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News

  • Senators of the opposition Liberal Party (LP) have been reshuffled to the minority bloc, following a move for a reorganization that ousted Franklin Drilon from his post as president pro tempore and his allies from leadership of their respective committees. The Senate minority is now composed of Sen. Drilon, together with Senators Francis Pangilinan, Paolo Benigno Aquino IV, Ana Theresia Hontiveros-Baraquel. Senator Antonio Trillanes IV is the only original member of the minority left after the reshuffle. Sen. Trillanes is acting Senate Minority Leader until the bloc reorganizes itself. The minority was formerly composed of Sen. Trillanes, togther with Senator Francis Escudero, and former Minority Floor Leader Ralph Recto, who now assumes the pro tempore post. 
  • The peso shed 5.5 centavos to hit a fresh 10-year low at 50.27 to a dollar from Friday’s 50.215 level amid the expected rate hike by the U.S. Federal Reserve next month and ahead of the speech of U.S. President Donald Trump in Congress. The local currency closed at its lowest level since hitting 50.32 on Sept. 26, 2006. The peso opened weaker at 50.24 and depreciated further to an intraday low of 50.285. Volume amounted to $366.6 million, lower than the $415.3 million booked last Friday. Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo said the perception of the exchange rate movement could be due to the uncertainties brought about by another rate hike in the U.S. next month as well as the policies to be adopted by the Trump administration.
     

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