News in Brief
Peso closes at P51.77
The peso closed higher at P51.77 to the US dollar yestersday at the Philippine Dealing System of the Bankers Association of the Philippines from P51.80 last Friday. The weighted average rate depreciated to P51.781 from P51.77. Total volume amounted to $25 million.
Share prices surge 2.3%
Local share prices rose 2.3 percent yesterday on follow-through buying of blue chips after the key index dove to 10year lows last week, brokers said. "It remains to be seen whether this rally can be sustained because the outlook is still bearish in the near term with the economic slowdown in view of the global anti-terrorist campaign," said Jacob Nocom of Asiasec Equities Inc. The Philippine Stock Exchange composite index gained 22.93 points to close at 1,040.80. Turnover was 181 million shares worth P390 million compared to 375 million shares worth P582 million traded on Friday. (AFP)
3 airlines seek fare hike
Three doomestic airlines yesterday sought the government's approval for a proposed 10 percent hike in air fares due to rising operational costs and the need to buy more oil in case the Afghan conflict worsens. Civil Aeronautics Board (CAB) Deputy Executive Director Carmelo Arcilla said the three air carriers, Philippine Airlines (PAL) , Cebu Pacific Air, and Air Philippines, feared that global oil supply would be affected since Middle East countries were the main source of fuel. "We have received their petitions. They are asking for a 10 percent increase in their air fares," said Arcilla. …