[Blueboard] Newsbriefs 29 August Afternoon

Simbahang Lingkod ng Bayan slb at admu.edu.ph
Mon Aug 29 16:36:51 PHT 2005

Newsbriefs 29 August Afternoon

Simbahang Lingkod ng Bayan


Impeach drive goes door-to-door (abs-cbnnews.com)

"Minority lawmakers have been going to the homes of fellow congressmen in an effort to complete the 79 signatures needed to impeach President Arroyo, San Juan Rep. Ronaldo Zamora said Monday.

Zamora said declaring August 29 as a public holiday helped both administration and opposition congressmen to talk to their fellow lawmakers and support their respective advocacies. 

He added that impeachment advocates will hold a meeting later Monday to see if they have gathered enough signatures to fast-track the impeachment complaint to the Senate. 

"Titingnan natin 'yong debate because [pro-administration lawmakers] intend to bury [or] kill our impeachment complaint kaya napakahalaga na mabuo na namin 'yong 79 (We will look at the debate because pro-administration lawmakers intend to bury or kill the impeachment complaint, that's why it is important that we get the 79)," Zamora told DZMM. 

As of Friday the complaint has 48 signatures. A total of 79, representing one-third of the House membership, is needed to send the complaint to the Senate, bypassing a vote by the House in plenary session."

Debt equity swap tops RP agenda in UN Global Summit (abs-cbnnews.com)

The Philippines is pushing for a debt-for-equity swap at the United Nations Global Summit next month as a way of addressing the country's mounting debt problem, the country's representative to the United Nations Lauro Baja said Monday. 

Baja said the UN is receptive to the idea of easing mounting debt problems of middle-income and poor countries. 

"We are receptive to the idea but the recommendation of UN Secretary General Kofi Annan is that President Gloria Arroyo and Foreign Affairs Secretary Alberto Romulo present the proposal during the general assembly and promote it to the 190 countries of the UN," Baja told DZMM.

He clarified that Annan will not decide on the proposal but all member-countries of the UN. 

Abu Sayyaf behind Basilan ferry explosions--military chief (inq7.net)

"THE ABU Sayyaf is behind the bombing of a passenger ferry in Basilan province over the weekend that left 30 people injured, Armed Forces Chief of Staff Lieutenant General Generoso Senga said Monday.

"That is the consensus of all investigative agencies that are handling the case. That is the initial conclusion," Senga told reporters at the military headquarters in Camp Aguinaldo.

When asked how investigators arrived at such a conclusion, Senga said, "[It was] based on the existing threat and the capability of the group to conduct such an atrocity."

Investigators however have not determined if the Abu Sayyaf staged the blasts with the help of the Southeast Asian terrorist group Jemaah Islamiyah (JI), Senga said."

Peso and Shares Technical Analysis

Interest Rates


The 91-day T-bill average auction rate went up to 5.662% last August 22, 2005. It reached a high of 5.675% (the highest since July 26, 2005) and a low of 5.650%, still near the lowest levels in 22 months. Like last week, technical analysis still reveals a possible sideways up movement for the auction this week. Reportedly, the pass on rate of the Treasury bill in the secondary market is around 5.25 to 5.5% gross.  


Dollar Peso 


The Philippine peso opened last Monday at the psychological support of USD/PHP 56.00.  This however was not sustained during the day as it closed at 55.86 to average out at 55.895. This level was supported for at least another day before it surpassed the 56.00 resistance. In dealing currencies, it follows that a support when breached becomes a new resistance. From here, the peso traded reaching an all week high of 56.125 last Friday.  It was reported that the upward movement of the exchange rate was due to the following reasons: 1) anticipation of the E-Vat ruling, 2) concerns over the price of crude-oil reaching an all time high of USD 68/barrel form USD 67.10 (last August 12, 2005) and 3) covering of month-end US dollar requirements by the commercial sector.  Also last Friday, a strong sentiment for the peso was felt as deals were closed at 55.90's level to finally close at 55.94.  Based on the technical formation of the charts, any sustained break above 56.01 could potentially reach the 56.20s level reported last week. (The possibility of an upward movement is greater since we are approaching the month-end wherein more dollars are purchased to cover for trade requirements). If the Peso would appreciate, it would settle around the 55.80s to 55.90s.    


Stock Market


The Philippine Stock Exchange Composite Index (Phisix) closed lower last Friday at 1934.56 compared to a week-on-week level of 1966.33.  This is already an appreciation from last Thursday's 1925.68.  It was reported that gainers, led by PLDT outnumbered the losers by 30 with 49 issues unchanged.  

Based on the technical formation of the charts, 1925 to 28 remains to be a possible initial support level. If the market would continue to decline, 1899 remains to be a relatively strong barrier against further downward plunge into the 1800s level.    




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