Inquirer
Firms defer debt issues due to COVID-19
Major Philippine corporations, including San Miguel Corp. and BDO Unibank, have postponed their significant fundraising activities due to the economic uncertainty caused by the COVID-19 pandemic and the enhanced community quarantine in Luzon.
San Miguel Corporation has decided to defer its application to raise P60 billion through commercial paper offerings until market conditions stabilize.
This decision by San Miguel Corporation is influenced by the ongoing COVID-19 outbreak and the stringent distancing measures implemented across Luzon.
BDO Unibank, the largest bank in the Philippines, has also postponed a P5-billion bond offering, citing the quarantine measures in Metro Manila and the rest of Luzon.
The deferral by BDO Unibank is intended to allow investors time to re-evaluate their investment and liquidity requirements amidst the potential short-term business disruptions caused by the lockdown.
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