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The Daily Dispatch The Daily Dispatch Feb.May 2, 201727, 2019 Philippine Stock Market Update TODAY’S TOP NEWS BSP tightens rules on selection of auditors The Bangko Sentral ng Pilipinas (BSP) has tightened the guidelines on the selection of external auditors for banks and financial institutions to preserve the integrity of financial reports and transparency in the financial system. BSP Governor Benjamin Diokno said the Monetary Board issued a resolution approving the revised framework. Previous Close: 1 Yr Return: PH lags behind Asean peers in fin sector dev't 7,747.09 2.53% The Philippines lags behind other member-countries of the Open: YTD Return: Association of Southeast Asian Nations (ASEAN) in terms 7,718.80 3.19% of the development of its financial sector, according to the 52-Week Range: Source: Philippine Institute of Development Studies (PIDS). The 6,790.588,213.71 Bloomberg state-run think tank said ASEAN neighbors like Malaysia and Thailand have overtaken the Philippines. Foreign Exchange As of May 24, 2019 Railway expansion on track — Tugade The Philippines is on track with its ambitious railway US Dollar Philippine Peso expansion plan despite some major rail projects not yet 1 52.15 taking off, according to Transportation Secretary Arthur Tugade. The Department of Transportation (DOTr), under the Build Build Build program, has embarked on a campaign BVAL Reference Rates to build new railways and rehabilitate existing ones. As of May 24, 2019 Tenor Rate DOE to issue new rules on small RE projects 1Y 5.895 The Department of Energy (DOE) is coming out with new 3Y 5.673 rules to speed up the deployment of small-scale renewable energy (RE) projects across off-grid areas across the country. 5Y 5.696 The DOE has issued a draft circular, laying down new and 7Y 5.716 separate guidelines toward accelerated deployment of 10Y 5.709 distributed, small-scale RE facilities. 20Y 5.867 IT-BPM sector posts 5% growth in 2018 The country’s information technology and business process Daily Quote management sector (IT-BPM) posted a five percent growth "I think self-awareness is probably the most in employment last year, lower than the eight percent target important thing toward being a champion." under the industry roadmap. -- Billie Jean King The Daily Dispatch MORE LOCAL NEWS Cement firms may rethink investment plans Globe unit launches donation platform Cement firms may rethink investment plans to expand the Gcash launched the first online sustainable platform that can capacity of their plants should the government decide not to be used as a springboard for donations to needy sectors. have a definitive safeguard duty on cement imports. Jose GCash for Good serves as Globe Telecoms’ CSR arm to Mauro Gallardo, manager for enterprise risk management at create relevant and socially-responsible virtual space where Cemex Holdings Philippines Inc., said it may be difficult to donors can freely donate cash to gov't agencies, non-gov't pursue investments. groups and other socio-civic organizations Conglos investing billions in digital ventures Govt set to submit record P4.1t budget to Congress Some of the country’s biggest conglomerates are investing The Budget Department plans to submit to Congress a heavily in the digital business now more than ever, record P4.1-trillion national government budget for 2020 on recognizing the vast potential of emerging technologies both the same day President Rodrigo Duterte delivers his fourth in growing their companies and also in broadening the State-of-the-Nation Address in July this year, acting Budget digital experience of Filipinos. Secretary Janet Abuel said over the weekend. Senate cuts projected take from tobacco tax Petron ready to become top resin producer by 2020 THE MEASURE imposing a higher excise tax on tobacco Oil refiner Petron Corp. said it aims to become the country’s products, as proposed by the Senate, is expected to generate leading producer of resin by 2020 with the completion of its P15 billion in revenues next year, the Department of Finance $100-million polypropylene plant expansion this year. “[We (DoF) said over the weekend. have an] ongoing expansion of the polypropylene plant. It will be 220,000 MT annual capacity of polypropylene plant,” Petron president Ramon Ang said. DOF eyes TradeNet inclusion of five govt agencies Uy may revisit plan to buy into PXP Energy The Department of Finance (DOF) is eyeing to link at least Businessman Dennis Uy is willing to revisit plans to invest five government agencies under the TradeNet platform on in upstream oil and gas firm PXP Energy Corp. if there is or before the end of 2019, as the government aims to progress on joint explorations in the West Philippine Sea strengthen the Ease of Doing Business (EODB) in the area. PXP and Dennison Holdings Corp. mutually cancelled country. in March an agreement to subscribe to 340m common shares of the exploration firm for P4.029 billion. Maynilad investing P16.8b to enhance services Maynilad Water Services Inc. is investing P16.8b in 2019 for T-bill, bond rates likely to drop the continued enhancement and expansion of its water RATES OF THE government debt on offer this week will services. “Maynilad is dedicating a bigger share of this year’s likely decline further amid healthy demand after the central capital investment toward wastewater projects, as we seek to bank trimmed the reserve requirement ratio (RRR) for both facilitate sewerage coverage expansion in the West Zone,” commercial and thrift banks. said president Ramoncito Fernandez. The Daily Dispatch TODAY’S TOP ASIAN NEWS TODAY’S TOP GLOBAL NEWS Panacea Venture closes healthcare fund at $180.5m EQT Infrastructure makes $2.3b bid for Vocus Panacea Venture, a venture capital firm backed by Kleiner Australian telco Vocus Group Ltd said on Monday it has Perkins Caufield & Byers (KPCB) China partners James received a A$3.27 billion ($2.27 billion) takeover offer from Huang and Hai Mai, has hit the final close of its new private equity firm EQT Infrastructure, nearly two years healthcare fund in an oversubscribed fundraise at $180.5 after two suitors walked away from the company. The bid million, according to a statement. offered A$5.25 in cash for each Vocus share a 35% premium toVocus‘ last close of A$3.89 on Friday. Medanta to sell to Manipal Hospitals for $828.6m Renault, Fiat Chrysler in tie-up talks The promoters of Gurgaon-headquartered hospital chain French and Italian-US auto giants Renault and Fiat Chrysler Medanta have agreed to sell the business to Manipal are set to announce talks on an alliance, with a view to a Hospitals, a multi-specialty hospital chain backed by TPG potential merger, informed sources said on Sunday. and Singapore’s Temasek, for Rs 5,800 crore ($828.6 million), reported The Economic Times, citing sources. India’s IPO market likely to see revival Blackstone seeks $5b for latest RE debt vehicle The vehicle, Blackstone Real Estate Debt Strategies IV, will The thumping victory of the coalition led by Prime Minister focus on property-related wagers in public and private debt Narendra Modi is expected to revive public market fund- globally, according to an investor presentation seen by raising activity such as initial public offerings (IPO) and Bloomberg. The pool will have an emphasis on the U.S. qualified institutional placements (QIP) after three quarters of scant activity. Utico offers to embattled Hyflux’s investors IFC mulls $3m investment in TruKKer Middle Eastern utility firm Utico FZC has offered part cash International Finance Corporation (IFC), a member of the redemption and “hope for full redemption with a plan and World Bank Group, is considering an equity investment of exit option” to investors of embattled Singaporean firm up to $3 million in Dubai-based logistics startup TruKKer. Hyflux if they support the white knight investor’s S$400- million ($294 million) offer. HOOQ to roll out content on Grab Singapore app DoorDash valued at $12.6b after raising $600m Video-on-demand service provider HOOQ will roll out its Food delivery company DoorDash said on Thursday it video streaming and online content into Grab app in raised $600 million in its latest round of funding, valuing the Singapore, possibly in the second half of this year, HOOQ California-based startup at $12.6 billion. Indonesia country director told DEALSTREETASIA..
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