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GSIS taps Maya for payments
State-run pension fund Government Service Insurance System is expanding its payment channels through a partnership with digital bank Maya Bank Inc......»»
BPI readies issuance of dollar bonds
The Bank of the Philippine Islands is close to issuing its dollar-denominated bond sale, as it has started a series of fixed income investor meetings......»»
ADB raises $5 billion via dual bonds
The Asian Development Bank has raised $5 billion via a dual bond issuance to bankroll initiatives to promote social and economic development in Asia and the Pacific......»»
UnionBank raises P18 billion from bond sale
Union Bank of the Philippines has raised P18.17 billion from the successful dual tranche offering of peso-denominated fixed rate bonds amid strong demand from investors......»»
UnionBank buys P237 million Series C bonds
Union Bank of the Philippines has successfully completed its dual-tranche bond offering with a bond exchange option, having purchased more than P200 million worth of bonds issued three years ago......»»
Tokenized T-bonds can now be accessed through PDAX
The Philippine Digital Asset Exchange (PDAX) said that it has partnered with the Bureau of Treasury, LandBank of the Philippines, and the Development Bank of the Philippines to facilitate the issuance of the TTB aiming to promote “financial inclusion and deepen market liquidity.”.....»»
BPI lists P36.6 billion bonds today
Ayala-led Bank of the Philippine Islands is set to list today P36.6 billion worth of bonds on the Philippine Dealing & Exchange Corp. more than seven times the original size of P5 billion......»»
Robinsons retail unit posts profit rise
Listed Gokongwei group’s Robinsons Retail Holdings Inc. proved its resilience in the first nine months as it reported a core profit of P3.8 billion, up 4 percent. Net sales during the period were at P138.2 billion, which rose by 8.7 percent year-on-year. The company was able to generate growth in net sales and core net earnings despite the impact of inflation on consumption and a challenging base last year which benefited from economic reopening and election-related spending. Core net earnings exclude foreign exchange gains and losses, interest income from bonds, equity in earnings from associates, interest expense related to the Bank of Philippine Islands acquisition financing, BPI cash dividends, and others. The growth in net sales was supported by blended same store sales growth of five percent and store expansions. The core businesses supermarkets and drugstores were the main revenue growth drivers in the first nine months. These two segments accounted for almost 75 percent of Robinsons Retail’s revenues for the period. Meanwhile, a bright spot in the discretionary portfolio was the department store segment, which was able to deliver double-digit topline growth due to back-to-school and continued out-of-home activities. The company’s consolidated gross profit continued to grow faster than revenues, increasing by 9.4 percent year-on-year to P32.9 billion in the first nine months. This was enabled by improvements in category mix and higher penetration of private label brands. Meanwhile, operating income grew by 3.7 percent year-on-year to P6.1 billion. Net income attributable to equity holders of the parent company fell by 41.4 percent year-on-year to P2.6 billion until September. The decline in net income to parent was weighed by equitized losses from minority startup investments which continue to ramp up, the derecognition of Robinsons Bank’s net income under equitized earnings following the ongoing merger with the Bank of the Philippine Islands, interest expense from the acquisition financing of the BPI shares that were purchased earlier this year, and the absence of cash dividends from BPI in the third quarter of 2023. Dividends set BPI has historically paid dividends in the second and fourth quarters of each year. The expected cash dividends from BPI in the fourth quarter should fully cover for the acquisition related financing interest expense for the purchase of the BPI shares. “Our defensible business model has enabled us to continue growing and remain relevant among Filipino consumers. This is notwithstanding near-term macroeconomic challenges, particularly the impact of inflation on consumer sentiment. These headwinds are temporary, in our view, and we thus remain positive on the long-term potential of the domestic retail industry given the Philippines’ attractive demographics. We will continue to invest with a long-term view and in a sustainable manner — core strategies that we firmly believe will translate to greater stakeholder value,” Robina Gokongwei-Pe, president and CEO of Robinsons Retail Holdings Inc., said. The post Robinsons retail unit posts profit rise appeared first on Daily Tribune......»»
Investors swarm BPI bond offering
Investors gobbled up the 1.5-year peso fixed rate bonds offered by the Bank of the Philippine Islands, prompting the Ayala-led bank to shorten the offering period......»»
