[Blueboard] Newsbriefs 24 August Afternoon

Simbahang Lingkod ng Bayan slb at admu.edu.ph
Wed Aug 24 16:59:52 PHT 2005

Newsbriefs 24 August Afternoon

Simbahang Lingkod ng Bayan


Party-list solon withdraws support for Arroyo impeach rap (inq7.net)

A PARTY-LIST lawmaker who once accused the administration of pressuring and bribing him with 5.5 million pesos has withdrawn his signature from an impeachment complaint filed against President Gloria Macapagal-Arroyo. 

Explaining his withdrawal, Alliance of Volunteer Educators (AVE) Representative Eulogio Magsasay told reporters Wednesday that he realized he had no direct knowledge concerning the allegations contained in the opposition-backed amended complaint.

"This [proceeding] is becoming a protracted nonsense. The people are starving and they cannot eat politics," he said.

The withdrawal brought down to 46 the number of legislators supporting the amended complaint, still 33 signatures short to send it to Senate for trial.

But Magsasay said he might still change his decision if he sees a smoking gun in the proceedings. "I reserve the right to change my mind and there's nothing wrong with that."

Impeach bloc praises new endorsers, scores Magsaysay (abs-cbnnews.com)

Opposition congressmen on Wednesday praised new endorsers of the impeachment complaint against President Arroyo while scoring a party list representative for withdrawing his endorsement.

House minority leader Francis Escudero said he remains confident that the opposition will get the 79 signatures needed to automatically transmit the impeachment to the Senate.

He added that while the withdrawal of the Alliance for Volunteer Educators party list Rep. Eulogio Magsaysay is a setback, the endorsement

GMA calls on Congress to prioritize 2006 national budget (philstar.com)

President Gloria Macapagal-Arroyo urged Congress Wednesday to prioritize the proposed 2006 national budget amounting to 1.053 trillion pesos, which the government is planning to submit to Congress today. 

In a statement, Pres. Arroyo said, "I have submitted our budget for next year to Congress in the hope that this will be given utmost priority as a strategic weapon against the looming oil crisis and as a strategic tool to fight poverty by placing our resources squarely on the socio-economic imperatives facing our people." 

Pres. Arroyo described the 2006 budget as a "heat shield" to protect the public against the vagaries of the world economy, and a building block for greater business confidence, grassroots enterprise and investments that will continue to spur jobs.

Stocks fall 1 percent to hit five-week closing low (philstar.com)
MANILA (AP) - Stocks extended their losing streak to eight straight sessions and reached a five-week closing low Wednesday, bogged down by a slew of negative news and technical factors, traders said. 

The benchmark 30-company Philippine Stock Exchange Index lost 19.61 points, or 1 percent, to 1,924.15, its worst close since July 19, when it ended at 1,889.55. The index now has lost 5.6 percent since Aug. 15.

Peso-Dollar Exchange Rate 
Official Rate from the Philippine Dealing System (As of August 24, 2005 3:16 PM)

PDS Wtd. Avg.  P56.025 = $1.00

Previous Close  55.960

      Volume (US$)


Disclaimer: These are based on Philippine Dealing System rates.
Actual bank rates may vary.

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