We are sorry, the requested page does not exist
Treasury rejects all bids for T-bonds as rates soar
The government was not able to secure P30 billion in long-term securities yesterday, its first time to reject all bids in over nine months as rates picked up......»»
T-bonds auction oversubscribed,hits P55B
The Bureau of the Treasury on Wednesday partially awarded bids for the new seven-year Treasury bonds or T-bonds. The coupon rate was set at 6.375 percent. The auction was 1.8 times oversubscribed as the total submitted bids amounted to P55.1 billion. The BTr raised P24.8 billion out of the P30-billion offering. In a comment, Rizal Commercial Banking Corp. chief economist Michael Ricafort said the average auction yield was higher than the comparable 7-year PHP Bloomberg Valuation Service or BVAL yield at 6.28 percent. Rate traced “This is still higher compared to 6.097 percent in the previous 7-year Treasury bond auction on 20 June 2023 as the PHP BVAL yields corrected higher since June 2023 due to higher US Treasury yields since then,” he said. Ricafort traced the rate results to the hawkish signals locally in terms of possible local policy rate hikes to better manage inflation. Headline inflation settled at 5.4 percent in June, still above the government’s 2 percent to 4 percent target. “(This) is also after hawkish local signals recently, particularly on no possible premature local policy rate cut and even a possible local policy rate hike amid market expectations of a possible +0.25 Fed rate hike on July 26, 2023, but reduced odds of a second Fed rate hike after July 26, 2023,” Ricafort said. The Bangko Sentral ng Pilipinas maintained key rates in the last two consecutive rate-setting meetings. The Monetary Board is scheduled to hold its next rate setting meeting on 17 Aug. The post T-bonds auction oversubscribed,hits P55B appeared first on Daily Tribune......»»
Risky exposure (1)
In a review of banks’ exposure in energy projects, undertaken by the environmental think-tank Center for Energy, Ecology and Development, conglomerate San Miguel Corporation’s energy arm SMC Global Power Corp., which maintains a host of power plants, including those using coal as fuel, received prominent space. In the discussion, the dilemma that banks face was brought to light amid their financial exposure to SMCGP that may be affected by the maneuvers of SMC and its subsidiaries to, ironically, turn around the unfavorable state of the group. It said that apart from issues of supply, local fossil fuel companies are also feeling the impact of volatile fuel prices. SMCGP, the report said, suffered P15 billion in losses in 2022 due to the rising prices of fossil fuel. In May 2022, two of SMCGP’s subsidiaries filed motions for price adjustment before the Energy Regulatory Commission due to the rising fuel costs that they claimed they could no longer bear and wanted to pass on to consumers. The motions, according to the report, have since been denied, and SMC has brought the matter up to the Court of Appeals. Following the ERC denial of the price adjustment petitions, a Bloomberg intelligence report was released finding that SMCGP risks a funding shortfall as high as $1 billion by next June. The same intelligence report also projected that SMCGP’s current coal exposure might make refinancing more difficult and more costly, as investors increasingly shun coal-fired power plants as a result of the international effort to remove polluting fossil fuel as an energy source. Last year also saw SMC withdrawing the ECC applications for the three proposed fossil gas projects in the Visayas, including a liquefied natural gas project in Negros Occidental that had originally targeted a 2022 commissioning date. Despite its already large fossil fuel portfolio, the report said SMCGP issued Series K Bonds due in 2025, Series L. Bonds due in 2028, and Series M. Bonds due in 2032 with a principal amount of P30 billion and an oversubscription option of up to P10 billion in July 2022. Part of the proceeds of these bonds are allocated for SMCGP subsidiary-owned fossil fuel projects, including the Mariveles Power Generation Corporation’s four 150 megawatt or MW circulating fluidized bed coal-fired power plant in Mariveles, Bataan and Excellent Energy Resources Inc.’s 1.3 gigawatt or GW combined-cycle LNG power plant in Barangays Ilijan and Dela Paz Proper, Batangas. Recently, however, Manila Electric Co. or Meralco announced the termination of its power supply agreements with two subsidiaries of SMCGP, Excellent Energy Resources Inc. and Masinloc Power Partners Co. Ltd. The same power supply agreements would have secured revenue for the two SMCGP power plants to be financed by these bonds. Since the contracts were terminated, these subsidiaries would have to go through the competitive selection process again, where it will be up against fossil fuel and renewable energy or RE generation projects. According to the CEED report, the banks that purchased bonds had essentially exposed themselves and their shareholders, to whom they have a fiduciary responsibility, to fossil fuel projects “at risk of stranding.” “Changing policy, economic, geopolitical, and energy landscapes in the country and around the world demand that banks and financial institutions pay closer attention to and take the necessary action to mitigate these risks and protect their shareholders.” The report indicated that important developments show the tide turning in renewable energy’s or RE’s favor locally. According to the DoE, the Green Energy auction program will hold its second round of bids in June this year. The country will auction off rights to build 3,600 megawatts or MW of new capacity to be installed in 2024, 3,600 MW in 2025, and 4,400 MW in 2026. In all, this will result in an additional 11,600 megawatts of RE on top of the 2,000 MW auctioned off last year, an unprecedented scale of development for renewables in the country. (To be continued) The post Risky exposure (1) appeared first on Daily Tribune......»»