Stocks retreat, oil prices advance on Middle East fears
Stock markets slid and oil prices jumped Friday on worries that an expected ground invasion of Gaza by Israel would spark a wider conflict in the crude-rich Middle East. Risk aversion was compounded by US Federal Reserve boss Jerome Powell, who signalled a pause in interest rates at the bank's next meeting but left open the prospect of a later hike. Wall Street moved lower from the opening bell while Europe's main stock markets closed down more than one percent. Brent North Sea crude, the international benchmark, was up one percent at more than $93 per barrel. Gold, a go-to haven asset in times of uncertainty, hit close to $2,000 an ounce. "It has been a tumultuous and eventful week for the global financial markets," said Fawad Razaqzada, market analyst at City Index and Forex.com. "The ongoing situation in the Middle East has triggered a surge of volatility in the oil and stock markets, compelling investors to re-evaluate their strategies and shift their focus from riskier assets to 'safer' investments," he wrote in a note. That has in particular led to a rush into gold. "Gold's safe-haven status has been questioned on a number of occasions over recent years, but times like this highlight that in times of significant uncertainty, traders look for assets with a track record," said market analyst Craig Erlam at OANDA. Hamas carried out a deadly attack on Israel from the Gaza Strip on October 7, and killed at least 1,400 people, mostly civilians who were shot, mutilated or burned to death, according to Israeli officials. In response, Israel launched a relentless bombing campaign on Gaza. More than 4,100 Palestinians, mostly civilians, have been killed, according to the latest toll from the Hamas-run health ministry. Traders are also wrestling with the prospect that US interest rates will remain elevated for some time as the Fed battles to contain inflation. On Thursday, Powell suggested decision-makers would not hike rates at their next meeting at the end of October but left the door open to more tightening down the line. News that weekly jobless claims in the United States came in lower than expected, suggesting the labour market was tighter than many predicted, dealt a blow to traders' confidence. "Inflation is still too high, and a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal," Powell told a conference in New York. Additional evidence of "persistently above-trend growth" or fresh signs of tightness in the labour market "could warrant further tightening of monetary policy". Investors have also tracked the yield on the 10-year US Treasury note, seen as a proxy for US interest rates, which stood just below five percent on Friday after briefly hitting that level for the first time since 2007 a day earlier. In Britain, the yield on 30-year government bonds rose to their highest since 1998 at 5.16 percent. In currency markets, the dollar was close to topping 150 yen after surpassing the psychological level at the start of October for the first time in a year. The post Stocks retreat, oil prices advance on Middle East fears appeared first on Daily Tribune......»»
FLI debt papers get top PhilRatings grade
The proposed P10-billion bond float of property developer Filinvest Land Inc., or FLI, has been assigned the highest credit ratings and stable outlooks by the Philippine Rating Services Corporation, or PhilRatings. FLI’s proposed bonds, amounting to P10 billion with a P2-billion oversubscription allowance, were assigned an issue credit rating of PRS Aaa. The high rating was also assigned to FLI’s outstanding bonds, totaling P35.4 billion. Proceeds from the issuance will be used for capital expenditures and debt refinancing. “We are delighted to receive a PRS Aaa rating from PhilRatings for our proposed bond issuance. This rating reflects our healthy fundamentals and underscores our constant focus on growth and financial sustainability,” Tristan Las Marias, FLI president and chief executive officer, said. PRS Aaa signifies the highest credit quality with minimal risk. The capacity to meet financial commitment is extremely strong under the grade. Outlook stable PhilRatings also issued a stable outlook on PhilRatings. An outlook gives a glimpse on the direction of any rating change within one year. A Stable outlook means the rating will likely be unchanged in the next 12 months. PhilRatings said it took “into account the following key considerations: FLI’s established brand name and track record, with geographically diverse real estate products and substantial land bank for future expansion; its sound growth strategies; its improved revenues and operating cash flow, supported by more than satisfactory liquidity and interest coverage” for the outlook. For 2023, FLI will launch condominium and housing developments in Antipolo City, Taytay, Angono, Calamba City, Tanauan City, Trece Martires City, Bacoor City, Dumaguete City, and the Island Garden City of Samal. FLI will also accelerate the development of its township projects in East Town in Cainta, Rizal; Timberland Heights in San Mateo, Rizal; Ciudad de Calamba in Calamba City, Laguna, The Wood Estates in Trece Martires City, Cavite, and Palm Estates in Bacolod City, Negros Occidental. The FLI townships will include residential, commercial, transportation, and school components to create a self-sufficient environment that considers the needs of residents and customers in mind. For malls, FLI is currently constructing Marina Town in Dumaguete City which will open by end-2023, and new malls in Filinvest Mimosa+ Leisure City and Activa Cubao which will open by end-2024. These will expand FLI’s retail portfolio by about 55,000 square meters in gross leasable area, or GLA, bringing FLI’s nationwide retail GLA to 300,000 square meters. The post FLI debt papers get top PhilRatings grade appeared first on Daily Tribune......»»
