WHAT HAPPENED LAST WEEK

The Philippine Stock Exchange index (PSEi) rose by 1.33% week-on-week to close at 5,983.56 (up 78.81 points). The market traded in green until midweek as it tracked higher US and Asian markets. Investors also cheered President Ferdinand Marcos Jr.’s statement that the government is ready to defend the peso in the coming months and that inflation is still his administration’s priority. However, the market witnessed heavy sell flows beginning Thursday as multi-year high US Treasury yields weighed on sentiment and trimmed down some of the gains in the previous days.

Top index performers were Ayala Land Inc. (ALI) +10.4%, Alliance Global Group Inc. (AGI) +9.3%, and Ayala Corp. (AC) +8.4%. Index laggards were Robinsons Land Corp. (RLC) -9.5%, Aboitiz Equity Ventures Inc. (AEV) -3.6%, and Monde Nissin (MONDE) -3.5%. The index breadth was positive with 18 gainers versus 12 losers. The average daily turnover value was PHP 4.1 billion. Foreigners were net buyers by PHP 71 million.

WHAT TO EXPECT THIS WEEK

We expect the market to recover some of its losses amid signals from Fed officials that the US central bank may be poised to adopt a less aggressive policy stance in December 2022, and Finance Secretary Benjamin Diokno’s vow to keep the peso from breaching PHP 60 per dollar. Investors will also be closely monitoring the beginning of third quarter 2022 corporate earnings results for signs of sustained recovery.

STOCK PICKS FOR THE WEEK

Wilcon Depot, Inc. (WLCON) — BUY

WLCON’s topline appears to be stronger in the third quarter of 2022 due to: (i) home improvement purchases are planned and frontloaded in anticipation of potential price increases, (ii) availability of supply allowing the company to capture customers from competitors, (iii) reopening is still in play for the segment. Margins are also set to expand as WLCON stands to benefit from the margin windfall, thanks to its high inventory cover as previously purchased items (sourced at lower cost) are sold at higher selling prices. Downtrading behavior also benefits the company as customers shift toward in-house brands which have higher margins. Accumulating WLCON at or near PHP 26.95 is advisable. Set cut loss below PHP 25.50. Take profit at around PHP 32.00/PHP 33.50.

Semirara Mining and Power Corp. (SCC) — TAKE PROFIT

The Board of Directors of Semirara Mining and Power Corp. (SCC) approved the declaration of PHP 3.50 per outstanding common share in special cash dividends, double last year’s PHP 1.75 per share, for shareholders on record as of October 31, 2022. The ex-dividend date will be on October 26, 2022, while payment will be made on November 15, 2022.

SCC’s dividend payout this year translates to a cash dividend yield of 12.34% based on its October 14, 2022, closing price of PHP 40.50. We expect SCC’s share price to fall to as much as its share price prior to the disclosure of the special dividends (PHP 39.75 – PHP 40.50), on or shortly after the dividend ex-date, October 26, 2022.

The possible pullback on the dividend ex-date provides short-term traders and long–term investors an opportunity to take profit and look for companies with more value and higher upside. As for company guidance, SCC has a less optimistic view of the second half of 2022 in view of market volatility and unfavorable weather conditions. Coal shipments are also expected to normalize as China shifts to cheaper Russian coal.

Taking profit at the ex-dividend date (October 26, 2022) is advisable. The next support levels are PHP 36.00/ PHP 32.60. Those who are more aggressive can wait for a break below the 100-day moving average (MA) before taking profits.

Araneta Properties, Inc. (ARA) — SELL ON BREAKDOWN

Araneta Properties, Inc. (ARA) formed another bearish pattern, a top triangle-top wedge, showing signs of reversal as it has broken downward after a period of uncertainty or consolidation. The measured target price after ARA broke down is from PHP 0.65 to PHP 0.75, according to Technical Insight, our automated chart pattern recognition program. Lightening positions at current levels is advisable. Next support levels are at PHP 1.10/ PHP 1.00.