Government rejects all bids for P50 billion T-bills, bonds
The government was not able to borrow P50 billion through the sale of short and long-term securities as an initial offshoot of another aggressive monetary policy move of the US Federal Reserve......»»
Reissued T-bonds fetch lower rate
Bids for a reissued seven-year Treasury bond fell by about 27 percent as the easing of inflationary pressures pushed rates downward by almost 11 basis points......»»
DOH: Pertussis cases 20 times more than last year
DOH: Pertussis cases 20 times more than last year.....»»
Philippines logs 40 pertussis deaths this year
MANILA, March 28 (Xinhua) -- Forty children have died of whopping cough, a respiratory infection also called pertussis, since this year, the Philippines' Department of Health (DOH) has reported. The DOH said in a statement on Wednesday that cases have continued to increase since the start of this year, recording 568 cases from Jan. 1 to March 16. "The total number of cases for the same period in 2023 was.....»»
Property prices slow in Q4
The growth in property prices has been sustained for 10 straight quarters, albeit at a slower pace in the fourth quarter last year, according to the Bangko Sentral ng Pilipinas......»»
ANZ raises Philippine inflation forecast to 3.8% this year
ANZ Research hiked its inflation forecast for the Philippines to 3.8 percent this year, from 3.5 percent previously, as risks may drive inflation up to above the central bank’s two to four percent target in the coming months......»»
Vehicle sales rev up by 23% in February
Vehicle sales accelerated by more than a fifth in February from a year ago, supported by automotive firms’ marketing efforts as well as stable interest rates......»»
S& P: Philippines may miss growth goal this year
S&P Global Ratings sees the Philippines again missing its growth targets this year as it kept its gross domestic product growth forecast at 5.9 percent. While the projection is better compared to other economies in the region, it is again below the government’s 6.5 to 7.5 percent growth target......»»
Cebu topnotcher shares secret to success: Strong support system of family, friends
CEBU CITY, Philippines — A good support system of family and friends is Elijah Cabase’s secret to his placing 5th in the March 2024 Medical Technologists Licensure Examinations (MTLE). This 23-year-old University of Cebu-Banilad alumnus said that he was not even expecting to pass because he described himself as a confessed procrastinator — or one.....»»
Pertussis or whooping cough: 40 child deaths so far this year – DOH
MANILA, Philippines — Assistant Health Secretary Albert Domingo reported on Wednesday that as of March 16 this year, some 40 children had died of whooping cough — a respiratory infection also called pertussis. An increase in new pertussis cases nationwide had been observed nationwide, with 28 cases reported from March 10 to 16. READ: What.....»»
88% of Pinoys oppose Cha-cha – Pulse Asia
Public opinion on Charter change, which last year was roughly divided among Filipinos, is now largely skewed toward those opposed to changing the country’s Constitution, a survey conducted by Pulse Asia showed......»»
Security Council warns of foreign interference in 2025 polls
There may be foreign interference in next year’s midterm elections and the Department of Information and Communications Technology should prepare to counter cyberattacks, the National Security Councilwarned yesterday......»»
DOH: Pertussis cases 20 times higher since January
The number of pertussis cases nationwide has increased 20-fold this year from 2023, according to the Department of Hea.....»»
Girl, 4, dies after being hit by SUV
A four-year-old girl died after she was hit by a sport utility vehicle in Quezon City on Tuesday afternoon......»»
Companies State it Takes More Than 6 Months to Fill Cybersecurity Positions
The latest Kaspersky survey found that 48% of companies require over half a year to find a qualified cybersecurity professional. A lack of proven experience was cited as one of the biggest challenges, along with the high cost of hiring and global competition in talent acquisition. With global labor markets continuing to clamor for InfoSec […].....»»
Tenorio aims to keep imparting basketball knowledge
At this point of his career, 39-year-old LA Tenorio said it is all about giving back......»»
Pacatiw tries to buck cage rust in ONE Championship return
More than a year since his last ONE Championship bout, Jeremy Pacatiw acknowledged that he has a lot to work on before his comeback fight......»»