Philippine shares rise amid optimism over timely budget passage

Philippine shares rose on Friday as investors remained optimistic about the timely passage of the P4.5 trillion national budget for 2021.

The bellwether PSEi gained 91.73 points or 1.28% to close at 7,246.16, marking new 9.5-month highs since February 24, 2020.

Lawmakers ratified the budget on Wednesday, and President Duterte is expected to approve it before Christmas, boosting market sentiment and hopes for economic recovery.