MANILA, Philippines — The peso exchange rate closed higher at P42.215 to the US dollar yesterday at the Philippine Dealing & Exchange Corp. (PDEx) from P42.41 the previous day. The weighted average rate appreciated to P42.284 from P42.541. Total volume amounted to $1.331.47 billion.

G.D.P. growth better in Q1

The country’s economic growth in the first quarter will likely be stronger than the 4.6% growth in the first quarter of last year amid accelerated government spending, Economic Planning Secretary Cayetano Paderanga said Wednesday.

Growth of between 5% and 7% during the period was possible, Paderanga said, adding increased government spending would help cushion weakness in exports. "We're hopeful it will be faster than the first quarter of 2011," he told reporters.

S.M.B.I. bondholders agree to changes

San Miguel Brewery Inc. (SMBI), the brewery unit of San Miguel Corporation, has secured the approval of a majority of the bondholders for the change in some terms of its P38.8 billion bonds.

SMBI confirmed that the trustee to its bonds, Bank of the Philippine Islands-Asset Management and Trust Group, has certified that record bondholders representing or accounting for 76.92 percent of the aggregate principal amount of the Bonds have given their consent. (JAL)

B.D.O. sells $300M 5-YR notes

BDO Unibank, Inc. has successfully raised US$300 million after it priced a 5-year Fixed Rate Senior Notes due 2017. In a disclosure to the Philippine Stock Exchange, BDO said the senior notes will have a coupon of 4.5 percent and a yield of 4.625 percent per annum.

“We are delighted with the outcome. The orders for our issue built up rapidly and we decided to close the books early and to take advantage of the interest our issue generated, given the volatility of current markets,” said BDO executive vice president and treasurer Pedro M. Florescio III. (JAL)

Market to Determine Peso Rate

The Bangko Sentral ng Pilipinas “remains committed to allowing market forces to determine the peso-dollar exchange rate,” Deputy Governor Diwa Guinigundo said in a mobile-phone text message late Wednesday.

“We enter the market only to ensure orderly market dynamics,” Guinigundo said in response to questions seeking comment on the peso’s appreciation. (Bloomberg)