The peso rate closed at P48.84 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P48.857.

Shipments of coconut oil from the Philippines, which account for more than half of world trade in the oil, fell 49 percent in December from the same month in 2005, a trade group said on Friday. Exports of the commodity fell to 92,040 tonnes from 180,577 tonnes a year ago, the United Coconut Associations of the Philippines Inc. said, citing preliminary data. The figures brought to 1.07 million tonnes the country’s coconut oil exports for the whole of 2006, down 7.1 percent from actual shipments in 2005, it said. Last month, the CIIF Oil Mills, the world’s largest shipper of coconut oil, had cut the Philippines’ projected output of copra — dried coconut meat from which oil is extracted — in 2006 by 14 percent to 2.15 million tonnes from an earlier projection of 2.5 million. It has also said it expected Philippine exports of the commodity to fall significantly in 2007 due to damage from typhoons that battered the country starting September. In 2007, the country’s copra production could drop to 1.97 million tonnes, the CIIF projected. The Philippines produced 2.6 million tonnes of copra in 2005. The biggest buyers of Philippine coconut oil, which is used in foods, industrial products and as an alternative energy, are the United States and Europe. (Reuters)

United Coconut Planters Bank (UCPB) President Jose Querubin said they are planning to sell its thrift bank and other subsidiaries and branches to fast-track financial recovery. UCPB Savings Bank and UCPB Rural Bank have merged operations with UCPB Savings as the surviving entity. It is now tenth largest in the thrift banking segment with P3.67-billion assets and 34 branches. Querubin said the bank could earn P750 million in the planned sale. The savings bank has P2 billion in total deposits and another P2 billion in total loans. "We’re looking at rationalizing other subsidiaries, not just the savings bank," said Querubin. UCPB is preparing to rationalize its branch network to identify the unprofitable branches for relocation. At the moment the bank has 178 branches and about 100 are located in the Metro Manila areas. This year, the bank is hoping to cut losses to P1 billion from P1.4 billion (estimated) in 2006. In 2005 the bank recorded losses of P1.5 billion and P2.5 billion in 2004. Querubin said by 2008, they plan to further reduce losses to P500 million. UCBP is a sequestered bank and some of the shares are still in question, including shares held by San Miguel Corp. chair Eduardo "Danding" Cojuangco.

Air Philippines, in its bid to be the leading low-cost carrier in the country expands its domestic network with the addition of Naga City in Camarines Sur to its destinations. Effective Wednesday, January 17th, the carrier starts its six times a week operation to this Bicol gateway. Designated as 2p961, the flight will depart from Manila every day except Tuesday at 10:00 a.m. to arrive Naga at 10:45. The return flight, 2p962 will leave naga at 11:15 a.m. arriving Manila at 12 noon. The entry of Air Philippines to Naga signals a more aggressive expansion program of the airline which will see its servicing additional routes soon. it is also in answer to the popular clamor from the region for a more convenient and affordable transport schedule for its travellers.

SINGAPORE (XFN-Asia) — Computer giant Dell Inc. will move more of its global supply chain management and manufacturing operations here, the Business Times reported, quoting a company spokesperson. Singapore is Dell’s headquarters for the Asia-Pacific and Japan markets. "We will be creating more concentrated capabilities in supply chain management and manufacturing management in Singapore," Dell’s TR Reid said. Reid added that Dell intends to add between 300 and 400 workers to its regional operations over the next few quarters, a large part of which will be in Singapore. Dell currently employs about 400 here and has 24,800 workers across the entire Asia-Pacific region, including Japan.

The Asian Development Bank (ADB) said it would lend Vietnam 30 million dollars to help modernise agricultural science and technology in the country, a major exporter of rice and other farm goods. The loan and an additional 10 million dollars from Vietnam’s government will fund research and training, new laboratory equipment in some institutes and education and information services for farmers in remote regions, said the ADB. The communist country, which was a net rice importer in the late 1980s, is now the world’s number two exporter of rice and coffee, and a major international supplier of tea, cashew nuts and rubber. The ADB said "access to new technologies by farmers and agro-based enterprises is essential as Vietmam’s agriculture is gradually shifting its focus from increased production volumes to increased production values."