PSEI TECHNICAL ANALYSIS

Resistance: 6,000

Support: 5,400 / 5,700

The PSEi surged in the early part of last week. The rally, however, quickly faded and the market closed the week back below 6,000, further strengthening/validating the resistance level. Until the PSEi has sustained trading above the 6,000 level, expect the next set of rallies to be short-lived.

TRADING PLAN

Continue setting stop limit orders. The next support level is at 5,700.

KEY DATA RELEASES

Monday, October 24, 2022
– US S&P Preliminary Global Manufacturing Purchasing Mangers’ Index (PMI) for October 2022 (consensus estimate is 51.0, while the actual for September 2022 is 52.0)

Tuesday, October 25, 2022
– Corporate Earnings: Wilcon Depot Inc. (WLCON)

Wednesday, October 26, 2022
– Philippine Budget Balance for September 2022 (previously it was -PHP 72.0 billion)

Thursday, October 27, 2022
– US GDP annualized quarter-on-quarter for 3Q2022 (consensus estimate is 2.3%, while actual is -0.6% previously)
– US Initial Jobless Claims for October 2022 (previous: 214,000)

Friday, October 28, 2022
– Philippine Bank Lending year-on-year for September 2022 (previous: 11.8%)
– Corporate Earnings: Meralco (MER)

Foreign currency reserves have been falling at the fastest pace globally since 2003, according to Bloomberg, a provider of financial news and analytics software.

These are assets held by central banks to back liabilities and which help manage external shocks that impact on their currencies (e.g., preventing their respective currencies from rapidly devaluing or depreciating). And central banks have been intervening to lend support to their currencies.

Bloomberg data show that reserves have declined by about USD 1 trillion, which is partly attributed to devaluation changes as the dollar continues to strengthen, posing an impact on various currencies globally.

For the Philippines, the GIR is likewise in decline, currently for the 7th consecutive month, posting USD 95 billion by the end of September 2022 (BSP preliminary data). The decline is attributed mainly to the country’s payments of its foreign currency debt obligations and an adjustment in the value of gold holdings as the price of gold fell in the international market.

Some ASEAN economies (see table below) are in a similar situation. Their foreign currency reserves went down rapidly, owing to increased imports, foreign debt payments, and foreign exchange interventions to defend their currencies, among others.

In Thailand, for instance, the accelerated depletion of reserves was due to its increased imports of oil to store ahead of winter. For Indonesia, the recent fall in its foreign reserves was likewise due to its foreign debt payments and its central bank’s intervention to stabilize its currency.

A host of factors have forced central banks of ASEAN countries to use up their GIR.

Managing volatility, balance of payments

The BSP holds international reserves to support the foreign exchange requirements of the country when the supply of foreign exchange from commercial banks is limited to meet demand, thereby managing volatility in the exchange rate. It also serves as a stand-by fund to finance any deficit in the country’s balance of payments (BOP).

Thus, whenever the BOP deficit widens and needs financing from the reserves, the level of reserves is consequently reduced. Alternatively, when there are surpluses arising from the net inflow of foreign exchange in the country’s external transactions, the level of international reserves builds up.

For instance, a surplus from BSP’s purchases of foreign exchange from its FX operations, higher income from its foreign investments, and an increase in the net foreign currency deposits of the national government all increase the country’s foreign reserves.

In the same manner, the country was able to significantly shore up its reserves in the past years, hitting all-time-high levels during the pandemic. This can be attributed to gains from the BSP’s foreign exchange operations, income from foreign investments, foreign currency deposits of the national government with the central bank, and additional allocation of Special Drawing Rights (the international reserve asset created by the IMF to support its member countries), given the IMF’s efforts to boost global liquidity amid the pandemic.

Now that the country is faced with external volatility, it has tapped into this buffer.

The Philippines’ GIR levels (in millions of US dollars) are still substantial compared to pre-pandemic levels.

