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Morning Huddle
Daily Summary
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US Tracker
US stocks close higher on gains from Home Depot and United Technologies.
DOW 22,024.87 +25.88 +0.12%
EPHE 35.95 +0.49% +1.38%
PHI 34.34 +0.31 +0.91%
Peso 51.35
TEL Par 1,763 vs 1,740 TEL
Economic News
DOF says without tax reform, the government can only fund half of PhP9tn Build Build Build program. According to Finance Secretary Carlos Dominguez, the Senate version of the tax reform proposal (Senate Bill 1408) is expected to generate PhP169bn in the first year of implementation. Expected loss of PhP126bn from personal income tax cuts will be offset by a larger VAT base, adjustment of excise taxes on fuel, automobiles and sugar-sweetened beverages. The Senate has been deliberating on the package since July 24.
Corporate News
SCC to construct 50MW coal plant. This will be in Antique and will provide power for the baseload requirements of Semirara Island and surrounding off-grid provinces. The plant will likely take 3yrs to complete. DOE will be constructing the delivery cables costing over PhP1.0bn alongside the plant.
Comment:
Using DMC's off-grid generators as benchmark, the 50MW could yield an additional ~PhP2.0bn in revenues (+4.6%) and ~PhP240mn in income (+1.5%).Last 176.0
MWC, IFC eye Asian projects. Manila Water Asia Pacific, a subsidiary of MWC, signed a memorandum of understanding with International Finance Corp. to explore opportunities in providing water, used water, and environmental services in Asia Pacific. Last 31.60.
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