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Impact of the Sept. 12 Erap verdict on the Philippines

Will September 12 be a Black Wednesday for the Philippines?

Fifteen years ago, on September 16, 1992, Wednesday, Britain was forced to withdraw the Pound currency from the European Exchange Rate Mechanism (ERM) following its uncontrollable decline due to pressure by currency speculators. Total losses caused by the day's events were said to reach more than £3.4 billion. That day has since been known as Black Wednesday.

Tomorrow, September 12, Wednesday, the Sandiganbayan is set to announce its verdict on the six-year-old plunder and perjury cases filed against former President Joseph "Erap" Estrada. Whether Black Wednesday will materialize tomorrow — with the Philippine stock market heading for a nosedive — depends more on the response of pro- and anti-Erap groups and also of the Arroyo government, and not on the verdict per se.

If Estrada is convicted, will pro-Erap groups stage a repeat of "Edsa III," complete with violent protests and renewed threats to oust Pres. Gloria Macapagal-Arroyo? Such chaos is abhorred by the market and this can cause stocks to plunge again.

If, on the other hand, Estrada is acquitted, will more social unrest erupt considering Erap is already free to move around, easily capable of rallying people against Arroyo?

PSE Weekly Stock Market Update (Sept. 3-7)

The Philippine stock market closed lower last week, with most investors remaining cautious ahead of the expected Sandiganbayan verdict this week on former Pres. Joseph Estrada's plunder case and the US Federal Reserve policy meeting on September 18.

The main index closed at 3,332.97, down by almost 1% from the previous week.

Week-to-week and Year-to-Date (YTD, i.e., beginning of the year until this week) performances of the Philippine equity sectors are as follows:

(Legend:) Market Sector : Week's Closing ; 1-Week Change ; YTD change

PSEi : 3,332.97 ; -0.96% ; 11.75%
All Shares Index : 2,117.26 ; -1.32% ; 13.81%
Financial Sector : 879.59 ; 1.57% ; 6.90%
Industrial Sector : 4,545.97 ; -4.66% ; 15.37%
Holding Firms Sector : 1,832.90 ; -2.87% ; 5.87%
Property Sector : 1,486.43 ; -3.39% ; 17.81%
Services Sector : 1,609.22 ; 0.62% ; 7.93%
Mining and Oil Sector : 6,216.96 ; 9.56% ; 37.31%

Here are this week's top 10 gainers and losers.

Anti-Money Laundering Council (AMLC) warns vs. HYIP investing

The Philippines' Anti-Money Laundering Council (AMLC), together with the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP), reiterated its warning to Filipinos against investing in so-called High-Yield Investment Programs or HYIPs.

The official statement from AMLC, also circulated by the SEC and BSP, goes:

PSE Weekly Stock Market Update (Aug. 28-31)

The Philippine stock market continued its winning streak last week, boosted by growing expectations of an intervention in US capital markets by the Federal Reserve and the higher-than-expected GDP of the Philippines reported for the 2nd quarter.

The main index closed at 3,365.29, up by almost 5%.

The Year-to-Date (YTD, i.e., beginning of the year until this week) performance of the Philippine equity sectors is as follows:

PSEi : 3,365.29 ; 12.83%
All Shares Index : 2,145.62 ; 15.33%
Financial Sector : 866.02 ; 5.25%
Industrial Sector : 4,768.36 ; 21.01%
Holding Firms Sector : 1,887.13 ; 9.00%
Property Sector : 1,538.62 ; 21.95%
Services Sector : 1,599.26 ; 7.26%
Mining and Oil Sector : 5,674.49 ; 25.33%

Legend: Market Sector : Week's Closing ; YTD change

Here are this week's top 10 gainers and losers.

PointShareXtreme admin responds to scam accusation

Pinoy Money Talk recently received an email purportedly from PointShareGold / PointShareXtreme (PSG/PSX) admin Henry James Banayat, in response to an article we posted reporting his arrest and the growing criticism of investors against his programs.

In the email, Banayat explains why PointShareXtreme (PSX) is not and should not be called a scam.

Full text of the (unedited) letter after the jump.

Globelines landline phone problem: Calls I didn’t make

I’ve heard several stories in the past about people claiming that their landline company charged them for phone calls they did not make. I didn’t think it would happen to me, but in my first-ever Globelines billing statement, it did. Here is my story.

PSE Weekly Stock Market Update (Aug. 21-24)

The Philippine stock market recovered from the previous week's slump, closing at 3,206.94, a one-week increase of 11.18%. The recovery was attributed to an easing of the US credit market worries and the reduction of the key discount rate by the Federal Reserve.

The Year-to-Date (YTD, i.e., beginning of the year until this week) performance of the Philippine equity sectors is as follows:

PSEi : 3,206.94 ; 7.52%
All Shares Index : 2,052.44 ; 10.33%
Financial Sector : 857.64 ; 4.23%
Industrial Sector : 4,473.00 ; 13.51%
Holding Firms Sector : 1,768.68 ; 2.16%
Property Sector : 1,464.18 ; 16.05%
Services Sector : 1,533.21 ; 2.83%
Mining and Oil Sector : 5,329.38 ; 17.71%

Legend: Market Sector : Week's Closing ; YTD change

Here are this week's top 10 gainers and losers.

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