Filinvest Land bonds earn top credit score, stable outlook from PhilRatings
The proposed bond issuance of full-range developer Filinvest Land Inc. (FLI) has been assigned the highest issue credit ratings and stable outlooks by the Philippine Rating Services Corporation (PhilRatings). FLI’s proposed bonds, amounting to P10 billion with a P2 billion oversubscription option, were assigned an issue credit rating of PRS Aaa. The same PRS Aaa rating was also assigned to FLI’s outstanding bonds, totaling P35.4 billion. Proceeds from these bonds will be used for capital expenditures and debt refinancing. "We are delighted to receive a PRS Aaa rating from PhilRatings for our proposed bond issuance. This rating reflects our healthy fundamentals and underscores our constant focus on growth and financial sustainability. We are grateful for PhilRatings’ trust and confidence in Filinvest Land and aim to continue building the Filipino dream through our various property developments,” said Tristan Las Marias, FLI president and chief executive officer. Obligations rated PRS Aaa (the highest rating assigned by PhilRatings) are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment to the obligation is extremely strong. Each of the ratings was also assigned an Outlook of Stable. An Outlook is an indication as to the possible direction of any rating change within a one-year period and serves as a further refinement to the assigned credit rating for the guidance of investors, regulators, and the general public. A "stable outlook" means the rating will likely be unchanged in the next 12 months. According to PhilRatings, the assigned credit ratings "take into account the following key considerations: (1) FLI’s established brand name and track record, with geographically diverse real estate products and substantial land bank for future expansion; (2) its sound growth strategies; (3) its improved revenues and operating cash flow, supported by more than satisfactory liquidity and interest coverage,” among other factors. For 2023, FLI will launch condominium and housing developments in Antipolo City, Taytay, Angono, Calamba City, Tanauan City, Trece Martires City, Bacoor City, Dumaguete City, and the Island Garden City of Samal. FLI will also accelerate the development of its township projects in East Town in Cainta, Rizal; Timberland Heights in San Mateo, Rizal; Ciudad de Calamba in Calamba City, Laguna, The Wood Estates in Trece Martires City, Cavite, and Palm Estates in Bacolod City, Negros Occidental. These FLI townships will include residential, commercial, transportation, and school components to create a self-sufficient environment that considers the needs of residents and customers in mind. For malls, FLI is currently constructing Marina Town in Dumaguete City which will open by end-2023, and new malls in Filinvest Mimosa+ Leisure City and Activa Cubao which will open by end-2024. These will expand FLI’s retail portfolio by about 55,000 square meters in gross leasable area (GLA), bringing FLI’s nationwide retail GLA to 300,000 square meters. FLI is also present in the industrial park and ready-built factory leasing businesses with its Filinvest Innovation Parks in New Clark City, Tarlac, and Calamba City, Laguna. Last 19 August, FLI broke ground on the 25-hectare Filinvest Innovation Park Ciudad de Calamba, an expansion of the 50-hectare Filinvest Technology Park in Ciudad de Calamba. FIP-CDC is envisioned to become a stage for new and relevant products that will catalyze progress in the local community. The post Filinvest Land bonds earn top credit score, stable outlook from PhilRatings appeared first on Daily Tribune......»»
