P/$ RATE AT CLOSES AT P44.11/$1

MANILA, DECEMBER 15, 2011 (BULLETIN) The peso exchange rate closed lower at P44.11 to the US dollar yesterday at the Philippine Dealing & Exchange Corp. (PDEx) from P43.88 the previous day. The weighted average rate depreciated to P44.111 from P43.866. Total volume amounted to $1.260.21 billion.

B.S.P. keeps cautious policy stance

The Bangko Sentral ng Pilipinas (BSP) is ready to support economic growth if needed, saying yesterday that monetary settings would be responsive to global economic developments provided inflation remains under control. BSP Governor Amando Tetangco said the Federal Reserve's assessment of moderate expansion in the US economy supported the Philippines' ''cautious monetary policy,'' and validated policymakers' view that global economic recovery depended on how fast the debt crisis in Europe is resolved.

''The BSP's monetary settings will be responsive to these developments. We will endeavor to support economic growth while maintaining a non-inflationary operating environment,'' Tetangco said.

85% of stimulus plan disbursed

The Department of Budget and Management (DBM) said bulk of the governmentís Disbursement Acceleration Plan has already been released to agencies and state-owned and -controlled corporations as of December 6.

Budget and Management Secretary Florencio B. Abad said that P61.28 billion, representing 85 percent of the P72.11-billion package has been disbursed in line with the governmentís goal to step up spending before the year-end. (CSL)

House okays bill creating D.I.C.T.

Congress has recently passed on third reading House Bill 4667, creating the Department of Information and Communications Technology (DICT), to develop and implement policies and government programs that would boost and improve the countryís competitiveness in the IT field.

Taguig 2nd District Rep. Freddie TiŮga, chair of the House ICT Committee, said that approval of the bill will solve the countryís need for a solid agency that would focus more on the development of IT and modern communication facilities. (EHL)

S.H.D.A. sees stronger Pag-Ibig links

The local housing sector is looking forward to a more productive year as the Subdivision and Housing Developers Association (SHDA) reiterates its support to Home Development Mutual Fundís (Pag-IBIG) proposed programs for 2012.


Chief News Editor: Sol Jose Vanzi

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