THE peso yesterday extended its loss against the dollar, closing at P45.20 from P45.01 Tuesday as inflationary pressures begin to bear against the Philippine currency.

According to the Bankers’ Association of the Philippines, a total of $608 million changed hands.

“The market is risk-averse. Inflation is seen to rise throughout the year. Stocks are also falling to month lows,” a currency trader from a universal bank said.

The central bank yesterday said it expects double-digit inflation to spill into the third quarter.

Local equities hit a 22-month low Wednesday as oil traded near record.

Putting the country’s oil-importation cost in perspective, another currency dealer said at the present level of oil, the country is spending about $1 billion per month.

The trader said dollar demand is expected to grow stronger in the coming months as demand for oil picks up in the run-up to the Christmas season.

MONEY is pouring into the countryside, encouraged by regulatory incentives and commerce, the Bangko Sentral ng Pilipinas (BSP) said on Wednesday.

Bank lending hits P166.3B

Philippine banks have extended more than P166.3 billion to small and medium-scale entrepreneurs (SMEs) and micro borrowers, the Bangko Sentral ng Pilipinas (BSP) said on Wednesday.

Peso declines to P45.20:$1

THE peso yesterday extended its loss against the dollar, closing at P45.20 from P45.01 Tuesday as inflationary pressures begin to bear against the Philippine currency.

BPI fixes record date for 20% dividend

The Securities and Exchange Commission (SEC) has approved the 20-percent stock dividend declared by the Bank of the Philippine Islands (BPI), the bank said in a disclosure to the Philippine Stock Exchange.

Metrobank gets credited by CGA

THE Metropolitan Bank & Trust Co. (Metrobank) has been chosen as one of the recipients of the 4th Corporate Governance Asia Recognition Awards 2008 in Hong Kong.