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Overseas news
US jobless claims fell by 27,000 to hit a 3-year low of 191,000 in the week ended Nov. 29. This could hint that employers are holding onto workers despite recent layoff announcements.
Relatedly, announced US layoffs fell to 71,321 in November from 153,074 the previous month. This was according to data from consulting firm Challenger, Gray & Christmas.
However, November’s job cuts were the highest for the month since 2022. Investors monitor labor data such as the unemployment rate since these figures can hint at the health of an economy.
Local developments
The Philippine peso sank to the P59 per dollar level on Thursday, reaching a 2-week low. Investor sentiment was likely swayed by rate cut expectations and as economic growth is forecasted to fall short of the government’s target.
Lower rates put downward pressure on a currency because investors are more likely to invest in currencies from countries with higher interest rates.
Meanwhile, the Senate approved the P6.793 trillion 2026 budget on the 2nd reading, cutting funds for public works and unprogrammed appropriations.
Unprogrammed appropriations are funding requirements for government initiatives that aren’t included in the original budget.
Such funds, along with public works spending, have been subject to scrutiny amid an ongoing probe into corruption allegations.
Additionally, the Philippines cut export targets through 2028 due to global trade and shipping disruptions.
Revised targets under the Philippine Export Development Plan (PEDP) are now at $110.8 billion to $113.4 billion for 2025 and $116.1 billion to $120.2 billion for 2026.
The PEDP, on the other hand, is a roadmap designed to develop and position the Philippines and its exporters as an agile export powerhouse in key industries.
With uncertainty persisting through the last month of the year, this might not be the time for big investing decisions. You may want remain cautious as you wait for further developments.
