NEW YORK – Jamie Dimon, JPMorgan Chase & Co. chief executive, said on Monday at a conference that cryptocurrencies will be regulated by governments and that he personally thinks bitcoin is “worthless.”
“No matter what anyone thinks about it, government is going to regulate it. They are going to regulate it for (anti-money laundering) purposes, for (Bank Secrecy Act) purposes, for tax,” Dimon said, referring to banking regulations in a conversation held virtually by the Institute of International Finance.
Dimon, head of the largest U.S. bank, has been a vocal critic of the digital currency, once calling it a fraud and then later saying he regretted the statement.
This summer, JPMorgan gave wealth management clients access to cryptocurrency funds, meaning the bank’s financial advisers can accept buy and sell orders from clients for five cryptocurrency products.
Stating that his views are different from those of the bank and its board, Dimon said he remains skeptical.
“I personally think that bitcoin is worthless,” Dimon said. “I don’t think you should smoke cigarettes either.”
“Our clients are adults. They disagree. If they want to have access to buy or sell bitcoin – we can’t custody it – but we can give them legitimate, as clean as possible access.” — Reuters
Out, out and away! — for Superman on National Coming Out Day.
Jon Kent, the son of original Superman Clark Kent and journalist Lois Lane, turns out to be bisexual in DC Comics’ latest iteration of the superhero’s adventures.
The young man kisses reporter Jay Nakamura in issue five of the comic book Superman: Son of Kal-El, which will be released on Nov. 9.
“It’s not a gimmick,” the writer, Tom Taylor, said in an interview from Melbourne, Australia, wearing a T-shirt with a rainbow-striped Superman logo.
“When I was offered this job, I thought, ‘Well, if we’re going to have a new Superman for the DC Universe, it feels like a missed opportunity to have another straight white savior,” he said.
National Coming Out Day is observed on Oct. 11 to support lesbian, gay, bisexual, and transgender people.
“We didn’t want this to be ‘DC Comics creates new queer Superman,’” Mr. Taylor said. “We want this to be ‘Superman finds himself, becomes Superman and then comes out,’ and I think that’s a really important distinction there.”
Reactions have been mostly positive, Mr. Taylor said.
“I’m seeing tweets of people saying they burst into tears when they read the news, that they wished that Superman was this when they were growing up, that they could see themselves,” he added.
“People are saying for the first time ever they’re seeing themselves in Superman — something they never thought was possible.”
Jon Kent cares about climate crisis and refugees.
“He is as powerful as hope, faster than fate and able to lift us all and he’s a very new hero finding his way, fighting things his father didn’t as much,” Mr. Taylor said, who wants this to be the new normal.
“I hope this isn’t a headline in a few years time. I hope this isn’t trending on Twitter. I hope this just something about a person and good rep for everybody that that represents.” — Rollo Ross/Reuters
SMFI KSK farmers set up their urban farm space where they will practice the various sustainable agriculture techniques that they will learn from the program.
The future of food security lies greatly on sustainable agriculture. It is a given that practicing sustainable agriculture in the urban areas comes a bit harder compared in the rural zones because of the availability of land for farming.
While it is true that a healthy, spacious land plays a vital role in attaining sustainable agriculture, our urban dwellers need not to worry as various farming techniques and innovations are currently available to augment their resources in farming.
It is in this light that the SM Prime Holdings (SMPH), through SM Foundation (SMFI), recently mobilized its efforts to bring the SMFI’s Kabalikat Sa Kabuhayan (KSK) on Sustainable Agriculture program to 50 Pasay City residents.
The said beneficiaries are mostly made up of members of the Pantawid Pamilyang Pilipino Program (4Ps) in Pasay City. The KSK program aims to equip farmer-participants with knowledge and skills on modern urban farming techniques that will allow them to bring food on their tables and eventually, enable them to establish their own agri-enterprises.
SMFI KSK farmers set up their urban farm space where they will practice the various sustainable agriculture techniques that they will learn from the program.
Aside from the agri training, the trainees will also be assisted in creating markets through various SM Business Units and government agencies.
This effort was also made possible through a sustained social good collaboration with the City Government of Pasay, Technical Education and Skills Development Authority (TESDA), Department of Agriculture (DA), Department of Social Welfare and Development (DSWD), and the Department of Trade and Industry (DTI).