The traditional gauge of the GIR’s adequacy is if it can finance at least three months’ worth of the country’s imports of goods and payments of services and primary income. Thus, while the country’s GIR faced another dip recently, it is still more than adequate to cover 7.6 months’ worth of imports of goods and payments of services and primary income.

Compared to its neighbors, Indonesia and Malaysia, the Philippines is in better shape.

With all the market volatility right now, the wisdom of having substantial foreign currency reserves has become more apparent.

INA CALABIO is a Research & Business Analytics Officer at Metrobank in charge of the bank’s research on industries. She loves OPM and you’ll occasionally find her in the front row at the gigs of her favorite bands.

Consumer spending, a measure of all our spending on goods and services, is a crucial component of our economy.

It drives our country’s economic growth, comprising around 73-74 percent of the Philippines’ gross domestic product for the past five years. Even at the height of the pandemic, consumer spending was still a big part of GDP, capturing 74-75 percent in 2020.

With all the geopolitical tensions and the subsequent market volatilities happening in the country now, i.e., climbing prices, high inflation expectations, depreciation of the peso, etc., will consumer spending still be robust in the remaining months? Will it be able to sustain our economic growth?

To answer these questions, we first have to know whether these global events actually drive consumer spending, or, maybe at the very least, how correlated they are with consumer behavior.

Factors affecting consumer spending

To do this, we looked into remittances (in US dollars) from overseas Filipino workers (OFWs), the USD/PHP exchange rate, the inflation rate, and inflation expectations (as proxied by the 10-year Philippine treasury bond rates) and analyzed whether their movements could help explain consumers’ spending behavior.

Our results show that all these variables have a statistically significant relationship with consumer spending. That is, they all have correlations or relationships with consumer spending that are not simply caused by chance or luck.

Note, however, that the strength of their effect, or relative importance, on consumer spending vary. Let’s rank them from highest to lowest.

What affects spending the most?

First, the strength of the positive effect of inflation expectations on consumer spending was the biggest. When inflation expectations are high, consumer spending also strengthens in anticipation of future higher prices. People would rather spend now than later.

OFW remittances were second to inflation expectations in terms of having a strong positive link with consumer spending. The higher the US dollar remittances sent by OFWs to their families in the Philippines, the higher their capacity to spend here in the country, and this boosts consumer spending.

Peso depreciation is also positively correlated with consumer spending. It was the third in terms of ranking. The weaker the peso, the higher the OFW remittances would be in peso terms and, thus, the higher the purchasing power.

Fourth in ranking is inflation, and it is negatively related to consumer spending. The higher the inflation, the weaker consumer spending tends to be.

Still growing

So, although the Philippines is in a high-inflation environment right now, consumer spending is still expected to be strong. The 10-year rates are going up (meaning, inflation is expected to further climb in the next few months), there is an expected seasonal increase in OFW remittances in the fourth quarter, and the local currency continues to weaken.

Again, the effect of these three variables together on consumer spending is expected to more than offset the drag created by current inflation.

The prospect of inflation peaking in the fourth quarter may lead to a slight contraction in consumer spending, and people may be more discriminating in they spend on.

As a whole, however, consumer spending will still grow in the fourth quarter because the other variables will dominate in terms of overall impact, largely offsetting the possible contraction pressure from high inflation.

This will most likely continue to be a major contributor to GDP and sustain economic growth.

ANNA ISABELLE “BEA” LEJANO is a Research & Business Analytics Officer at Metrobank, in charge of the bank’s research on the macroeconomy and the banking industry. She obtained her Bachelor’s degree in Business Economics from the University of the Philippines School of Economics and is currently taking up her Master’s in Economics degree at the Ateneo de Manila University. She cannot function without coffee.

The PSEi is expected to trade sideways with a slight downward bias as investors await market catalysts including the Aug 2022 overseas Filipino remittances report as well as China’s 3Q 2022 Gross Domestic Product (GDP) release. Local fuel prices are also expected to increase by about PHP 2.70 to PHP 3.00 per liter of diesel, PHP 0.80 to PHP 1.10 per liter of gasoline, and PHP 2.70 to PHP 3.00 per liter of kerosene. At the same time, further volatility can be expected as investors take their cue from the US 2Q 2022 corporate earnings releases this week.

