Peso appreciates, stocks down on Tuesday


MANILA: The peso closed stronger against the dollar on Tuesday while the local stock market continued to decline, following the International Monetary Fund’s lower Philippine economic growth projection for this year.

The peso closed stronger against the dollar at 58.68 from the 58.79 finish on Monday.

It opened at 58.74 and traded between 58.66 and 58.745 bringing the weighted average for the day at 58.697.

Total volume rose to USD1.05 billion from USD604.8 billion on Monday.

Meanwhile, the benchmark Philippine Stock Exchange index (PSEi) shed 48.57 points to close at 6,410.07 while All Shares declined by 17.19 points to 3,450.05.

“The local market dropped by 48.57 points (0.75%) to 6,410.07 as investors digested the International Monetary Fund’s downward revision of its projection for the Philippines’ economic growth for this year after the slower-than-expected Q1 (first quarter) 2024 GDP (gross domestic product) data,” said Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio.

T
he IMF expects the Philippine economy to grow by 6 percent this year, slightly lower than its 6.2 percent earlier forecast.

“Adding to the woes was the foreign outflow of P742.96 million as foreigners were net sellers during Tuesday’s session. Investors also took a cautious stance ahead of the local holiday,” said Plopenio.

All sectors were in the red with the Services dropping the most, plunging 1.79 percent, followed by the Mining, and Property, which declined by 1.44 percent and 1.02 percent respectively.

The losers edged the gainers 99 to 81.

Source: Philippines News Agency

Peso appreciates, stocks down on Tuesday


MANILA: The peso closed stronger against the dollar on Tuesday while the local stock market continued to decline, following the International Monetary Fund’s lower Philippine economic growth projection for this year.

The peso closed stronger against the dollar at 58.68 from the 58.79 finish on Monday.

It opened at 58.74 and traded between 58.66 and 58.745 bringing the weighted average for the day at 58.697.

Total volume rose to USD1.05 billion from USD604.8 billion on Monday.

Meanwhile, the benchmark Philippine Stock Exchange index (PSEi) shed 48.57 points to close at 6,410.07 while All Shares declined by 17.19 points to 3,450.05.

“The local market dropped by 48.57 points (0.75%) to 6,410.07 as investors digested the International Monetary Fund’s downward revision of its projection for the Philippines’ economic growth for this year after the slower-than-expected Q1 (first quarter) 2024 GDP (gross domestic product) data,” said Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio.

T
he IMF expects the Philippine economy to grow by 6 percent this year, slightly lower than its 6.2 percent earlier forecast.

“Adding to the woes was the foreign outflow of P742.96 million as foreigners were net sellers during Tuesday’s session. Investors also took a cautious stance ahead of the local holiday,” said Plopenio.

All sectors were in the red with the Services dropping the most, plunging 1.79 percent, followed by the Mining, and Property, which declined by 1.44 percent and 1.02 percent respectively.

The losers edged the gainers 99 to 81.

Source: Philippines News Agency

Politics academy enhances cooperation with Hungarian, Armenian partners

Politburo member, Director of the Ho Chi Minh National Academy of Politics (HCMA) and Chairman of the Central Theory Council Nguyen Xuan Thang expressed his hope for enhanced cooperation with Hungarian and Armenian partners while hosting separate receptions for the new Ambassadors of the two countries to Vietnam on June 11.

Source: Vietnam News Agency

Politics academy enhances cooperation with Hungarian, Armenian partners

Politburo member, Director of the Ho Chi Minh National Academy of Politics (HCMA) and Chairman of the Central Theory Council Nguyen Xuan Thang expressed his hope for enhanced cooperation with Hungarian and Armenian partners while hosting separate receptions for the new Ambassadors of the two countries to Vietnam on June 11.

Source: Vietnam News Agency

Marcos: Small nations must unite in geopolitical issues


MANILA: Small countries should band together and mount a united front to effectively deal with geopolitical challenges, President Ferdinand R. Marcos Jr. said Tuesday in his meeting with visiting New Zealand Deputy Prime Minister and Minister of Foreign Affairs Winston Peters.

‘I am very pleased to be able to welcome you to Manila after the very good visit that your Prime Minster had here with us just a few weeks ago,’ Marcos told Peters, referring to the visit of New Zealand Prime Minister Christopher Luxon in April.

‘And at which time they… we agreed on many things and one of which was that the situation in our part of the world requires that… shall we say the smaller countries get together and have a response or a joint positioning when it comes to these geopolitical issues that we are… this complicated geopolitical issues that we are facing,’ the President added.

During Luxon’s visit, the Philippines and New Zealand have taken steps toward deeper economic and defense cooperation.

Among the key a
greements tackled was the possible signing of a Status of Visiting Forces Agreement (SOVFA).

Aside from the United States, the Philippines also has a SOVFA with Australia and is currently developing a similar defense pact with Japan, known as the Reciprocal Access Agreement.

These types of military partnerships allow Filipino and foreign soldiers to train in each other’s territory, as well as improve and share military equipment and assets.

Peters is in Manila for an official visit this week to enhance bilateral relations and explore new avenues for partnerships in trade and investment, renewable energy and combating climate change.

Marcos expressed elation over Peters’ visit which he deemed crucial to further enhance bilateral ties between the two countries.

‘I am happy that you’re able to come here. I hope that you’ll be able to be in touch with some of our officials and also those in the private sector to develop some of these ideas that we spoke about with the Prime Minister,’ he said.

For his part,
Peters thanked the President for the warm welcome, telling him that after Prime Minister Luxon’s visit to Manila, ‘they had some very productive talks.’

Source: Philippines News Agency