Growing together with its host communities
Speaking before the farmer-participants and representatives of its partner organizations through a virtual platform, SMFI Trustee Engr. Ramon Gil Macapagal underscored the Foundation’s goal and ambition for its host communities: “Palagi naming inaasam sa SM Foundation ang ganitong panahon na aming maisusulong sa ating komunidad ang isang programang gaya nito pong KSK. Kami ay may ambisyon na tayo ay umunlad sa pamamagitan ng ating likas kaya na pamamaraan.”
Mr. Macapagal also highlighted how SM sees the significance of growing the business together with its host communities, “Ang gusto po natin ay tayo ay lumago na kung saan ang SM ay makapagdaragdag ng benepisyo sa ating lipunan. Gusto po naming lumago sa pamamaraan na ang ating bansa ay makapagpo-produce ng mga mamamayan na handa sa kanilang mga haharapin sa buhay.”
SMFI KSK farmers set up their urban farm space where they will practice the various sustainable agriculture techniques that they will learn from the program.
He further explained that aside from the KSK program, SM through its corporate social arm — SM Foundation — reaches its host communities by its social good programs focused on education, health and wellness, and disaster response.
Corporate Social Responsibility (CSR) like those implemented by SM Foundation is becoming increasingly relevant as an inclusive development tool for businesses, especially in areas where they operate or “host communities.”
For companies such as SM, being a responsible corporate citizen is the bedrock of the strong relationship that they sustain with their host communities. And to achieve this, the company maintains constant community dialogues. They also work collaboratively with communities and stakeholder leaders over the life of their social good projects.
“Kami ay lubos na nagpapasalamat sa pagkakataong ibinigay sa amin para dalhin ang programang ito sa Pasay. Nawa’y makapagdulot ito, hindi lamang ng pagkain sa hapag- kainan ng bawat residente ng Pasay kundi pati karagdagang kabuhayan. Makakaasa kayo na patuloy kaming makikipagtulungansa inyong lokal na pamahalaan upang makamit natin ang kaunlaran,” Mr. Macapagal concluded.
The KSK program complements Pasay City’s Urban Farm tourism program that intends to promote a clean and green Pasay City through various urban farming methods like vertical and plastic container gardening by showcasing successful “greening” projects at the barangay level.
SM’s Kabalikat Sa Kabuhayan (KSK) Farmers’ Training Program aims to bring modern and sustainable farming skills in both rural and urban communities to help farmers have food on their table and have potential economic opportunities. To date, the program has trained more than 28,100 farmers from more than 900 cities/municipalities nationwide.
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THE COUNTRY’S exports and imports of goods continue to post double-digit expansion in August, the Philippine Statistics Authority (PSA) reported this morning.
Preliminary PSA trade data showed the value of merchandise exports went up by 17.6% year on year to $6.47 billion. The August result marked a turnaround from the 12.7% drop posted in the same month last year and was faster than the revised 13.8% growth in July 2021.
Meanwhile, merchandise imports grew by 30.8% to $10.04 billion in August, inching up from the revised 29.5% year-on-year expansion recorded in the previous month. This was also a reversal from August 2020’s 17.5% decline.
The export and import figures in August brought the country’s trade balance to $3.58-billion deficit, wider than the $2.18-billion gap recorded in the same month last year, but narrower than the revised $3.66-billion deficit posted the previous month.
Year to date, the trade gap reached $25.25 billion, from a $15.69-billion shortfall in 2020’s comparable eight months.
For the same eight-month period, exports and imports grew by an annual 19.6% (to $48.93 billion) and 31.1% (to $74.18 billion), respectively. These continue to surpass the Development Budget Coordination Committee’s targets for exports and imports at 10% and 12% for the year, respectively. — Ana Olivia A. Tirona
Analysts are hopeful that foreign direct investment inflows will improve in the next few months as the pandemic subsides. — PHILIPPINE STAR/ MIGUEL DE GUZMAN
By Luz Wendy T. Noble, Reporter
FOREIGN DIRECT investments (FDIs) jumped to its highest level in 19 months in July when investors turned optimistic as the domestic and global economy appeared to have shown signs of recovery.
FDI net inflows climbed by 52% to $1.263 billion in July from $831 million a year earlier, based on data released by the Bangko Sentral ng Pilipinas (BSP) on Monday. This is also 52% higher than the $833 million inflows seen in June.
The July FDI inflows were the highest in 19 months or since the $1.36 billion in December 2019.
