Your Morning Fix

• Budget Assistant Secretary Romeo Matthew T. Balanquit said early 2025 spending may slow due to election restrictions on public works and budget changes, though key infrastructure projects will continue.
• The Bangko Sentral ng Pilipinas (BSP) reported that the country’s external debt service burden rose by 19.8% to USD 14.475 billion in the months of January to October of 2024.
• National Treasurer Sharon P. Almanza said the Bureau of the Treasury plans to issue offshore bonds when markets improve, including potential yen-denominated bonds for the National Government’s offshore borrowing program.
• Scott Bessent, US President-elect Donald Trump’s Treasury Secretary nominee, emphasized that extending the 2017 tax cuts will be a top priority to avoid a significant middle-class tax increase and potential economic crisis.
• US stocks rallied on Friday, with the S&P 500 and the Dow posting their biggest weekly gains since early November, up by 1.00% and 0.78%, respectively, driven by optimism about the economy and interest rates.