Strong local banks buttress economy
The strong banking system is considered a source of strength for the economy, Bangko Sentral ng Pilipinas Deputy Governor Francisco Dakila Jr. declared during the Philippine Economic Briefing on 12 September 2023 in Dubai. The economic team visited the Middle Eastern country to discuss investment prospects in the Philippines, updates on the economy, the government’s spending priorities, fiscal and infrastructure programs, and recent reforms that further opened the economy to foreign investors. Around 80 senior executives representing investment funds, corporations, business associations and the media participated in the roadshow. Dakila said banks are well-capitalized with a capital adequacy ratio, or CAR, of 16.4 percent on a consolidated basis as of the end of last March, above the minimum thresholds set by the BSP and the Bank for International Settlements. Efficient funds conduit The Philippine banking system’s assets, deposits and profits also grew year-on-year by nine percent, eight percent, and 26.1 percent, respectively, in June this year. “Indeed, the country’s banking system continues to be an efficient and responsible intermediator of funds,” he added. BSP Assistant Governor Arifa Ala also highlighted the government’s efforts to promote Islamic finance, including the issuance of its first sovereign Sukuk or Shari’ah-compliant bonds, which can expand the Philippines’ engagement with Islamic financial markets. Sukuk are certificates that represent shares in the ownership of assets, services, projects, or investment activities. These are issued under Shari’ah principles. Speakers of the PEB in Dubai included Ambassador to the United Arab Emirates Alfonso Ferdinand Ver, Department of Finance Secretary Benjamin Diokno, Budget Secretary Amenah Pangandaman, National Economic and Development Authority Secretary Arsenio Balisacan, Standard Chartered regional head of global subsidiaries Shada Elborno, and MUFG Global Corporate and Investment Banking MENA chief executive officer Elyas Al Gaseer. The post Strong local banks buttress economy appeared first on Daily Tribune......»»
Philippines bond market grows 8.3 percent in Q2
The local bond market continued to grow in the second quarter to hit P11.7 trillion, driven by both government and corporate bonds, according to the Asian Development Bank......»»
EastWest Bank eyes P30 billion bond offering
East West Banking Corp. is raising up to P30 billion through the issuance of bonds in the next five years to support asset growth, diversify funding sources and refinance maturing obligations......»»
BDO vows backing RE via financing
BDO Unibank, Inc., or BDO, expressed its support for the Department of Energy’s efforts to increase energy generation to address the rising demand for electricity while minimizing its environmental impact by promoting renewable sources of energy. During the recently-held Philippine Power Plant Energy Summit, BDO Capital & Investment Corporation president Eduardo Francisco said the bank is committed to working with the energy sector to make the transition to sustainable energy faster and easier. Since 2010, BDO has considered sustainable energy finance as a priority sector in financing, in support of national economic development and energy security. Sustainable initiatives enhanced The bank continues to expand its sustainable finance initiatives towards funding new and existing renewable energy projects to increase their capacity and contribute to the country’s avoidance of greenhouse gas emissions. Being among the pioneers of promoting renewable energy and energy efficiency financing in the country, BDO is looking for more renewable energy projects to finance. BDO encourages energy stakeholders to work together and consider the bank as a partner in equity raising, initial public offering and bonds. BDO also offers project financing and bank lending for the energy sector. Francisco, along with other speakers, recognized that there are hurdles that the industry needs to surpass to promote cheaper, safer, more sustainable energy in the country, which includes the addition of nuclear power in the energy mix. “We need the DoE and the Congress’ help. The banks are not allowed to look at nuclear energy today as it is not considered as renewable. Nuclear is sustainable, but investing in nuclear is going against our definition of sustainable lending today,” he said. Francisco believes that the consideration of nuclear as part of sustainable energy could help unlock capital for renewable energy projects. “We want to be ready so that when we need the large financing for these projects, the banks are very much ready to help.” The post BDO vows backing RE via financing appeared first on Daily Tribune......»»
ADB urges Philipines to boost municipal bond issuance
The Asian Development Bank is pushing for greater issuance of municipal bonds in the Philippines and three other countries in Asia to expand financing options......»»
