint bailout with the European Union for the debt-stricken country, came as Europe's leaders and banks struggle to achieve an ostensibly voluntary restructuring of the country's debt to relieve pressure on Athens and avert a forced default.

Apple girding gadget against hackers

SAN FRANCISCO (AFP) — Apple on Friday said it was working to patch a vulnerability that hackers could use to break into the company's popular iPad, iPhone and iPod Touch gadgets. Engineers at the California firm are fixing a weakness pointed out by the German Federal Office for Information Security (BSI).

''Apple takes security very seriously,'' Apple spokeswoman Trudy Muller said in response to an AFP inquiry.