MANLA, Philippines — The peso exchange rate stands at R42.60 to the US dollar, the closing rate last Friday at the Philippine Dealing & Exchange Corp. (PDEx). The weighted average rate stands at R42.731.

Banks' resourves total P7.3 T

The central bank said the banking industry’s total resources as of the end of October 2011 increased by 7.7 percent year-on-year to R7.3 trillion. The growth in resources was due to increase in currency and deposits, which was “indicative of the public’s continued trust in the banking sector,” said the Bangko Sentral ng Pilipinas. The 38 big banks accounted for almost 90 percent of the total resources of the banking system. (LCC)

GE Philippines names new C.E.O.

GE Philippines announces the appointment of J.V. Emmanuel de Dios as the company’s new CEO, the first time after six years that a Filipino will fill in the position. A Master of Laws graduate from Harvard Law School, De Dios brings nearly two decades of experience to GE Philippines. Prior to joining the company, he served as managing director and CEO of Nido Petroleum Ltd. He also held the position of Undersecretary of the Philippine Department of Energy and Chairman of the Philippine National Oil Company Exploration Corp.

He presently sits on boards of petroleum and mining companies creating business opportunities and accelerating growth in the energy sector.

L.B.P. completes P10-B tier2 notes

The Land Bank of the Philippines (LandBank) has completed its R10.5 billion issue of peso-denominated Tier 2 Notes. The deal was upsized from the announced R6.5 billion after LandBank received orders of over R12.5 billion. The strong demand for the Notes also allowed LandBank to price at the tightest end of its indicative pricing guidance, setting the coupon at 5.875% per annum after initially announcing a range of 6.0% area. (EHL)

ABS-CBN claims primetime ratings lead

ABS-CBN Corporation claimed that it continued to lead national TV ratings in January, especially on primetime when most Filipinos watch TV and where advertisers invest most of their TV ad placements.

Kantar Media reported that ABS-CBN scored an average audience share of 41.2 percent nationwide based on households watching TV, or a nine point lead against rival GMA that averaged only 32.1 percent on primetime (6 p.m. – 12 m.n.). (JAL)