WHAT HAPPENED LAST WEEK

The Philippine Stock Exchange index (PSEi) closed 0.46 percent lower week-on-week to 5,904.75 (down 27.44 points) on below-average volumes and persistent fears of a global recession. After declining 1.68 percent on Monday, the benchmark index managed to post marginal gains from Tuesday to Friday despite the widening of the country’s trade deficit and the hotter-than-expected US inflation print. Investors also weighed BSP Governor Felipe Medalla’s comment about a possible rate hike of 50 basis points (bps) to 75 bps in their next meeting.

Top index performers were BDO Unibank (BDO) up 6.8 percent, Robinsons Land Corporation (RLC) up 5.0 percent, and Pure Gold Price Club Inc. (PGOLD) up 4.1 percent. Index laggards were Monde Nissin (MONDE) down 8.2 percent, JG Summit Holdings Inc. (JGS) down 6.5 percent), and PLDT (TEL) down 5.3 percent. The index breadth was negative, with 12 gainers versus 18 losers. The average daily turnover value was PHP 3.3 billion. Foreigners were net sellers by PHP 310.9 million.

WHAT TO EXPECT THIS WEEK

The PSEi is expected to trade sideways with a slight downward bias as investors await market catalysts including the Aug 2022 overseas Filipino remittances report as well as China’s 3Q 2022 Gross Domestic Product (GDP) release. Local fuel prices are also expected to increase by about PHP 2.70 to PHP 3.00 per liter of diesel, PHP 0.80 to PHP 1.10 per liter of gasoline, and PHP 2.70 to PHP 3.00 per liter of kerosene. At the same time, further volatility can be expected as investors take their cue from the US 2Q 2022 corporate earnings releases this week.

STOCK PICKS FOR THE WEEK

DMCI Holdings, Inc. (DMC) — BUY

Year-to-date, DMC’s share price is up by as much as 26 percent and is currently holding its uptrend despite challenging market conditions. Regarding fundamentals, D.M. Consunji Inc. (DMCI), the construction and infrastructure arm of DMC, partnered with Japanese tunnel contractor Nishimatsu Construction Co. Ltd., and bagged its first subway project valued at PHP 21.21 billion. DMCI’s first subway project should boost its order book and further improve its contribution to DMC’s earnings from its current 6-percent share. As of 1H22, DMCI had an order book of PHP 43.7 billion, largely comprised by its joint venture projects and has historically contributed 8 percent to DMC’s earnings pre-pandemic. Accumulating DMC at the nearest support area at PHP 9.6/PHP 9.7 is advisable. Set cut loss below PHP 9.2 and begin taking profits at PHP 11.0/PHP 11.5.

Eagle Cement Corp. (EAGLE) — SELL ON BREAKDOWN

San Miguel Corp. (SMC) announced the approval of its board of directors of the acquisition of 88.5-percent interest in EAGLE. The approved acquisition price for the share purchase agreement is at PHP 22.02/share. SMC will undertake a mandatory tender offer for the minority-owned shares of EAGLE once the Philippine Competition Commission approves the acquisition.

It is worth taking note that if more than 90 percent of EAGLE is tendered then a possible delisting may occur. Once the tender offer is completed and the SMC group acquires more than 90 percent of the total outstanding capital stock of EAGLE, the latter said that it will seek the approval of its shareholders to apply for the voluntary delisting of its shares.

Current holders may begin taking profits to avoid possible volatility ahead of the likely tender offer. We advise to begin taking profits. The next support levels are at PHP 18.50/PHP 16.00. Those more aggressive can take profits on the break below PHP 18.50.

Cemex Holdings Philippines, Inc. (CHP) — SELL ON BREAKDOWN

CHP formed a top triangle-top wedge in its daily chart, an intermediate-term bearish continuation pattern. The measured price target after CHP broke down is from PHP 0.45 to PHP 0.50 according to Technical Insight, our automated chart pattern recognition program. Lightening positions once CHP breaks below P0.62 is advisable. The next support level is at PHP 0.58.