Bangko Sentral adopts UN’s green money guide
The Bangko Sentral ng Pilipinas, or BSP, has committed to sustainable investing by complying with the United Nations’ Principles for Responsible Investment. In a statement released Monday, the central bank said it has become a signatory of the PRI to strengthen its efforts to protect the environment and further guide its policies and investments under an 11-point Sustainable Central Banking Strategy. This overall strategy encompasses investments in green bonds under the environmental, social and governance or ESG approach, and climate stress-testing activities which determine and evaluate environmental risks from banking activities, according to BSP. Road to responsible investing “We are extremely pleased to welcome BSP as a PRI signatory. As the central bank for the Republic of the Philippines, BSP has a broad mandate and responsibilities, and a unique opportunity to influence the responsible investment ecosystem in the market,” PRI chief Executive officer David Atkin said. This initiative allows the BSP to deepen its understanding of responsible investing, enhance the inclusion of ESG factors into the overall investment process and decision-making and benchmark its practices with other PRI signatories,” BSP said. The PRI was created in 2005 by some of the world’s largest institutional investors through discussions with former United Nations Secretary-General Kofi Annan. The post Bangko Sentral adopts UN’s green money guide appeared first on Daily Tribune......»»
BSP posts deficit of $53M
The country's balance of payments (BoP) posted a narrower deficit in July as the government due to proceeds of the national government's foreign currency-denominated debt from commercial sources, the Bangko Sentral ng Pilipinas (BSP) reported. Data from BSP showed that the country's BOP position hit a deficit of $53 million in July, from a deficit of $1.8 billion a year ago. "The BOP deficit in July 2023 reflected net outflows arising mainly from the National Government's (NG) payments of its foreign currency debt obligations," BSP wrote in its accompanying statement. The central bank added that the cumulative BOP level for January to July was a $2.2 billion surplus, a reversal from the $4.9 billion deficit recorded in the same period a year ago. BSP said the reversal mainly reflected the improvement in the balance of trade and the sustained inflows from personal remittances, net foreign borrowings by the NG, trade in services, and foreign direct investments. Meanwhile, the gross international reserves (GIR) level increased to $100.0 billion as of end-July 2023 from $99.4 billion as of end-June 2023. "The latest GIR level represents a more than adequate external liquidity buffer equivalent to 7.4 months’ worth of imports of goods and payments of services and primary income," BSP said. "Moreover, it is also about 5.9 times the country’s short-term external debt based on original maturity and 4.1 times based on residual maturity," it added. In an emailed commentary, Rizal Commercial Banking Corp. chief economist Michael Ricafort said the country's BOP data could still be supported by the country's structural US dollar inflows, such as foreign direct investments and overseas Filipino remittances. He added that the higher GIR in July 2023 could still support the country's "relatively stronger external position," which fundamentally supports the country's relatively favorable credit ratings. For context, the country's sovereign bonds received a "Baa2" rating from Moody's Investors Service, "BBB+" from S&P Global Ratings, and "BBB" from Fitch Ratings. The three debt watchers gave the Philippines a "stable outlook," indicating that there won't be any changes to the rating in the next 12 to 18 months. The post BSP posts deficit of $53M appeared first on Daily Tribune......»»
Fed rate hikes still likely — economists
Economists expect higher returns from US dollar-denominated bonds as the improving job market overseas signals higher rate from the Federal Reserve this year. “It is very uncertain if the Federal Reserve is already done with its hiking cycle. Additional rate hikes are still possible given the tight labor market in the US and its impact on wages,” Jun Neri, chief economist of Bank of the Philippine Islands, said Thursday. Data from the US government showed an additional 187,000 jobs last month, indicating a livelier business environment and overall economic growth in the US. Recession fears linger The job data came after worries about the recession caused by high inflation and recent layoffs, especially in the technology industry. “Short-term bond yields may stay elevated as central banks continue to fight inflation,” Neri said. Michael Ricafort, chief economist of Rizal Commercial Banking Corp., told the Daily Tribune the growth in the US industrial sector driven by a 5.2 percent expansion in automobiles in July further supports the still elevated rates. “Stronger US industrial production data could support future Federal rate hikes. Most participants also continued to see significant upside risks to inflation, which could require further tightening of monetary policy,” he said. With more job opportunities and income earners, Ricafort agreed with economists that the chances of the US going into a mild recession are now slim. The post Fed rate hikes still likely — economists appeared first on Daily Tribune......»»