In the first seven months of 2021, FDI inflows increased by 43.1% to $5.562 billion from the $3.885 billion in the same period of 2020.
“The overall improvement in real sector activity compared to last year, both in the Philippines and globally contributed to the rebound in direct investment flows,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail.
In July, the government loosened lockdown restrictions in the Philippine capital while other Southeast Asian countries experienced a Delta-driven surge in coronavirus disease 2019 (COVID-19) cases. As infections spiked, Metro Manila was placed under the strictest form of lockdown for two weeks in August.
UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the July inflows reflected investor sentiment before the latest surge in COVID-19 cases.
“I think July was the last month that restrictions were low and the external environment were still largely positive before the Delta variant risk became full blown,” Mr. Asuncion said.
Central bank data attributed the rise in FDI net inflows in July to the 61% jump in non-residents’ net investments in debt instruments to $1.074 billion from $667 million a year earlier.
Equity and investment fund shares likewise grew by 15.2% to $189 million from $164 million in the same month last year.
In July, reinvestment of earnings surged by 87.1% to $155 million from $83 million a year ago.
“The fact that three categories of direct investments showed growth bodes well for the economy,” Mr. Mapa said.
On the other hand, equity inflows dropped by 58.3% year on year to $34 million. This, as placements inched up 2.4% to $91 million, while withdrawals plummeted more than seven times to $57 million.
Analysts are hopeful that FDI inflows may be better in the coming months if the COVID-19 situation continues to improve both in the Philippines and abroad.
“I do expect prospects towards the end of 2021 and the first quarter of 2022 to be better compared to previous months. I wouldn’t be surprised if we get better numbers moving forward,” Mr. Asuncion said.
Mr. Mapa said continued rebound in FDI inflows will help to support the economy’s recovery.
The BSP last month lowered its full-year projection for FDI net inflows to $7 billion, from $7.5 billion previously.
The Philippines remains one of the least attractive destinations for foreign direct investment in the Asia Pacific region due to its poor infrastructure. — PHILIPPINE STAR/ MICHAEL VARCAS
By Jenina P. Ibañez, Reporter
THE PHILIPPINES is one of the least attractive destinations for foreign direct investment (FDI) in the Asia-Pacific as the country continues to have poor infrastructure and business environments, Oxford Economics said.
The think tank in a brief released on Monday said the country ranked 13th out of 14 Asia-Pacific (APAC) economies in its FDI attractiveness scorecard, ahead only of Taiwan.
Oxford Economics said the poor ranking adds weight to its forecast that the Philippines will experience deep economic scarring from the coronavirus pandemic.
Under the scorecard, the Philippines had negative scores under the categories of infrastructure and logistics; political and business climate; and market size and potential.
Oxford Economics said the country ranked low in terms of quality of infrastructure and performed worse than its neighboring economies in the 2020 World Bank Ease of Doing Business report.
The Philippines ranked 95th place among 190 economies in the World Bank report that has since been discontinued.
In contrast, the country had positive scores in export structure and labor dynamics.
“Indonesia and the Philippines both score high in terms of their labor dynamics,” Oxford Economics said.
“Ongoing urbanization and a relatively young workforce mean that over the next decade we expect the labor supply in these two economies to rise by 25 million. We also forecast their average annual earnings to be around a third lower than in China in 2029,” it added.
Oxford Economics also noted the country’s efforts to lower the corporate tax rate and its plans to ease mandatory local employment for foreign investors.
John Forbes, senior advisor at the American Chamber of Commerce of the Philippines, said this is one of many similar reports in recent years that show the Philippines lagging in terms of attracting FDI in the region.
However, Mr. Forbes noted that Oxford Economics’ projection that infrastructure spending as a percentage of GDP for Vietnam by 2025 will be at five times the Philippine rate is “hard to believe.”
“And the report does not account for the biggest FDI success of the Philippines in (business process outsourcing) service exports, second in Asia only to India,” he said.
The American Chamber is one of several foreign groups that support amendments to the Public Service Act (PSA), which could change the definition of public utilities to allow more foreign investment in telecommunications and transport.
Economies topping the Oxford Economics FDI attractiveness scorecard are China, Vietnam, and Malaysia.
“We believe prospects for FDI inflows into APAC over the medium term remain strong, even though pandemic-driven supply disruptions and uncertainties over the pace of recovery may see some firms rethink their supply chains,” Oxford Economics said.
