PSE [link] tanked by 2.5% back below the 7,000 level. Most take this as a response to the US Federal Reserve, that signaled it would both raise rates (economic cool-down) and trim its balance sheet (selling pressure on assets). Some thought the messaging indicated that the US Fed was “behind” in dealing with inflation.
Filinvest Development Corp [FDC 6.93 0.14%] [link] FY21 net income ?28% because of the continuing impact of COVID. Most of FDC’s profit came from EastWest Bank [EW 8.25 1.08%], followed by the property segment. FDC attributed some of the drop to a “high base effect”, which basically means that it did extra great in the previous year and couldn’t replicate that feat.
Robinsons Land [RLC 19.80 2.70%] [link] increasing participation in the TOPS (Temporary Off-site Passport Services) program. Robinsons Malls is now host to 10 TOPS sites. These kinds of tie-ups with government agencies help attract foot-traffic to the malls, and increase the “stickiness” of the malls to the local economy. Similar to Injap Sia’s strategy with MerryMart [MM 1.79 1.10%]. There’s a natural fit here for tycoons looking to pump traffic, and the cash-strapped government needing a way to hack through the backlog of applications for passports and visas as the restrictions lessen over time.
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