PSEI TECHNICAL ANALYSIS

Resistance: 6,000

Support: 5,400 / 5,700

The market dropped last week, failing to sustain its rebound from the previous week. This makes the probability of the downtrend to resume unless the PSEi breaks and stays above 6,000. A break below 5,700 would likely result in the retest of 5,400.

TRADING PLAN

Continue setting stop limit orders. The next support level is at 5,700.

KEY DATA RELEASES

Monday, October 17, 2022
– Overseas Filipino cash remittances Year-on-Year for August 2022 (consensus estimate is at 3.0 percent; actual for July 2022 is 2.3 percent)

The curious acronym is pronounced “quib”. It means Qualified Individual Buyer or Qualified Investor Buyer. And if you are a high-net-worth individual, it may be a good idea to consider being accredited as a QIB by Metrobank.

Asked why being a QIB matters, Jennifer Tan, Metrobank Private Wealth Department Head, said, “If you qualify as a QIB, this means you are a more sophisticated and astute investor who possesses the knowledge and the means to invest prudently.”

That’s because being a QIB opens a world of investment opportunities.

If you are a QIB, you’ll be able to invest in almost everything available to investors globally.

Tan said the value of being a QIB becomes apparent when the investor, for example, realizes he couldn’t invest in, say, bonds issued by a bank in Korea, such as the Export-Import Bank of Korea, which is way bigger than banks here in the Philippines. (See our top picks for bonds on our bonds page.)

“If you see opportunities like that, you can go grab them, if you are QIB,” said Tan.

But just as important as the opportunities is the trusted advice of Metrobank’s experts and third-party research providers such as CreditSights, an award-winning global credit research firm owned by the Fitch Solutions Group. (Learn about CreditSights’ four lessons for 2022 here.)

How to become a QIB

There are two ways to become accredited as a QIB: have a net worth of at least PHP 30 million or stock-listed securities of at least PHP 10 million in market value. Proof of trading must also be presented, i.e., two to three buy and sell transactions a year.

The accreditation is done every three years and the QIB client must meet the criteria stated above and execute the required two to three buy and sell transactions annually.

“Managing your wealth can indeed be much easier when all the options for investments are available to you,” said Tan. “When you complement that with expert advice backed by extensive experience and rigorous research, you’ll have everything you need to make smart investment decisions.”

ANTHONY O. ALCANTARA is the editor-in-chief of Wealth Insights. He has over 20 years of experience in corporate communications and has a master’s degree in technology management from the University of the Philippines. When not at work, he goes out on epic adventures with his family, practices Aikido, and sings in a church choir. 

With yields rising to levels last seen in 2018, we think that it is an opportune time to reinstate positions in peso government securities. This recent cheapening has been driven by several factors.

First, inflationary pressures are proving to be stickier both in the global and domestic markets. As a result, central banks have embarked on a steeper trajectory of rate hikes than initially expected, and investors have adopted a more cautious strategy in anticipation of higher rates.

Second, the persistent weakening of the peso isn’t helping either. With a weaker local currency, peso bonds are becoming less attractive, especially to foreign investors. We think that there could be more room for the peso to weaken through 2023, and that the Bangko Sentral ng Pilipinas (BSP) may continue with their outsized rate hikes to help combat imported inflation.

These catalysts have all contributed to a sell-off and a weaker appetite for peso government securities.

However, we still see some opportunities, as buying demand from investors is expected to emerge at attractive levels that will keep peso yields supported. Here are our top picks and target yields:

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Economy 1 MIN READ

October 2022 Updates: Preparing for more challenges ahead

The Bangko Sentral ng Pilipinas (BSP) hiked rates in September following the aggressive policy rate action of the US Fed. Further peso depreciation and BSP rate hikes are expected.

