THE PESO strengthened against the greenback on Wednesday on investor optimism hours ahead of the formal transition to the presidency of Joseph R. Biden, Jr. The local unit closed at P48.06 per dollar, gaining 1.8 centavos from its Tuesday finish of P48.078, data from the Bankers Association of the Philippines showed. The peso opened Wednesday’s session at P48.03 a dollar, ...

By Revin Mikhael D. Ochave, Reporter PHILIPPINE shares closed lower for the fourth consecutive day on Wednesday ahead of the upcoming change of leadership in the United States. The Philippine Stock Exchange index (PSEi) fell 55.15 points or 0.76% to end at 7,143.30 yesterday, while the broader all shares index declined 19.62 points or 0.45% to close at 4,300.12. Timson ...

THIRTEEN people who had contact with a 29-year-old Filipino who got infected with a more contagious coronavirus strain have tested positive for the coronavirus including his girlfriend, according to Health authorities. The girlfriend of the man, who arrived this month after a trip to the United Arab Emirates (UAE), had tested negative during the first test, the Department of Health ...

A SENATOR has filed a resolution asking the government to allow local governments and the private sector to order coronavirus vaccines. “Allowing the local government units (LGUs) and the private sector to procure their own vaccines will prevent the spread of the disease and hasten the efforts to further open up the economy, which in effect will restore and create ...

CONGRESSMEN could start debates on proposed changes to the 1987 Constitution next month, according to the head of the House of Representatives committee on constitutional amendments. “We still have one to two hearings in the committee and we will come up with the committee report, which will exclusively deal with the economic provisions,” Party-list Rep. Alfredo A. Garbin, Jr. told ...

Bill filed to institutionalize agreement limiting police, military presence inside UP campuses nationwide A MEASURE that will institutionalize the 1989 agreement between the University of the Philippines (UP) and the Department of National Defense (DND) that limits military and police presence in UP campuses nationwide has been filed in the Senate. Bill No. 2002 will amend Republic Act No. 9500, ...

Tugade counts on new Bicol airport to help in economic recovery TRANSPORTATION Secretary Arthur P. Tugade is counting on the new Bicol International Airport, which is now 72.2% complete, to help boost the economy battered by the coronavirus pandemic. “It can’t be denied that the aviation sector has been one of the hardest hit by the pandemic. That’s why it ...

A RESURGENCE of COVID-19 (coronavirus disease 2019) cases will pose risks to any construction-led economic revival because of the prospect of fund diversions away from the infrastructure program, Fitch Solutions Country Risk & Industry Research said. Fitch Solutions raised its growth forecast for the construction industry to 13% this year from the earlier projection of 9.5%, it said in a ...

CASH UTILIZATION by government agencies fell to 95% in 2020 from 97% a year earlier, according to the Department of Budget and Management (DBM). Utilization fell after government projects were disrupted by the pandemic, with the so-called “catch-up plan” implemented towards the end of the year not able to bring spending rates, as measured by the use of notices of ...

PRESIDENT Rodrigo R. Duterte approved the request of the Department of Finance (DoF) to negotiate with the US government the terms of a grant worth $809,450 (P39 million) that will support the modernization program of the Bureau of Internal Revenue (BIR). In a statement Wednesday, the DoF said it is planning to tap the United States Trade and Development Agency ...