MANILA, Philippines - The peso exchange rate closed slightly lower at P43.46 to the US dollar Tuesday at the Philippine Dealing & Exchange Corp. (PDEx) from P43.45 the previous day. The weighted average rate depreciated to P43.529 from P43.388. Total volume amounted to $730.8 million.
7-YEAR T-BONDS FETCH 6.315%
The Bureau of Treasury decided at an auction Tuesday to reissue treasury bonds due January 2018 at a yield of 6.315%, lower than the prevailing yield for seven-year paper in the secondary market due to strong demand.
The bond was originally issued at face value as 10-year debt paper in 2008 at a coupon of 5.875%.
Total tenders reached P18.19 billion, double the P9 billion offered during the bond auction.
In the secondary market for government securities, seven-year bonds were quoted Tuesday at 6.93%.
ECONOMIC TARGETS UNDER REVIEW
Economic Planning Secretary Cayetano Paderanga Tuesday said the government's economic targets for 2011 are under review due to recent developments in Japan and the Middle East that could affect investments, trade and remittance.
Paderanga said he is hopeful the current gross domestic product growth target of 7%-8% for this year will stand after the review.
He said that while the devastation in Japan will likely have a short-term impact on the Philippine economy, the bigger concern is the impact of geopolitical events in the Middle East and North Africa because of its effect on oil prices and the deployment of Filipino workers.
HILTON ENDS CONTRACT WITH CEBU RESORT
Hilton Worldwide, together with owning company Oikonomos International Resources Corporation, has announced in Singapore and Cebu City that the management agreement for the Hilton Cebu Resort & Spa will end on Thursday, March 31, 2011. The termination of the management contract is mutually agreed upon and allows both parties to explore new opportunities independently.
INFLATION REMAINS MANAGEABLE - B.S.P.
The Bangko Sentral ng Pilipinas (BSP) said Tuesday that despite recent acceleration in consumer price increases, inflation is still manageable and isn't likely to spur any dramatic adjustments in monetary policy. ''Any monetary action will be gradual,'' BSP Amando Tetangco told reporters on the sidelines of a business forum in Manila.