October 11, 2022By Metrobank Research

The inflation print in September spiked to 6.9% due to second-round effects. Inflation is expected to remain elevated in the coming months, peaking in the fourth quarter. With the USD/PHP exchange rate hitting the PHP 59 level in early October, the local currency is anticipated to remain weak as the US Fed, at its meeting last month, signaled more aggressive rate action with no pivot until 2024. This may potentially push the BSP to further raise interest rates to lend support to the peso. Considering these new developments, we have revised our overnight rate and USD/PHP rate forecasts for 2022 and 2023 in the table below:

For more information on the performance and outlook for several macroeconomic indicators, as well as local and global macroeconomic news, please download the full report here.

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Equities 2 MIN READ

Stock Market Weekly: Trading this week with a downward bias

With the oil price hikes and the effects of the agricultural damage from Super Typhoon Karding, trading will likely have a downward bias this week. The grim mood in the US may also weigh on the local bourse.

October 11, 2022By First Metro Securities Research

WHAT HAPPENED LAST WEEK

After a volatile week, the Philippine Stock Exchange index (PSEi) rose by 3.33% week-on-week to close at 5,932.9 (up 191.83 points). The market traded higher at the beginning of the week as investors picked up bargains amid oversold conditions.

The benchmark index sustained the relief rally on Tuesday due to improved manufacturing activity while ending flat on Wednesday amid a higher inflation print in September. After the three-day climb, the market pulled back on profit-taking and the OPEC+ decision to cut oil output by up to 2 million barrels per day ahead of winter season, fanning inflationary fears and a recession.

The local bourse ended the week in the red ahead of the jobs report by the US, mirroring weaker Asian peers.

WHAT TO EXPECT THIS WEEK

This week, we expect investors to trade with a downward bias given the following: 1) the anticipated oil price hike by as much as PHP 5.80 – PHP 6.20/liter on diesel and PHP 1.00 – PHP 1.40/liter on gasoline, and 2) recession concerns amid a continued surge in inflation as food prices are expected to remain elevated due to the agricultural damage from Super Typhoon Karding (Noru).

On the international front, the stronger-than-expected September labor report in the US bolstered the potential for another aggressive interest rate hike to address inflation, exacerbating fears of recession next year.

In addition, investors will be closely monitoring the upcoming September 2022 US Consumer Price Index (CPI), which is expected to decline slightly below August 2022’s 8.3%.

STOCK PICKS FOR THE WEEK

* Ayala Corp. (AC) — BUY

* Wilcon Depot, Inc. (WLCON) — BUY

* Marcventures Holdings, Inc. (MARC) — SELL ON BREAKDOWN

PSEi TECHNICAL ANALYSIS

Resistance: 5,700

Support: 5,400

After dropping for four straight weeks, the PSEi has finally ended in the green. However, the market failed to stay above 6,000, indicating that the previous support is now the resistance. If the PSEi fails to break above 6,000 this week, the market will likely resume its downtrend and will be poised to retest 5,700.

Continue setting stop limit orders especially if the PSEi fails to break above 6,000 this week. The next support level is at 5,700.

KEY DATA RELEASES

1) Philippine exports year-on-year for August 22 on October 11, 2022, Tuesday (consensus estimate is 4.6%; actual for July 2022 is -4.2%)

2) Philippine imports year-on-year for August 2022 on October 11, 2022, Tuesday (consensus estimate is 20.8%; actual for July 2022 is 21.5%)

3) Overseas Filipino (OF) cash remittances year-on-year for August 2022 on October 14, 2022, Friday (consensus estimate is 3.2%; actual for July 2022 is 2.3%)

4) US CPI year-on-year for September 2022 on October 14, 2022, Friday (consensus estimate is 8.1%; actual for August 2022 is 8.3%)

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Fine Living 3 MIN READ

Helping employees become resilient

As we celebrate World Mental Health Day, let’s re-examine how we, as leaders, are helping those who look up to us to have the inner strength and confidence to fight their daily battles.

October 10, 2022By Judy Capili

As we come out of the global pandemic and economies start opening up, ensuring the mental health of employees remains a challenge for companies.

