Peso advances on US economic data
The peso strengthened for a second day on Thursday after US economic data released the day before allayed concerns that the recovery in the world’s biggest economy is faltering. The peso traded at a one-week high after President Aquino said the currency’s trading range has been within a “tolerable” level. “The peso is externally driven by the slight improvement in data, especially in the US,” said Emilio Neri, an economist at the Bank of the Philippine Islands. “The peso has been a relative outperformer and we suspect there’s some degree of intervention in the market.” The peso gained 0.4 percent to 43.68 per dollar at Thursday’s close, according to Tullett Prebon Plc. It fell 0.9 percent last quarter, the least among Southeast Asian currencies. The peso has fallen 0.2 percent this year, compared with drops exceeding 4 percent for Taiwan’s dollar, South Korea’s won and India’s rupee. (Bloomberg News)
MVP companies see slowing growth
Volume sales of the Manila Electric Co. in the third quarter is “slowing growth,” the company’s president, Manuel V. Pangilinan, told reporters on Thursday. The country’s largest power retailer may match its volume sales last year, he said, but he noted that global uncertainties are “worrisome” as these could hurt sales moving forward. Pangilinan also said third-quarter revenue at Philippine Long Distance Telephone Co. (PLDT) was likely lower from a year earlier amid slowing economic growth. Pangilinan is the chairman of the telco giant. It’s “too early to tell” if PLDT will meet its profit target this year, he said, adding that regulators still haven’t decided on PLDT’s plan to acquire Digital Telecommunications Philippines Inc. (Bloomberg News)
ABS-CBN claims prime-time ratings win
ABS-CBN Corp. on Thursday claimed to have dominated national TV ratings in September after it scored an average audience share of 42 percent, or a whopping 12-point lead over rival GMA Network Inc.’s 30 percent in September on prime time from 6 p.m. onward when TV viewing levels peak and where advertisers put most of their TV ad placements. ABS-CBN uses data from Kantar Media, which, the media giant said, showed ABS-CBN leading all TV channels on prime time with an average audience share of 35 percent against GMA’s 33 percent in Metro Manila. ABS-CBN also said the live airing of the Miss Universe 2011 pageant, where the country’s bet Shamcey Supsup bagged the third-runner up honors, rated 31 percent during daytime, “heralding a new benchmark for a beauty pageant genre.”
Taiwan reception moved to Oct. 10
The Taipei Economic and Cultural Office (Teco) in the Philippines announced that the 100th National Day reception of Taiwan has been moved to October 10. The Teco, which is hosting the event, said the postponement is due to the massive flood damage caused by Typhoon Pedring. The reception will be held at the Grand Ballroom of the Sofitel Philippine Plaza from 6:30 to 8:30 p.m.
