The peso rate closed at P52.39 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P52.456.

NDC to auction P2-B bonds

The National Development Company (NDC), will auction P2-billion worth

of five-year bonds on July 19 to finance various pump-priming projects of the government, the Bureau of Treasury (BTR) said. The Development Bank of the Philippines and Land Bank of the Philippines are the issue managers. The debt paper will have the full and unconditional guarantee of the national government, and interest income on the bonds will be exempted from taxes, the BTR added.

Asean rice reserve may expand

An emergency rice reserve being maintained by the Association of Southeast Asian Nations plus China, Japan and South Korea, or ASEAN + 3, could be expanded further to around 500,000 metric tons this year, a senior Philippine official said yesterday. The East Asia Emergency Rice Reserve is intended for use in the region during calamities, such as the December 2004 tsunami that ravaged major parts of Southeast Asia. Gregorio Tan, administrator of the National Food Authority, said Seoul has indicated a commitment to contribute up to 150,000 tons of rice to the reserve. South Korea's commitment may be finalized in October, when officials from ASEAN +3 are scheduled to meet, said Tan, who is currently in charge of the reserve. The reserve currently stands at 337,000 tons, following a commitment made by Japan last year to contribute 250,000 tons. Some countries in the region are at various stages in their consultations

to determine their allocation for the reserve, Tan said earlier.

UOB Phils. to raise capital

United Overseas Bank Philippines is raising its authorized capital by twofold to P1.5 billion from P250 million. Documents at the Securities and Exchange Commission (SEC) show that the P1 billion capital hike is fully subscribed and paid up by way of the conversion of advances. In late April 2005 United Overseas Bank sold 66 out its Philippine subsidiary's 67 branches to Banco de Oro Universal Bank after UOB Philippines set to rationalize its operations from retail to wholesale banking. All UOB branches completed integration into the BDO network on March 22, 2006 increasing the number of Banco de Oro branches to 220. Of the 66 branches, 31 were converted into BDO branches, 4 were relocated, and the remaining 31 were consolidated into existing BDO branches for redeployment. This brings BDO's current network to 220 branches from 185 as of December 31, 2005. With the eventual redeployment of the 31 branch licenses, BDO's branch network will be further increased to 251 branches. BDO signed a memorandum of agreement with UOBP to acquire UOBP's branch banking business last May 2005. As part of the agreement, the UOB Group will be allowed one representative in BDO's Board of Directors. Both institutions intend to explore means to expand this partnership, particularly in the areas of trade finance, consumer lending and private banking in the Philippines as well as in the region. (JAL)

Wal-Mart exec coming in Aug.

Wal-Mart Director for Development Ben Cornish will be coming to Manila next month to talk about Wal-Mart's presence in China, the world's largest consumer market, in his topic "Global Retailing Innovation: The Wal-Mart China Experience." He is scheduled to speak at the 15th National Retailers Conference on August 10-11, 2006 at the EDSA Shangri-La Plaza Hotel in Mandaluyong and its twin activity the 15th Stores Asia Expo on August 911 (15th NRCE). Wal-Mart is the undisputed retail leader worldwide which grossed $288.19 billion in 204, according to STORES Magazine's 2005 Triversity Top 100 Retailers ranking. Its low-price big box store model has been copied by retailers worldwide with the hope of replicating its success. But no one has been able to topple the retail giant founded by Sam Walton. "Innovation in an Age of Complexities" is the theme of 2006 NRCE which is organized by the Philippine Retailers Association the acknowledged national organization of retailers in the country and sponsored by Versacard and PLDT Business Solutions.The 15th retailers confab will also feature other global speakers like retail guru and Keynote Speaker Dr. Dale Achabal from the Sta. Clara University, California; and Singapore's Steven Goh, Executive Director of Retail Asia, the leading retail business magazine.

Singapore ups levy on workers

SINGAPORE (Dow Jones)--Singapore will raise the foreign-worker levy paid by employers in order to moderate demand, the Ministry of Manpower said Friday. The skilled foreign-worker levy will be raised to S$150 a month from S$100 for all sectors from Jan. 1, the ministry said in a statement. The levy was cut in 1998 and 1999 to help companies during difficult economic times. "Robust economic conditions over the past two years have resulted in healthy job growth and a rising demand for labor. In 2005, the number of new foreign work permit holders increased by 43,000, the largest increase since 1997," the ministry said.