MANILA, Philippines — The peso exchange rate stands at P43.055 to the US dollar, the closing rate on Tuesday at the Philippine Dealing & Exchange Corp. (PDEx). The weighted average rate stands at P43.093.

Gov’t reviews 2011 growth target

The Philippine government is set to review its 2011 economic growth target of 7% to 8%, Economic Planning Secretary Cayetano Paderanga said yesterday.

The review will be made as soon as second quarter gross domestic product data become available in late August, Paderanga told reporters. Second quarter growth likely fell below the previous year's 8.9%, he said. The economy grew 4.9% in the first quarter.

A.D.B., Swissre insure trade finance

SINGAPORE (Dow Jones) – The Asian Development Bank has inked a deal with the SwissRe Group to insure US$250 million of trade finance, which will enable the ADB to increase its capacity to support exporters in the region, the two entities said Wednesday.

At a joint press briefing in Singapore, Philip Erquiaga, the director general of the ADB's Private Sector Operations Department, said the development bank wanted to increase the involvement of the private sector as much as possible.

He said that the pact – which could allow the ADB to provide developing Asia with around US$500 million in additional support each year – could open the way to agreements with other reinsurers.

T.M.P. resumes full -blast operations

Toyota Motor Philippines Corporation (TMP) resumed two-shift production work schedule at 100% production level in June following the improved production parts supply condition. In September, TMP will make further adjustments to make production operations run at its most efficient level while achieving the production volume target for the year.

TMP’s production has reached its full production of 120 units a day at its plant in Sta. Rosa, Laguna for both of its locally assembled units Vios and Innova although the company has observed a 4.5 production days per week.

Due to the Great Eastern Japan Earthquake that caused temporary limitation in production parts supply, TMP adjusted its production operations in April and May by cutting down production days and workshifts. (BCM)

Manufacturing sector slows in April

The manufacturing sector slowed down in April 2011 as it posted a growth of 4 percent from 4.3 percent in March, according to the preliminary results of the National Statistics Office (NSO) in its monthly integrated survey of selected Industries (MISSI). (EHL)