MANILA, Philippines — The peso exchange rate stands at P42.48 to the US dollar, the closing rate last Friday at the Philippine Dealing & Exchange Corp. (PDEx). The weighted average rate stands at P42.347.

Rediscounting loan totals P2.79B – B.S.P.

The central bank reported that for January, rediscounting loans totaled P2.79 billion, 208.8 percent higher than what was released the same period in 2011 of P904 million. The Bangko Sentral ng Pilipinas’s rediscounting window is a form of quick loans for banks requiring short-term liquidity facility. About 86.4 percent of peso rediscounting loans were borrowed as commercial credits while 3.7 percent went to agricultural and industrial credits, and 9.9 percent to other credits. This includes capital expenditures (4.1 percent), other services (3.2 percent), permanent working capital (2.5 percent), and housing (0.1 percent). (LCC)

P.V.B. nets P520M in 2011

Philippine Veterans Bank (PVB) reported an unaudited net income of P519.89 million at the close of the year 2011. The Bank’s total resources were pegged at P56.48 billion while capital funds stood at P5.76 billion. Bank officials said the net income was mainly derived from interest income from lending, trading gains and strategic management of its foreign exchange and investment portfolio.

PVB President Ricardo A. Balbido Jr. said, “The Bank was able to generate substantial results in 2011 inspite of the historical low interest rates and intense industry competition brought about by the excess liquidity in the system.”

Roxas to speak at FINEX

The Financial Executives Institute of the Philippines (FINEX) will have Secretary Mar Roxas of the Department of Transportation and Communication, as its guest of honor for its 2nd General Membership Meeting on February 15 at the Grand Ballroom of the Intercontinental Hotel Manila. Roxas will speak on the topic “The Road to World-Class Transportation and Communications.”

He is expected to speak of current issues facing the Philippine transportation and communication scene as well as areas of opportunities to bring our country’s infrastructure at par with the world’s best.

OceanaGold to sign supply deal

Australian miner OceanaGold expects to sign an off-take agreement in six months with a trading firm for gold and copper from its flagship $350-million Didipio mine in northern Philippines. The firm is set to begin production at the end of 2012, a top company official said. (Reuters)