MANILA, Philippines — The peso exchange rate closed slightly lower at P42.85 to the US dollar yesterday at the Philippine Dealing & Exchange Corp. (PDEx) from P42.845 the previous day. The weighted average rate appreciated to P42.859 from P42.872. Total volume amounted to $1.052.42 billion.

ASEAN drafting trade grouping Guidelines

The Association of Southeast Asian Nations (ASEAN) will draft guidelines that will allow the regional grouping to form a trade bloc with China, Japan, South Korea, Australia and New Zealand, Philippine Trade Secretary Gregory Domingo said yesterday. The US and Russia may also be included in the trade bloc, Domingo told reporters. (Bloomberg)

Manufacturing sector weakens in November

The manufacturing sector continues to weaken in November 2011 as shown by the 5.4 percent drop in the value of production index (VaPI) compared to the same period last year. The National Statistics Office (NSO) attributed the decline in VaPI to the drop in the production value of 11 major sectors – wood and wood products (-28.7%), food manufacturing (-26.6%), machinery except electrical (-20.6%), miscellaneous manufactures (-12.1%) and textiles (-11.2%). (EHL)

Local rice production seen 18.46MT

The Philippines is targeting to produce 18.46 million tons of rough rice this year from 16.68 million tons in 2011, Agriculture Secretary Proceso Alcala said.

The government forecasts an expansion of 4.45 percent for the farm sector in 2012 from last year’s 2.34 percent growth, Alcala said. But the country still needs to import rice to meet this year’s requirement. The National Food Authority is scheduling an import tender for 500,000 metric tons next month, ruling out a government-to-government transaction.

A.D.B. gives Uzbekistan $400-M loan

SEOUL (AFP) – The Asian Development Bank (ADB) said Wednesday it has approved a loan and political risk guarantee of up to $400 million for a project to build Uzbekistan's largest-ever petrochemical plant.

The ADB said the Surgil Natural Gas Chemicals Project would produce gas for commercial use and for conversion into chemical intermediates used in the plastics and textiles industries.