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Peso firms up on Duterte call to pass P4.5T 2021 budget on time
The Philippine peso strengthened against the US dollar, closing at P48.305 on Friday, its strongest in nearly four years.
This gain was attributed to President Rodrigo Duterte's assurance regarding the timely passage of the P4.506-trillion national budget for 2021, despite a House leadership squabble.
The peso opened at P48.38 and reached an intraday high of P48.28 against the dollar.
Trading volume increased to $562.37 million from $519.35 million the previous day.
Market sentiment improved following President Duterte's commitment to prevent any delays in the budget approval process.
President Duterte certified the proposed budget as urgent and called for a special session of Congress from October 13 to 16 to ensure its passage.
The House of Representatives had suspended its session until November 16, raising concerns about the budget's timely approval.
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President Rodrigo Duterte certified the proposed P4.506-trillion national budget for 2021 as urgent, calling for a special session of Congress from October 13 to 16 to ensure continuous government operations, strengthen the COVID-19 response, and support economic recovery.
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The Philippine peso ended the week slightly stronger against the US dollar, closing at 48.305 on Friday, its strongest performance since October 24, 2016.
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The Philippine peso weakened against the US dollar for the second consecutive trading day, closing at P48.535:$1 on Tuesday, October 13, 2020.
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Cabinet Secretary Karlo Nograles urged the House of Representatives to convene and resume plenary deliberations on the proposed 2021 national budget, emphasizing that Filipinos cannot afford any delays due to its crucial provisions for COVID-19 response and relief.
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Malacañang is open to calling a special session of Congress in December if necessary to ensure the timely passage of the proposed P4.506 trillion 2021 national budget.
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