The peso rate closed higher at P50.055 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P50.105 last Friday. The weighted average rate depreciated to P50.136 from P50.081. Total volume amounted to $ 348.9 million.

Gov't borrowings

The Philippine government's total borrowings fell 9.4 percent to R489.33 billion in the nine months to September, from R540.18 billion in the year-earlier period, data from the Bureau of Treasury showed. Local borrowings, done through the regular issuance of treasury bills and bonds, retreated 5.68 percent on year to R316.99 billion, accounting for 65 percent of the total. Loans from foreign sources fell 15.55 percent to R172.34 billion. "Everything is attributed to improved fiscal position; that is why we don't need to borrow that much," National Treasurer Cruz said. Higher revenue collections have enabled the government to contain its budget deficit at much lower than the programmed ceiling. In the January to September period, the budget gap was just R50.4 billion -- or less than half the full-year ceiling of R125 billion. It was also less than half of the R108.5 billion deficit in the year earlier period. "One thing is clear; we will be ahead of the fiscal program. But by how much, we don't know," Cruz said.

MBTC's new shares listed Thurs.

Metropolitan Bank & Trust Co. will list on Thursday the 173.6 million common shares it recently sold to local and international investors, the stock exchange said yesterday. A total of 164.9 million shares or 95 percent of the offer shares were purchased by international investors, while the rest were sold to local investors, the exchange said in a circular for brokers. Trading in Metrobank shares, which has been suspended since October 10, will resume Thursday.

RCBC raises $ 100 M from notes

Rizal Commercial Banking Corp. raised $ 100 million from an offer last week of hybrid tier one securities, which will be used for general corporate purposes, RCBC said. "The issuance of hybrid securities will enable RCBC to strengthen its capital base in anticipation of Basle II requirements," the bank told the stock exchange, referring to the more stringent capital requirements that will take effect next year. RCBC said the offer had been oversubscribed and broadly distributed, drawing interest from 40 international investors from Asia and Europe.

Filipino is GM of Lafarge Italy

Lafarge, the world leader in building materials, has appointed Juan Miguel Montinola as general manager of Lafarge Adriasebina in Italy -- the first Filipino to assume a countryhead function in Europe. Prior to this appointment, Montinola was senior vice president for Sales and Marketing of Lafarge Cement Service Philippines, Inc. (LCSPI) -- a position he held for several years. Assuming his position in LCSPI are two experienced executives who now separately head sales and marketing. LCSPI region sales manager Cirilo Pestano III has been named vice president for sales, and LCSPI marketing director Victor Janolino is now vice president for marketing. Pestano, who joined LCSPI in 2000, has been in the construction industry for 25 years now and has led sales teams in several cement companies before his stint in Lafarge. Janolino is a seasoned marketer with 21 years of experience in marketing and business development in the Philippines and several emerging markets in Asia. He joined LCSPI in April 2006.

SMC Thai beverage plant opens

Food and beverage conglomerate San Miguel Corp. said it has begun operations at its non-alcoholic beverage plant in Thailand's Rayong province. "The company has started to produce juice and juice drinks for the Thailand market," San Miguel told the stock exchange, which sought clarification of a news report that the company might post sales of 200 million baht, or $ 5.4 million, from its fruit juice and non-alcoholic drinks business in Thailand next year. The company did not confirm the figures nor gave any other details in its brief statement to the bourse.

CL drafts export program

Central Luzon is set to implement the five-year export development plan following a meeting by the Regional Council-Executive Committee in Malolos, Bulacan. National Economic and Development Authority (NEDA) Reg. Dir. Remigio A. Mendoza also said the council has created a subcommittee on exports to oversee the implementation, advocacy to stakeholders, monitoring and evaluation. The five-year export development plan defines the region's export strategies and programs that will be implemented by the government and the private sector from 2006 to 2010 and will serve as the main guide to collectively influence growth and development of exports in the region. It also spells out the strategies and programs needed to enable Central Luzon's exports to reach its target by 2006 and beyond.