“We expect China to remain the top destination for FDI given its rapidly growing domestic market. And as supply chains continue to adjust to higher labor costs in China and trade protectionism, we anticipate Southeast Asia, notably Vietnam, to be the key beneficiary. The region is well established in global supply chains, and its labor dynamics and openness to trade and FDI remain very favorable.”
Oxford Economics in July warned that the Philippine economy faces deep scarring from the pandemic, estimating that the country’s projected gross domestic product (GDP) in 2025 will still be 8.4% lower than its pre-pandemic forecasts.
Economic managers expect GDP to grow by 4-5% this year and by 7-9% in 2022, after a record 9.6% contraction in 2020.
CAR AND TRUCK manufacturers reported a 12% year-on-year decline in sales in September. — PHILIPPINE STAR/ MICHAEL VARCAS
VEHICLE SALES dropped 12% year on year in September, although month-on-month sales showed an improvement as lockdown restrictions eased in the Philippine capital, industry data showed.
A joint report from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed 21,493 vehicles were sold in September, 12.4% down from the 24,523 sold in the same month a year ago.
September sales, however, increased by 35.6% from the 15,847 vehicles sold in August, thanks to double-digit sales growth in passenger cars and commercial vehicles.
The government last month eased quarantine restrictions in Metro Manila and shifted to a new alert system with granular lockdowns to allow more sectors of the economy to reopen.
CAMPI President Rommel R. Gutierrez said in a statement the double-digit month-on-month growth will help the industry reach its 20.9% sales growth target this year. The industry is aiming to sell 295,400 units, a fifth higher than the 244,274 units sold in 2020.
For the first nine months, vehicle sales jumped by 29.5% to 191,605 from 148,012 during the same period in 2020, as the government implemented looser quarantine restrictions this year.
“Amidst the challenges, the industry’s optimism still lingers for a better sales performance in the fourth quarter this year. This is driven by the overall improved consumer confidence resulting from a more buoyant economic condition and household spending, according to the recent government data,” Mr. Gutierrez said.
In September, passenger car sales declined by an 23% year on year to 6,580. Year to date, passenger car sales surged by 38.3% to 60,982.
Commercial vehicle sales slipped by 6.6% to 14,913 in September, but its nine-month sales tally rose by 25.7% to 130,623.
Toyota Motors Philippines Corp. remained the sales leader this year with 92,318 vehicles sold in the first nine months of the year, accounting for 48% of the market.
Mitsubishi Motors Corp. currently has a 14% market share, followed by Ford Motor Co. Phils. Inc. (7.67%), Suzuki Philippines, Inc. (7.54%) and Nissan Philippines, Inc. (6.9%).
Earlier in the year, Mr. Gutierrez estimated that the car industry may see a return to pre-pandemic sales level as late as 2023. — R.M.D.Ochave
CORONAVIRUS DISEASE 2019 (COVID-19) vaccine booster shots could be available next year as the Finance department aims to secure the supply under a loan financing program before the end of the year.
Finance Undersecretary Mark Dennis Y.C. Joven at a briefing on Friday said that the government will purchase this year the COVID-19 booster doses that will be distributed in 2022.
The government allotted P45 billion for booster shots under the proposed 2022 national budget, even though Health officials have yet to decide if there is a need for a third COVID-19 shot.
The Department of Finance (DoF) recently said the government is in talks with World Bank, Asian Development Bank (ADB), and Asian Infrastructure Investment Bank (AIIB) for $900 million (P45.6 billion) worth of loans for additional COVID-19 vaccines.
Mr. Joven said the ADB and AIIB deals could be signed before the year ends, while the World Bank deal could be inked by December or early January. In the meantime, the government could still use the balance from the original agreement with the World Bank, he added.
“The objective here is to have a seamless delivery of vaccines, so starting from January 1, 2022, we will draw from the new supply agreements already,” he said.
The government earlier this year renegotiated its loans with the World Bank and ADB so it could fund advance payments for its COVID-19 vaccine deals. Multilateral lender-funded projects are exempt from the advance payment limits set by the country’s procurement law.
This time, Mr. Joven said the department will request that the original National Economic and Development Authority (NEDA) approval for the Philippine COVID-19 Emergency Response Project be amended so that the new loans are treated as additional financing for the same project.
Finance Secretary Carlos G. Dominguez III at the same briefing said that booster shots should be subsidized for the entire population in the long term.
