PAL Mabuhay Miles: Invest Your Way to Your Dream Destination

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PROMO MECHANICS The promo will run from March 1, 2018 to December 31, 2018. Only new accounts opened (from existing or new clients of FAMI) and investments made within the promo period are qualified. Interested Promo participants should first open an account through the FAMI website and indicate Mabuhay Miles as the referrer to qualify Once the account is open,... Read More

Weekly Fixed Income Summary : December 3 – December 7, 2018

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Trade War Worsens Outlook. A total of Php53bn auctioned off via tap facility since November 22 amid robust demand for long-term bonds. Although this has been advantageous for the BTr instead of shorter-termed RTBs, a lot of new positions that were built under the impression that the government were through borrowing for the year in December were burned. Gross borrowing... Read More

Weekly Equities Summary and Outlook : December 3 – December 7, 2018

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Equities Outlook Outlook. The PSEi is in a correction mode, testing the support of 7,200, as the market has fully digested improving outlook on slowing inflation, steady peso and easing crude prices. The correction is triggered by mounting fears of a global economic slowdown after China’s external trade data for November missed consensus by a hefty margin (exports +5.4% vs... Read More

Weekly Fixed Income Summary : November 26 – November 29, 2018

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Yield Curve Downshift Outlook. The Bangko Sentral ng Pilipinas (BSP) expects November inflation to settle within 5.8%-6.6%, starkly lower than October’s 6.7% due to the sharp decline in global oil prices, normalization of rice supply conditions, and peso appreciation. Since its peak its peak last October, global oil prices have gone down by as much as 33% while local gasoline... Read More

Weekly Equities Summary and Outlook : November 26 – November 30, 2018

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Equities Outlook Outlook. The 7,400 level may become PSEi’s new support amid optimism following the US-China trade war truce that will temporarily suspend the implementation of higher tariffs on $200bn worth of Chinese exports originally scheduled on Jan. 1, 2019, which helps ease concerns over slowing global growth. On the domestic front, investors await the release of the November inflation... Read More

The Market Call | November 2018

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Macroeconomy Sustained by durable equipment and construction investments and a modest rebound in exports, we see a faster GDP growth of 6.6% in Q4, accelerating further in 2019. Higher dollar remittances in Q4 should likewise support consumption and should somehow buffer the contractionary spending effect of inflation, unless the Bangko Sentral ng Pilipinas (BSP) allows significant appreciation of the peso.... Read More

Weekly Equities Summary and Outlook : November 19 – November 23, 2018

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Equities Outlook Outlook. The PSEi may sustain its upward trajectory amid improving domestic sentiment over slowing inflation and stronger peso. Bangko Sentral ng Pilipinas (BSP) and central banks in emerging markets (EMs) have done their share of rate hiking aimed at curbing inflation and bridging interest rate differential vs US benchmark will help ease pressure on currency. Dollar’s weakness amid... Read More

Weekly Fixed Income Summary : November 19 – November 23, 2018

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Hike Pause Outlook. We believe that the BSP is done hiking for the year especially with the Fed’s recent dovish tone and the expected easing of local inflation for the rest of the year and in 2019.The central bank’s most recent 25bps last week brought the policy rate (RRP) to 4.75% and the total hike to 175bps this year and... Read More

Economic Update: Growth Moderates

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Growth Moderates. Philippine gross domestic product (GDP) in the third quarter of 2018 (3Q18) expanded by 6.1% year-on-year (y/y), in-line with our (house view) estimate, albeit slightly behind the upwardly revised 2Q18 GDP print and consensus of 6.2%. Growth was lifted by robust government spending and investments, but was partly offset by weaker household consumption and manufacturing, and shrinking agriculture.... Read More

Weekly Fixed Income Summary : November 12 – November 16, 2018

Weekly-Fixed-Income-Summary-and-Outlook
Dovish Fed? Outlook. The Bangko Sentral ng Pilipinas (BSP) hiked rates by another 25bps last week, a move that was widely expected and brought the policy rate (RRP) to 4.75% and the total hike to 175bps this year. Though inflation was believed to have peaked in the third quarter this year, the hike was deemed a proactive move to stump... Read More