Emilio Aquino, the chairperson of SEC, said on his press statement that the Philippine capital market is expected to make a strong recovery from the pandemic’s devastating aftermath to the country’s economy.
As coronavirus continues to hammer down the Philippine economy, the investing public’s steady support to the corporate sector signals a speedy recovery for the Philippine capital market, according to Chairperson Aquino.
Based on Aquino’s statements, the recent public offerings have shown a positive tone of how the capital market can bounce back. He said it indicates continued trust of the investing public in the “strength and resilience of the corporate sector and the economy as a whole.”
“The recent decline and the lingering uncertainty brought about by the COVID-19 pandemic in the stock market under the Philippine Stock Exchange, Inc. (PSE) and the bond market under the Philippine Dealing and Exchange Corporation (PDEx) have failed to keep companies from tapping the capital market.”
The local benchmark, however, was down to 2.46% to 5,520.83 as of April 8, which was the last trading event before the holidays (holy week).
Public offerings have been successful for the Philippine capital market despite the shaky situation the COVID-19 crisis brought, according to SEC Chairperson Emilio Aquino.
Some of the recent public offerings were made by SM Prime Holdings Inc., Bank of the Philippine Islands (BPI), Rizal Commercial Banking Corporation (RCBC), and the Aboitiz Power Corporation.
Conglomerates like the SM Prime Holdings Inc. has successfully issued bonds amounted to PHP15 billion [US$296 billion] last March 25. The public offering, which runs from March 2 to 13, is comprised of five to seven years’ bond with an annual interest of 4.8643% and 5.0583%, respectively.
The Bank of the Philippine Islands (BPI) has also announced the issuance of PHP33.9 billion worth of bonds on March 27. The said offer comes with an annual interest rate of 4.05% and a tenor of 1.5 years.
The RCBC Bank, on the one hand, has raised PHP7.05 billion worth of bonds last April 7.
Meanwhile, SEC noted that the power generation and distribution company Aboitiz Power is looking forward to issuing PHP30 billion worth of fixed-rate bonds as its fourth tranche under shelf registration with SEC. The company plans to issue PHP9.55 billion worth of retail bonds within the current quarter or the next.
Featured image courtesy of Business World
The software developers for Dogecoin -- the meme-inspired undertaking that has become a $6 billion-plus…
Prince Harry and Meghan Markle previously published photos of Princess Diana and Doria Ragland on…