“(Booster shots are) an investment, really, in people’s health. And without that, I don’t think the economy can safely open,” he said.
“I cannot say beyond 2022, but I’m sure that the succeeding administration will keep that in mind that these vaccines are really insurance. It’s really a necessary input now into the economy.”
He noted that other COVID-19 medical responses such as drugs that lessen hospitalization risks are being developed.
“I’m not predicting that it’s only going to be vaccines, because I think the technology will develop and as shown the prices will go down. The prices of vaccines, as the manufacturing gets more and more efficient, is certainly going to drop.” — Jenina P. Ibañez
MACROASIA Corp.’s board of directors approved the retirement of Joseph T. Chua as president and chief operating officer in a special meeting held on Oct. 8 and appointed Eduardo Luis T. Luy, former treasurer, to take his place.
“The board has thanked [Mr. Chua] for growing the corporation over the years, from a small business making only two million pesos to a company that makes more than a billion pesos of profit before the pandemic hit,” MacroAsia told the exchange on Monday.
Johnip G. Cua, the company’s audit committee chairman, lauded him “for managing the corporation with integrity, with clean audit findings from our external auditors year after year.” Mr. Chua has been a member of MacroAsia’s board of directors for 24 years since August 1997.
Mr. Chua’s retirement comes after a notice was published on the Philippine Daily Inquirer’s Oct. 6 issue distancing the Tan family and their businesses from Mr. Chua, saying he “has no authority to represent Dr. Lucio C. Tan, the Tan Family, and Lucio Tan Group of Companies.”
“Any prior authority or representation given to Mr. Joseph Chua are deemed void and/or revoked,” the notice read.
Mr. Tan sits as the chairman of the board and is the chief executive officer of MacroAsia.
Replacing Mr. Chua is Mr. Luy, who has been a company director and its treasurer since Dec. 12, 2019. Mr. Luy will also be joining MacroAsia’s risk management committee and its investment committee.
Mr. Luy holds a Master of Business Administration degree from the Asian Institute of Management and has a Bachelor of Science degree in Business Administration from the University of the Philippines Diliman.
Meanwhile, Kyle Ellis C. Tan was elected director, and takes Mr. Luy’s post as treasurer. He will also be joining the board’s mining committee to replace Mr. Chua.
Changes were deemed effective on Oct. 8.
MacroAsia offers services in aviation-support businesses, such as aircraft maintenance, repairs and overhaul services, in-flight catering services, among others.
On Monday, shares of MacroAsia at the stock exchange went up by 1.83% or nine centavos to close at P5.02 apiece. — Keren Concepcion G. Valmonte
THE new assets of the company’s first real estate investment trust (REIT), AREIT, Inc., got from the property-for-share swap with sponsor company Ayala Land, Inc. (ALI) are expected to contribute to AREIT’s income beginning fourth quarter this year.
AREIT said both companies amended the deed of exchange on Oct. 7 so that the income from the new assets may be recognized beginning Oct. 1, instead of Nov. 1.
“The new assets are expected to contribute significantly to earnings in the succeeding periods, thereby increasing the potential dividend per share for AREIT shareholders,” AREIT said in a statement on Monday.
AREIT received the go signal from the Securities and Exchange Commission (SEC) on Oct. 8 for the subscription of ALI and its subsidiaries, namely Westview Commercial Ventures Corp. and Glensworth Development, Inc., to 483,254,375 AREIT shares.
This is in exchange for identified commercial properties valued at P15.46 billion.
The Ayala-led REIT unit declared its third-quarter dividends earlier than usual last Sept. 22 at 44 centavos per share for stockholders as of Oct. 6 “to provide shareholders with an equitable share in the company’s performance for the whole third quarter, prior to the increase in its common shares in exchange for the new assets.”
AREIT also received approval from the SEC to increase the number of its directors to eight from seven, marking effective the election of Mariana Zobel de Ayala as a member as a member of AREIT’s board of directors.
“The SEC likewise approved the amendment of various sections of the By-Laws to align with the Revised Corporation Code and recognized good corporate governance practices, and to digitalize certain governance processes,” AREIT said.
The regulator also approved the increase of the company’s authorized capital stock to P29.5 billion from P11.74 billion.
The company’s outstanding common shares went up to 1,508,910,810 from 1,025,656,435. ALI owns 66% of the total shares, while the company remains compliant with the prescribed minimum public ownership requirements.
