MANILA, Philippines — The peso exchange rate stands at P43.64 to the US dollar, the closing rate on Tuesday at the Philippine Dealing & Exchange Corp. (PDEx). The weighted average rate stands at P43.63. Financial markets are closed for a holiday.

P.C.C.I. holds election Friday

The Philippine Chamber of Commerce and Industry (PCCI) will hold an election for its board of directors on Friday, December 2 at the PCCI headquarters in McKinley Hill starting at 3 p.m. According to PCCI COMELEC chairman Antonio Abad's circular sent to members, casting of votes will be until 5 p.m. only.

There are now 18 candidates vying for 15 positions in the national level unlike in the past when there were only 15 candidates for the same number of positions at stake.

PCCI members are eager to participate in the election which gives them a wider choice of candidates for the first time in about 15 years.

2012 budget for signing

The Department of Budget and Management (DBM) expects the General Appropriations Bill for 2012 will be signed by President Aquino before December 27 after the House of Representatives and Senate’s early ratification.

Budget and Management Florencio B. Abad said lauded the two chambers of Congress, adding that this early approval of the P1.816-trillion budget will allow President Aquino to sign the General Appropriations Act (GAA) by mid-December. (CSL)

Megaworld plans Clark tourism complex

Megaworld Corporation has finalized a deal with Clark Development Corporation for the P7-billion development of portions of the Clark Freeport Zone and the Clark Special Economic Zone having an area of up to 550 hectares.

In a disclosure to the Philippine Stock Exchange, Megaworld said it has signed a Memorandum of Agreement with CDC to develop the sprawling property in Clark into a mixed-use complex. (JAL)

‘Other’ consumer loans UP 27.1%

The Bangko Sentral ng Pilipinas said for the second quarter, “other” consumer loans offered by banks went up by 27.1 percent year-on-year to P52.2 billion.

These loans are loans granted to individuals to finance other personal and household needs such as purchase of household appliances, furniture and fixtures and/or to pay taxes, hospital and educational bills.

(LCC)