LIVE: Senate hearing on Duterte admin's drug war
MANILA, Philippines — The Senate Blue Ribbon Committee is leading the hearing on the drug war launched during the administration of former President Rodrigo Duterte on Monday, October 28.
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After 'Kristine': Tropical Storm Leon advances toward Luzon
MANILA, Philippines — Tropical Storm Leon (international name: Kong-rey) has maintained its strength as it decelerates over the Philippine Sea on Monday morning, October 28, with tropical cyclone wind signals up over some areas that are still recovering from effects of Tropical Storm Kristine.
Walang Pasok: Class suspensions for October 28
MANILA, Philippines — Several local government units have suspended classes on Monday, October 28, to facilitate rehabilitation efforts in areas heavily affected by tropical storm “Trami” (formerly known as Kristine).
Press Release - Gatchalian urges ERC to fast-track retail power competition for households
Senator Win Gatchalian urged the Energy Regulatory Commission (ERC) to fast-track a transition plan for implementing the Retail Competition Open Access (RCOA) down to the household level to enable retail consumers to tap the most competitive electricity supplier.
Bong Go on upcoming Senate probe on drug war: 'Let's get the truth out so we can focus on serving the people'
MANILA, Philippines — The weekend before he is set to participate in the much-anticipated Senate probe on the anti-narcotics campaign of the Duterte administration, Senator Christopher "Bong" Go, was in Banaybanay, Davao Oriental to attend to the needs of indigents.
Arthaland sets prefs div at 7.326%
Arthaland [ALCO 0.42 unch; 18% avgVol] [link] set the dividend rate of its Series F Preferred shares offer at 7.326%. The shares will go on offer starting today at a price of P500/share. The offer ends on November 4 and the shares will be listed on November 14.MB BOTTOM-LINE: The dividend rate in this offer is considerably higher than that offered by the Ayala Corp (6.05%) prefs and the Petron prefs (6.84% to 7.10%), but also considerably lower than that offered by Vista Land (7.99% to 8.4%), and lower than the 8% interest rate on DoubleDragon’s new bonds offering. I’m curious to see if they’re able to sell the entirety of the over-subscription option, or if the market’s interest is already fully satisfied by just the base offer.
The week ahead
Last week, foreigners pulled back from the PSEi in both peso terms (net selling of P0.5 billion) and volume, but the PSEi held its ground and didn’t threaten to dip below 7,200 so the precious 7,000 line was never in jeopardy. But as they say, it’s a market still looking for a catalyst, which means that it’s a market that is now in search for a justification to move higher.> PH: The week starts with the Arthaland [ALCO 0.42 unch; 18% avgVol] preferred shares offer today (Monday). The ex-date for DDMPR’s Q2 dividend is on Wednesday (so if you want that div, you need to own the shares by the end-of-day on Tuesday). Then, on Thursday, PHINMA [PHN 20.00 unch; 261% avgVol] will “price” its stock rights offering (the literal price of each share, plus the entitlement ratio). We end the week with a non-trading day to observe All Saints’ Day.> International: We get Q3 GDP info for the US on Thursday morning (median forecast is 3.2%, then jobless claims data on Friday morning. The only central bank decision that matters this week (IMO) is the Bank of Japan, which will announce on Thursday. MB BOTTOM-LINE: Will we get that justification to move higher? This week feels like mostly administrative events on the domestic side, plus it’s a holiday-shortened week and those are almost always a lot less interesting than normal. Internationally, my sense is that investors are bracing for bad news, or if not bad news, then managing their expectations for the velocity of the Fed’s pivot. I’ve seen a lot of news about banks questioning the Fed’s decision to cut 50 basis points, and there seems to be an associated fear that public questioning may make the Fed less brave when it comes to making its next rate decision on November 6. You know, the day after the US election, which itself could be the cause of some (justifiable) market jitters.
Press Release - Escudero: Senate to scrutinize flood control programs in 2025 budget
Senate President Francis "Chiz" G. Escudero expects to see intense scrutiny on the flood control programs of the government when the Senate begins next week its plenary debates on the proposed P6.352 trillion national budget.