The Daily Dispatch
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The Daily Dispatch October 21, 2019 Feb. 2, 2017 Philippine Stock Market Update TODAY’S TOP NEWS DOTr chief says no to further review of MM subway Transportation Secretary Arthur Tugade said the P350- billion Metro Manila subway project would proceed as planned despite cost issues raised by Sen. Grace Poe, chair of the powerful Committee on Public Services. Bananas in trade deadlock between PH, South Korea Previous Close: 1 Yr Return: The Philippines is no longer confident it would finish a free 7,885.23 11.72% trade deal with South Korea by the deadline in Nov, as challenges remain unresolved on both sides. Trade and Open: YTD Return: Industry Secretary Ramon Lopez said they would still try to 7,874.80 5.24% get the free trade agreement signed next month. He said they 52-Week Range: Source: would continue pursuing the talks even past the deadline. 6,820.22 - 8,419.59 Bloomberg Dominguez open to wealth tax on mining revenues Foreign Exchange The head of the Duterte administration’s economic team is As of Oct. 18, 2019 open to Albay Rep. Joey Salceda’s proposal to slap a US Dollar Philippine Peso sovereign wealth tax on mining revenues. “The idea of a sovereign fund is actually a good idea…Funding something 1 51.255 like this from taxes on irreplaceable resources, I think it’s a good idea,” Finance Sec. Dominguez told reporters recently. PDST-R2 Rates As of Oct. 18, 2019 Alveo Land unveils 120-ha mixed-use estate Ayala-owned property developer Alveo Land has unveiled a Tenor Rate new commercial district in Biñan, Laguna, as part of its 1Y 3.6370 mixed-use estate called “Broadfield,” bringing to the 3Y 4.0500 property market P18 billion worth of fresh commercial lot 5Y 4.3130 inventory. 7Y 4.5220 Consunji retraces Cebu link with toll bridge marvel 10Y 4.7380 DMCI Holdings is raising its stake in Cebu’s construction 20Y 5.0730 and property markets. Cebu Link Joint Venture, the consortium of Acciona, First Balfour and D.M. Consunji Inc., has already spent 5.3m man-hours to build 47% of the Daily Quote Cebu-Cordova Link Expressway, a toll bridge that would “What does not destroy me, makes me stronger." connect mainland Cebu from Cebu City to Cordova town in --Friedrich Nietzsche Mactan Island. The Daily Dispatch MORE LOCAL NEWS Real estate exposure of banks picks up in Q2 Indian pharma firms asked to invest in PH The exposure of Philippine banks in the volatile real estate sector picked up in June after eight consecutive quarters of The Department of Trade and Industry has urged Indian month-on-month declines, but remained below the 20 pharmaceutical firms to set up manufacturing facilities in the percent threshold, according to the BSP. The central bank Philippines and assured them of faster issuances of permits said the share of real estate loans to the industry’s total loan for medicines imported from their country. book increased to 19.5%. RCBC sees sustained growth in consumer lending Siemens, First Gen explore tech solutions Yuchengco-led Rizal Commercial Banking Corp. (RCBC) said the successful merger with its thrift bank unit as well as German industrial giant Siemens AG is dangling modular- the easing cycle by the Bangko Sentral ng Pilipinas (BSP) scale gas turbines that can be deployed for the provision of would translate to a sustained double-digit growth in its reliable electricity access in many of the Philippines’ island- lending business. grids or for industrial end-users opting for distributed generation type of solutions. KKR wants to retain MPHHI management KKR, the global investment fund which acquired a stake in Metro Pacific Hospital Holdings Inc., wants to retain the DMCI beefs up investments in Cebu current management of the company and give the team more Consunji-led DMCI Holdings Inc. is beefing up its capital to bring the hospital business to greater heights. investments in Cebu, mainly on property development and MPHHI, which has investments in 14 hospitals, is headed by construction activities as it banks on the improving wealth Augusto Palisoc Jr. as president and CEO. of cities outside of the country’s capital. AP to tap offshore bank for Vietnam investment Aboitiz Power Corp. is eyeing to tap an offshore bank to Dominguez: Infra spending to keep economy growing finance its recent acquisition of a wind farm in Vietnam. The Finance Secretary Carlos Dominguez III told American company is working on the financing