P/$ rate closes at P42.48/$1

MANILA, Philippines - The peso exchange rate closed lower at P42.48 to the US dollar yesterday at the Philippine Dealing & Exchange Corp. (PDEx) from P42.18 the previous day. The weighted average rate depreciated to P42.347 from P42.193. Total volume amounted to $1.339.88 billion.

2012 inflation within 3%-5% - N.E.D.A.

The National Economic and Development Authority forecast inflation to be within the government's target of 3 percent to 5 percent in 2012, the agency said in an e-mailed statement yesterday, citing prices based on 2000 series.

Consumer-price gains may be affected by weather-related events such as storms as well as wage and oil price increases, the agency said, citing Economic Planning Secretary Cayetano Paderanga. (Bloomberg)

Gov't to tender 500,000mt rice

The Philippines will likely hold a tender for its 500,000-ton rice import requirement in mid-March "at the latest" and for delivery before the end of June, Agriculture Secretary Proceso Alcala said. The Southeast Asian nation is advancing its rice cropping calendar to boost production this year and help attain its goal to be self-sufficient on the crop after 2013, Alcala said. Lower rice imports will help cut international prices, he said. (Bloomberg)

Firm opens Davao Business Center

AD-FOR Online Group of Companies Corp., an online advertising firm, continues to solidify its presence in the entire country with the opening of its business center in Davao City.

AD-FOR chairman Jezer V. Petil said the Davao Business Center will be the company's second regional office after it successfully launched the Baguio City Business Center last December.

AD-FOR business centers will also serve as training facilities for its associates. The company plans to establish 18 business centers throughout the country within the year.

Manufacturing sector slows in December

The manufacturing sector has slowed down in December as indicated by the decline in the producer price index (PPI) to -0.9 percent from -0.4 percent a month ago, according to the National Statistics Office (NSO).

Nine major sectors which posted declines were furniture and fixtures (-50.3%), transport equipment (-23.0) and miscellaneous manufactures (-11.8%). On the other hand, eleven major sectors reflected increases led by petroleum products (14.8%). (EHL)