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News Update- May 25, 2019

PCOMP:IND

Philippines Stock Exchange PSEi Index

7,747.09PHP

-56.94-0.73%

OPEN

7,770.63

PREV CLOSE

7,804.03

1 YEAR RETURN

3.09%

YTD RETURN

3.76%

DAY RANGE

7,664.527,770.63

52 WEEK RANGE

6,790.588,213.71

 

EXCHANGE RATE

DOLLAR        52.70

HONG KONG DOLLAR      6.8547

 

ECONOMY

April budget surplus hits P86.9B

The latest Bureau of the Treasury data released Friday showed that last month’s surplus was 87.6-percent bigger than the P46.3 billion recorded in April last year. Total revenues inched up by a mere 0.4 percent year-on-year to P308.7 billion as the non-tax take slid 25.7 percent to P19.8 billion.

 

DTI open to extending safeguard duty on cement

Trade and Industry Secretary Ramon Lopez told reporters on Friday that they would study if it was possible to extend the P8.40 duty slapped per bag of imported cement beyond its prescribed timeline. The DTI slapped the provisional safeguard duty on imported cement in February, claiming that the local cement industry— which is largely composed of multinational companies—has been seriously injured by the surge of imported cement in the past few years.

 

PH bucks regional trend; shares close below 7,800

The local stock barometer closed the week below 7,800 as foreign funds continued to flow out of local equities. The main-share Philippine Stock Exchange index (PSEi) shed 56.94 points, or 0.73 percent, to close on Friday at 7,747.09 even as most regional markets ended higher.

 

MediCard driven to deliver quality healthcare

In fact, both the government and the private sector have gone at great lengths to pursue universal healthcare. For instance, in February this year, President Duterte signed the Universal Health Care Bill into law. Republic Act No. 11223 automatically enrolls all Filipino citizens in the National Health Insurance Program and prescribes complementary reforms in the health system. This, more importantly, gives citizens access to the full continuum of health services they need, while protecting them from enduring financial hardship as a result, according to a statement from the World Health Organization.

 

DAR to finish land distribution by 2022

The Duterte administration has imposed a tall order on the Department of Agrarian Reform (DAR): Finish all land acquisition and distribution (LAD) under the Comprehensive Agrarian Reform Program (CARP) by 2022 or before the term of President Duterte ends. Under CARP, a total of 10.3 million hectares of land were mandated to be distributed over a span of 10 years. But due to bureaucratic processes, lawsuits and problems on farmers registry, among others, there are still more than 600,000 hectares (ha) of land waiting to be turned over.

 

Megaworld invests P1.2B in bacolod shopping mall

Covering a gross floor area of 24,200-square meters and expected to be completed by 2021, the upper east mall is envisioned to become bacolod’s new architectural landmark with its blend of neoclassical and art deco architecture that is inspired by New York City’s upper east side cityscape.

 

Stocks Weighed down by factors Overseas

The investors at the local stock market took several negative developments overseas as an excuse to sell as a result the local stock market continued to correct it. However, the index managed to bounce from day’s low, ending 56.94 points or 0.73 points lower at 7,747.09, though the Services sector managed to advance on its own. A total of 2.9 billion shares valued at P7.42 billion were traded.  These news includes the misfortunes of Huawei, tension of Middle East over Iran, and the US- China trade war.

 

ADB Approves Biggest Loan for 2 PNR Projects

The construction of the North-South Commuter Railway got the further boost, as the Asian Development Bank approves the financing for the PNR Clark Phase 2 and PNR Calamba. The ADB will finance the civil works of PNR Clark Phase 2 and the first segment of PNR Calamba bridges, viaducts for the elevated railway alignment and a tunnel leading to the underground station at Clark International Airport. It will feature the first airport express railway service in the country.

 

EMPLOYMENT

Senate OK of tenure bill bucked

As workers cheered that the security of tenure bill had inched closer to becoming a law, the country’s largest business group could not hide its disappointment that lawmakers “took the populist stance” in approving the measure.

Senate OKs Bill Strengthening AFAB Powers

The Senate has approved the third and final reading of the bill seeking to strengthen the powers and functions of the AFAB or the Authority of the Freeport Area of Bataan. Senator Sherwin T. Gatchalian, chairman of the Senate energy and economic affairs committees, pursues to increase the potential of the Freeport Area of Bataan as an investment destination. According to the Senator the bill seeks to clarify and expand the FAB territory to create opportunities for more investment portfolios to come to Bataan.

Road Works Resume on EDSA, C-5 this Weekend

Some road lanes on EDSA and C-5 will undergo repair and maintenance works over the weekend. In an advisory the Department of Public Works and Highways- National Capital Region, following a clearance from the MMDA announced that the road works will start at 11 p.m. Friday. According to DPWH-NCR Director Ador Canlas, all the affected road sections are expected to be reopened by 5 a.m. Monday.

 

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