requirements for 39.4- businessmen that the government’s accelerated spending on megawatt (MW) wind power facility in Ninh Thuan infrastructure and human capital will keep the country on a Province with a project cost of approximately $46 million. high-growth trajectory despite the global economic slowdown. TODAY’S TOP ASIAN NEWS Japan's September exports slip for 10th month Wipro BPO shelves PH expansion over CITIRA Japan’s exports contracted for a 10th straight month in Wipro Philippines Inc., a business process outsourcing September, raising speculation the central bank could ease company from India that employs around 8,000 Filipinos, monetary policy as soon as next week to counter heightening shelved its expansion plan in the country amid worries over overseas risks and a slowdown in demand. Exports in the proposed second tranche of the comprehensive tax September slumped 5.2% from a year earlier dragged down reform program known as the Corporate Income Tax and by car parts and semiconductor production equipment. Incentive Rationalization Act. The Daily Dispatch MORE ASIAN NEWS Trump's trade wars fallout felt around the world Xiaomi to launch more than 10 5G phones in 2020 The collateral damage of the United States’ trade wars is Chinese smartphone maker Xiaomi Corp plans to launch being felt from the fjords of Iceland to the auto factories of more than 10 5G phones in 2020, CEO Lei Jun said on Japan. Central bank governors and finance ministers traded Sunday, speaking at the World Internet conference in the grim tales of suffering economies at the International eastern Chinese town of Wuzhen. Last month Xiaomi Monetary Fund and World Bank fall meetings in launched the Xiaomi Mi 9 Pro, the company’s first 5G- Washington this week. enabled phone for the domestic market. Asian share markets cautious, pound stumbles ASEAN auto industry on a downturn Asian stocks were steady in a cautious start to the week on The ASEAN automotive industry is experiencing a Monday, while the British pound fell following a delay to a downturn both in production and sales with major countries crucial vote on Britain’s divorce from the European Union. including the Philippines posting declines, data from the MSCI's broadest index of Asia-Pacific shares outside Japan ASEAN Automotive Federation showed. For the month of .MIAPJ0000PUS were flat, with Australian shares off down August alone, regional car sales fell 10.3 percent to 282,930 0.3%. Japan's Nikkei .N225 rose 0.13%. units from 315,483 units in August last year. Tencent co-leads round for Chinese e-invoicing Huawei in talks with U.S. firms to license 5G Electronic invoicing (e-invoicing) firm Hainan Golden Blacklisted Chinese telecoms equipment giant Huawei is in Technology on Friday announced it has secured 1 billion early-stage talks with some U.S. telecoms companies about yuan ($141 million) in a Series B funding round led by licensing its 5G network technology to them, a Huawei Tencent Holdings, Shenzhen Capital Group, CDH executive told Reuters on Friday. Investment, China Investment, and China Finance Fund. Zilingo raises $100m to expand into the US SoftBank seeks to avoid WeWork's liabilities Singapore-based fashion platform, Zilingo has raised $100 SoftBank Group Corp is attempting to become the majority million to expand into the U.S. No investor details were owner of WeWork without assuming the onerous lease disclosed. According to a statement, Zilingo’s $100 million obligations of the U.S. office-space sharing firm. SoftBank is investment into the U.S. is part of an accelerated growth offering a $5 billion financing lifeline that The We Company strategy into new markets, including Australia, Europe, and is assessing against a proposal by JPMorgan Chase & Co the Middle East. (JPM.N) for a debt package of similar size Pound shrugs off Johnson's latest Brexit setback TODAY’S TOP GLOBAL NEWS Sterling opened to modest losses on Monday following British Prime Minister Boris Johnson's latest failure to break UK promises Oct.31 Brexit despite delay request the Brexit deadlock, with forex markets shrugging off a The British government insisted on Sunday the country will weekend of drama in the British parliament. The currency leave the European Union on Oct. 31 despite a letter that dipped 0.5 per cent to US$1.2917 when trading resumed at Prime Minister Boris Johnson was forced by parliament to 1800 GMT Sunday, Bloomberg reported. send to the bloc requesting a Brexit delay..