News in brief
P/$ RATE STANDS AT P47.225/$1 The peso exchange rate stands at P47.225 to the US dollar last Wednesday at the Philippine Dealing & Exchange Corp. (PDEx). The weighted average rate stands at P47.275. Financial markets were closed on Thursday and Friday for the Christmas holidays. Trading will resume on Monday, Dec. 28. CONGRESS LAUDED FOR SIX-YEAR TIMELY BUDGET ENACTMENT The Department of Budget and Management (DBM) has lauded Congress for the timely passage of the government’s annual budget appropriation for the past six years. Budget Secretary Florencio B. Abad said that passing of the annual general appropriations act (GAA) on time since 2011 ended the practice of frequent budget re-enactment during the previous administration.“I take this opportunity to highlight the successful collaborative working relationship between the Executive and the Legislative branches of the government,” Abad said in a statement. “This collaborative working relationship has put an end to the practice [...]