THE PHILIPPINES

The Philippine conglomerate San Miguel, known best for its beer business, said its firsthalf profit fell 8% as a weak peso inflated debt costs. Interim net income dropped to 16.9 billion pesos (US$365 million) from 18.4 billion pesos in the same period last year. The 125-year-old conglomerate — which also has investments in petroleum, infrastructure and food — said it also took a 1.1-billion-peso hit from currency movements.