MANILA, Philippines — The peso exchange rate closed higher at P42.43 to the US dollar yesterday at the Philippine Dealing & Exchange Corp. (PDEx) from P42.52 the previous day. The weighted average rate appreciated to P42.507 from P42.527. Total volume amounted to $935.76 million.

Coco oil exports drop 46.6%

The country’s exports of coconut oil in July fell 46.6 percent from a year earlier on tight copra supply, but the volume of shipments in the month sharply exceeded combined exports in May and June, preliminary industry data show. Shipments totaled 77,738 tonnes, from 145,564 tonnes in July last year, the United Coconut Associations of the Philippines (UCAP) said in a report released on Thursday. (Reuters)

P.L.D.T.-Digitel deal deadline extension

Philippine Long Distance Telephone Co. may extend the Aug. 26 deadline to close its planned acquisition of Digital Telecommunications Philippines Inc., PLDT Chairman Manuel Pangilinan told reporters today.

“Maybe,” Pangilinan said when asked if PLDT may delay the deadline. “We still have to talk with the Gokongweis and our people.” (Bloomberg)

German delegation comes to Manila

A high-level German delegation led by Dagmar Woehrl, chairperson of the Committee on Economic Cooperation and Development of the German Parliament Bundestag is in Manila for talks with Socio-economic Planning Secretary Cayetano Paderanga Jr. and Justice Secretary Leila de Lima.

Focus of their talks will be the status of the ongoing development cooperation between Germany and the Philippines as well as bilateral issues. The German delegation will look into the poverty alleviation and peace building needs and efforts of the Caraga Region in Mindanao. Caraga Region is a focal point of German development assistance. (EHL)

B.S.P. may tap other tools

The Bangko Sentral ng Pilipinas (BSP) will consider all tools, including adjusting its policy rate and the amount of cash banks must put aside as reserves, to curb excessive liquidity and other risks to inflation, Assistant Governor Cyd Amador said.

There is “no preference for one tool over the other” in managing liquidity, which remains a “main challenge,” Amador said in an interview in Manila today. “There is also prudence in digesting recent actions, letting it see how they work through the system,” Amador said. (Bloomberg)