Unfortunately, no matter how hard we try, we cannot shield employees from the stresses of life and work. There will always be demanding customers. Tasks and projects will unsurprisingly pile up. Technology will not always be reliable. Alas, things, without doubt, can and will go wrong from time to time.

In the face of setbacks and difficulties, how can organizations help employees build inner strength and resilience? As important, as leaders, how can we ourselves bounce back from adversity instead of burning out and breaking down?

Psychologist and author Dr. Rick Hanson says that the key to resilience is to develop the ability to turn passing experiences into lasting inner resources and to hard-wire these into our brains. Drawing from the concept of neuroplasticity, one can change the brain, as if it were a muscle, and lead it toward calm, grit, and courage, which are hallmarks of resilience.

As human beings, our evolutionary brains are programmed to seek out three basic needs: safety, resources, and connection. According to Dr. Hanson, if we can develop the inner strength that matches these three needs, we can become more resilient. Here are some ways you and your employees can cultivate inner mental resources for resilience.

Safety

• Train leaders to establish a psychologically safe work environment where team members can speak their minds and treat each other with respect and dignity.
• When faced with threats, help teams find emotional balance and calm by avoiding blaming, panic, and harshness.
• Install an ethics hotline to protect employees and allow them to stand up to wrongdoing.

Resources

• Provide information and learning opportunities on mental health and resilience.
• Ensure that employees have the tools and equipment they need. Having the right resources can give them the confidence and courage to solve problems and navigate gnarly situations.
• Communicate benefits often so employees can appreciate and feel good about what they enjoy as part of the team.

Connection

• Explore team enhancement and social responsibility programs where employees can connect with each other and the community at large.
• Establish a peer-to-peer coaching initiative to support employees with a lifeline when they are in distress.
• Celebrate team successes with simple and meaningful get-togethers and events.

When employees feel safe, resourced, and connected, they can develop their inner strength and become more resilient when times get tough.

They say that wise parents do not prepare the path for the child, but prepare the child for the path. Similarly, our role as leaders is not to perpetually protect our people from hard times but to ensure that they have the confidence and capacity to fight their own personal battles.

JUDY CAPILI is the HR Business Partner Lead for Financial Markets and Institutional Banking. She is a Certified Mindfulness Teacher (CMT-P) accredited by the International Mindfulness Teachers Association (IMTA), having completed her teacher training from the Engaged Mindfulness Institute (EMI). She leads Metrobank’s weekly Mindful Moments, a 30-minute drop-in meditation and reflection session for employees who need to de-stress over their lunch period.

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Rates & Bonds 1 MIN READ

Metrobank starts offer of minimum PHP 10 billion, 5% fixed rate bonds

From October 6 to 19, Metrobank will be offering its fixed rate bonds with a tenor of one and a half years, with a minimum investment amount of PHP 500,000 and additional increments of PHP 100,000.

October 7, 2022By Metrobank

Metropolitan Bank & Trust Company recently announced the offering of peso-denominated SEC registration-exempt fixed-rate bonds in an aggregate principal of PHP 10 billion, with an option to upsize.

The bonds will have a tenor of one and a half years and an interest rate of 5.0% p.a., payable quarterly, with the minimum investment amount at PHP 500,000 and in additional increments of PHP 100,000. The offer period will run from October 6 to 19, 2022.

The bonds are intended to be issued and listed on the Philippine Dealing Exchange on October 28, 2022.

Proceeds will be used for general working capital needs.

First Metro Investment Corporation (FMIC), ING Bank N.V., Manila Branch (ING), and Standard Chartered Bank (SCB) are the joint lead managers and joint bookrunners of the offer. Metrobank, together with FMIC, ING, and SCB, are the selling agents of this issuance.

The issuance is part of Metrobank’s increased PHP 200.0-billion Bond and Commercial Paper Program, as approved by its board of directors last December 15, 2021.

Interested investors may visit any Metrobank branch or contact any of the Selling Agents.

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