SEC confident PH capital market will recover

The Securities and Exchange Commission (SEC) is confident that the Philippine capital market will make a strong recovery from the impact of the COVID-19 pandemic, citing continued strong support from the investing public.

Despite market uncertainties and the enhanced community quarantine over Luzon, companies like Aboitiz Power Corporation, Bank of the Philippine Islands (BPI), SM Prime Holdings, Inc., and Rizal Commercial Banking Corp. (RCBC) have successfully tapped the capital market for funding.

BPI, SM Prime Holdings, and RCBC recently made public offerings, with BPI's bond issuance being upsized significantly due to strong investor demand, and RCBC's offering being oversubscribed twice.

SEC Chairperson Emilio B. Aquino stated that these successful fundraising activities, along with government reinforcements, indicate the investing public's confidence in the corporate sector, capital market, and economy.

As of April 8, 2020, the local benchmark index was down 2.46% to 5,510.83.

However, the Philippine peso closed at P50.585:$1 on the same day, marking an appreciation of 9.5 centavos.