Profit-taking ahead of the holidays resulted in another decline in the Philippines’ main equities index on Wednesday and the peso followed after slipping to the 50-level against the US dollar. The Philippine Stock Exchange index (PSEi) slipped by 0.67 percent, or 47.87 points, to 7,119.19 points. All Shares followed but with a lower decline of 0.22 percent, or 8.45 points, to 3,797.22 points. Most of the sectoral indexes also finished the day on the red – Holding Firms, 1.81 percent; Property, 0.64 percent; Financials, 0.25 percent; and Services, 0.02 percent. On the other hand, Industrial gained 1.44 percent and Mining

The Department of Agriculture in Caraga (DA-13) has assured rice and corn farmers badly affected by Typhoon Odette of immediate support including the provision of seeds. Emmylou Presilda, DA-13 information officer, told the Philippine News Agency Wednesday that the agency has standby rice seeds that are ready for distribution to the affected areas in the region. “We have standby rice seeds of more than 400 sacks. This will be augmented soonest as we are now validating reports from the field,” Presilda said. Two days after Odette made landfall in Mindanao, the DA central office said it will utilize around PHP852.47

The government has set up a “victims information center” in every fire station to help typhoon victims locate their loved ones who went missing or cannot be reached in areas that were severely affected by Typhoon Odette, Interior Secretary Eduardo Año said Tuesday night. “Mayroon tayong tinatawag na Victims Information Center sa ating mga kababayan na mayroong mga nawawala o walang balita sa kanilang relatives na tinamaan dito sa mga areas na ‘to. Pumunta lamang po sa pinakamalapit na fire station. Ibigay ang mga detalye. Hahanapin po natin ‘yan kung saan po silang area at magfe-feedback din po ang ating

Foreign direct investments (FDIs) to the Philippines are expected to increase following the passage in the Senate of a measure to liberalize several sectors including the telecommunication industry. In a commentary issued on Wednesday, Fitch Solutions said the measure is seen to improve investors’ appetite for the Philippines. “The country has a highly conducive environment for technological uptake but is held back by nascent digital infrastructure. Increased foreign investment in the telecoms and tech sectors will serve the growth of such assets, particularly terrestrial fiber networks where coverage is particularly limited,” it said. To date, foreign ownership in public utilities

Justice Secretary Menardo Guevarra on Wednesday assured assistance to workers of the department who were severely affected by Typhoon Odette. “We are gathering information on affected DOJ employees and we’ll send them relief assistance, as we have done in the wake of past calamities,” Guevarra said in a message to reporters. At least 11 people have been confirmed dead due to the onslaught of Typhoon Odette, based on the latest report of the National Disaster Risk Reduction and Management Council (NDRRMC). The agency said it is still validating reports of another 166 deaths due to the typhoon. Two were confirmed

The National Housing Authority (NHA) on Wednesday granted the city government of Mati in Davao Oriental a PHP30-million check for two indigenous peoples’ (IP) housing projects. In a statement, Mayor Michelle Rabat said the two projects would be named “Balai Kalipay and Balai Maganahay”. Balai Kalipay is located in Barangay Luban, while Balai Maganahay is situated in Barangay Dawan, with each having 75 housing units. “This will provide shelter to qualified members of the IPs who are informal settlers in the said barangays,” Rabat added. The cost for each housing project is PHP20 million or a total of PHP40 million.