“The company will apply for the issuance of the Certificate Authorizing Registration for the new assets from the Bureau of Internal Revenue and the listing of the shares in favor of ALI and the subsidiaries within the year,” AREIT said.
The transaction bumps AREIT’s gross leasable area to 549,000 square meters (sq.m.) from 344,000 sq.m.
“At the closing price of P39.80 on Oct. 8, the company’s total market capitalization is P60 billion from P27 billion during its IPO (initial public offering) last year,” AREIT said.
AREIT shares at the stock exchange closed higher by 0.50% or 20 centavos on Monday to finish at P40 apiece, while ALI stocks rose 6.35% or P2.15 to close at P36 each. — Keren Concepcion G. Valmonte
CEBU Landmasters, Inc. has eight satellite sales offices located across the Visayas and Mindanao region. — COMPANY HANDOUT
CEBU Landmasters, Inc. (CLI) anticipates a “strong recovery” for the property market in the Visayas-Mindanao (VisMin) region after logging a record P11.8 billion in reservation sales in the first nine months of the year.
“Demand for mid and economic homes in VisMin continues to be strong despite the extended economic effects of the pandemic and we are optimistic take-up will further improve as recovery takes place,” CLI President and Chief Executive Officer Jose R. Soberano III said in a statement on Monday.
The company said it is expecting to exceed its sales target set for the year after reservation sales hit P11.8 billion in the first nine months of 2021, 13% up from P10.5 billion year on year.
CLI’s economic housing brand, Casa Mira, accounted for 50% of the sales, while its Garden Series for the mid-market segment took up 33%. The high-end brand, Premier Masters, accounted for 17% of the sales.
The developer said most of the seven projects launched during the nine-month period are nearly sold out.
CLI now has eight satellite sales offices located across the Visayas and Mindanao region to complement its online sales platform, where clients can check out virtual tours of its projects.
“We see our sales momentum further picking up speed in the fourth quarter as we launch more residential projects in VisMin for our buyers who are predominantly end-users,” Mr. Soberano said.
CLI is planning to expand its township developments, one of which is the P20-billion Ming-Mori Techno Business Park in Minglanilla, Cebu. The 100-hectare project just received a notice to proceed from the Philippine Reclamation Authority.
The bidding and the awarding of contracts for the Ming-Mori project is slated for the last quarter of the year, while actual reclamation may begin by the first quarter of 2022.
CLI is also working on a 14.4-hectare university township Manresa Town in Cagayan de Oro, located near Xavier University’s Masterson Campus. The company’s 22-hectare Davao Global Township is also nearly completed.
“We continue to pursue projects in anticipation of VisMin’s strong recovery and opportunities to move this region forward,” said Mr. Soberano.
CLI said it is looking to acquire more land as well as work on estate development projects. Majority or 38% of the company’s projects are located in Cebu, 21% are in Iloilo, 17% in Cagayan de Oro, and the balance comes from its projects in Bacolod, Bohol, Davao, Dumaguete, and Ormoc. — Keren Concepcion G. Valmonte
PETRON Corp. has concluded the sale of its fixed-rate bonds worth P18 billion, the country’s largest oil company said in a regulatory filing on Monday.
“The company hereby notifies the commission of the completion of the offer on Oct. 5, 2021,” the Ramon S. Ang-led firm said, referring to its first tranche of securities under its P50-billion shelf registration with the Securities and Exchange Commission (SEC).
Petron was able to successfully sell its Series E bonds due 2025 and Series F bonds maturing in 2027.
Its Series E bonds sold to retail investors reached P8.76 billion, while those sold to institutional investors stood at P241 million, company data show.
Meanwhile, Series F bonds purchased by retail financers hit P8.44 billion, while institutional investors bought P560.6 million.
The commission previously said Petron expected to raise P17.78 billion from the first tranche of the company’s shelf offering.
“Proceeds will be used for the redemption of its Series A bonds, for the partial financing of its power plant project, and for the payment of existing debt,” the SEC said in a statement on Sept. 24.
On Monday, Petron also said it began sending out notices of redemption to stockholders who wish to redeem its Series 2B preferred shares issued in 2014. The redemption price is set at P1,000 apiece.
The redemption period will begin on Nov. 3, 2021.
Petron shares at the local bourse improved 4.72% or 16 centavos to finish at P3.55 apiece on Monday. — Angelica Y. Yang
