THE peso completed its second weekly loss as the rising cost of borrowing dollars spurred local companies to sell pesos to get the US currency.

Government bonds declined.

The peso fell for the fifth time in six days on Friday as regional stocks headed for their worst week in 13 months due to the increasing lack of confidence in global credit markets. Nine of the 10 most actively traded Asian currencies outside Japan weakened on Friday, according to data compiled by Bloomberg. “There is a lack of liquidity for dollars so companies and banks who need dollars have to sell pesos to get it,” said Marcelo Ayes, senior vice president for Treasury at Rizal Commercial Banking Corp. The local currency lost 0.1 percent on Friday to P47.04 per dollar at the 4 p.m. close of trading, according to the Bankers Association of the Philippines. The peso fell 0.6 percent last week, extending this year’s decline to 12.2 percent.

The central bank has provided extra liquidity to the local financial market, Governor Amando Tetangco  Jr. told reporters on Thursday in Manila. (Bloomberg)

RP gets WB, JBIC loans worth $133.5M

FINANCE Secretary Margarito Teves is set to draw on $133.5 million worth of concession loans from the World Bank (WB) and the Japan Bank for International Cooperation (JBIC) to finance the country’s multibillion-peso infrastructure program.

Peso completes 2nd weekly decline

THE peso completed its second weekly loss as the rising cost of borrowing dollars spurred local companies to sell pesos to get the US currency.

The new risk-management agenda

What next?

To conclude this 13th edition of Basel briefing, it is time to look beyond Basel II towards the new risk-management agenda that has emerged from the Basel II process. By codifying some of the innovations in risk management of the 1990s and early 2000s, Basel II has, as intended, catalyzed these innovations and fast-forwarded the banking industry onto a new development path.

Customs bureau surpasses collection targets as of Sept.

THE Bureau of Customs (BOC) said in a preliminary that it surpassed its revenue collection target for September, as many of its collection districts, which included the Port of Manila, were able to reach their respective money targets. 

AIG to refocus on core property, casualty-insurance businesses

AMERICAN International Group (AIG) said on Friday it would refocus the company on its core property and casualty insurance businesses, and generate sufficient liquidity to repay the outstanding balance of its loan from the Federal Reserve Bank of New York and address its capital structure.