P/$ rate stands at P43.97 to $1

11/26/2010 - MANILA, Philippines – The peso exchange rate stands at P43.97 to the US dollar, the closing rate on Wednesday at the Philippine Dealing & Exchange Corp. (PDEx). The weighted average rate stands at P44.126.


Despite the reported military tension in the Korean peninsula, Philippine Airlines (PAL) flights to South Korea remained normal, the flag carrier announced in a statement this week. PAL will continue mounting regular flights to Seoul and Busan until otherwise advised either by Philippine or South Korean authorities. PAL is closely monitoring developments. In any eventuality, the flag carrier is bracing for the possibility of mounting evacuation flights should the Philippine Department of Foreign Affairs or Malacaรฑang make an official request in case the situation in South Korea deteriorates. Updates on the conflict are also being fed to PAL management by its staff in Seoul who, in turn, get information from the Philippine embassy in South Korea. PAL currently flies Manila-Seoul twice a day, to Busan four times a week, and daily from Cebu to Seoul. (EVA)


Philipping Rating Services Corporation has assigned a PRS 2 minus rating to BDO Leasing & Finance, Inc.’s (BDOLF) proposed P12.0 billion short-term commercial papers (STCPs). The amount of STCP line is being increased from the existing P8.0 billion to the proposed P12.0 billion. The existing P8.0 billion STCPs were similarly rated at PRS 2 minus in 2009 to date. PhilRatings said BDO Leasing will use the proceeds from the issuance to repay maturing obligations and to expand its loan portfolio. A short-term issue rating of PRS 2 is defined as: Above average (strong) capability for payment of commercial paper issue on both interest and principal. This is normally evidenced by many characteristics of a PRS 1 rating but to a lesser degree. (JAL)


Philex Mining Corporation is lending $10 million to Forum Philippines Holdings Limited, a wholly-owned unit of Philex subsidiary Forum Energy Plc., to fund its share in the work program for Service Contract 72. In a disclosure to the Philippine Stock Exchange, Philex said it has signed a facility agreement with Forum Philippines which will make available the $10 million for a three-year period at an interest rate of US LIBOR +4.5 percent. The facility will allow Forum Philippines to fund its 70 percent share of a first sub-phase work program over SC 72. Obligations arising from funds drawn under this facility are not convertible into Forum Energy’s or Forum Philippines’ ordinary shares. Forum has approved a work program of which its share is estimated to cost up to about $7.4 million. (Manila Bulletin)

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