5,743.21PSEi · Mon Oct 5 close · +2.03%

DailyDrop.

₱62.621USD/PHP · Mon Oct 5 close · peso −0.14%
PSEi5,743.21▲2.03%10/5USD/PHP62.62▲0.14%10/5S&P 5007,773.95▲0.66%10/5WTI$89.43▼1.84%10/5Gold$4,156.80▼0.13%10/5
Politics · SenatePress ✓ 5 outlets · testimony as reported, no finding yet

Impeachment court hears AMLC on ₱319 million sent to a firm tied to Sara Duterte's husband; prosecutors to drop bribery charge

On Day 33 the Senate ruled that testimony on foreign-currency accounts may go ahead. The Duterte camp rejects the allegations, and no verdict date has been set.

The Senate impeachment court heard Day 33 of the trial of Vice President Sara Duterte on Monday, October 5, with Ronel Buenaventura, executive director of the Anti-Money Laundering Council (AMLC), on the stand, according to GMA News, Philstar and Manila Bulletin. He testified on bank-reported transactions involving Cale88 Foods Corp., a company linked to Duterte's husband, Manases Carpio. The amount flagged in his testimony was ₱319,326,770.41 in remittances from China, matching a figure that former senator Antonio Trillanes IV made public at a press conference on October 2.

The presiding officer, Francis "Chiz" Escudero, denied an objection by Sen. Imee Marcos to discussing foreign-currency accounts, citing Bangko Sentral rules, and the court earlier turned down a defense motion to keep the AMLC official from testifying. The AMLC reports transactions; it does not decide whether they are illegal, and the court has made no finding. Duterte's camp has called Trillanes a liar and denies wrongdoing.

Two side developments drew attention. Palace Press Officer Claire Castro questioned the House prosecutors' plan to drop the bribery charge, saying the public may be left without answers, though she said the decision is the panel's to make (Tribune, Philstar). And a Philstar report said two senators denied the court spokesman's statement that a December 16 verdict date had been set.

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By the numbers
Day 33of an impeachment trial that began on July 6
₱319.3Mremittances flagged in testimony; unproven allegation
16 of 24senators needed to convict
Markets · PhilippinesPress ✓ 3 outlets · closes as reported

PSEi jumps 2.03% to 5,743.21, its biggest gain in over a month, as bets on a U.S. rate hike fade

The PSEi gained 114.18 points, or 2.03 percent, to close at 5,743.21 on Monday, October 5, ending a five-day losing streak, according to BusinessWorld and other reports. The broader all shares index rose 1.46 percent to 3,198.26. It was the index's biggest one-day rise since September 1, though turnover was a light ₱3.7 billion.

Traders pointed to weaker U.S. jobs data, which cut the chance of another Federal Reserve rate hike this month to under 20 percent from about 64 percent a week earlier, according to CME FedWatch. The peso closed at ₱62.621 per dollar, from ₱62.535 on Friday, per BusinessWorld and GMA News, so it gave back a little. Investors were waiting for September inflation on Tuesday, and the Manila Times said inflation and liquidity pressures would steer the index next.

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Consumer · EnergyPress ✓ 3 outlets · adjustments per oil firms

Pump prices change Tuesday: gasoline up ₱1.93 a litre, diesel down ₱1.30, kerosene up ₱3.30

Oil companies announced price adjustments that take effect Tuesday, October 6, according to Rappler and Philstar's price tracker. Gasoline rises by up to ₱1.93 per litre, diesel falls by up to ₱1.30, and kerosene goes up ₱3.30. The Department of Energy publishes the weekly ranges and companies set their own pump prices.

The diesel cut mainly reflects an earlier fall in international diesel prices, and does not fully capture more recent rises, according to the report on the diesel rollback. Crude remained high: U.S. crude (WTI) settled at $89.43 a barrel on Monday, down 1.84 percent, as Iran kept the Strait of Hormuz closed, a situation that has kept the country under a national energy emergency since March.

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Economy · InflationPress ✓ 4 outlets · forecasts, not data

September inflation due today; economists see 6.7 percent, central bank warns of up to 7.4

The Philippine Statistics Authority is scheduled to release September inflation on Tuesday. Economists polled by BusinessWorld and the Manila Times put the median forecast at 6.7 percent, up from 6.1 percent in August. The Bangko Sentral ng Pilipinas has estimated a range of 6.4 to 7.4 percent.

Analysts point to fuel, rice, transport costs and heavy rains. A Philstar column cited a BPI economist who expects a second peak in inflation, which could push the central bank toward another rate hike. DailyDrop treats these as forecasts: the actual number is published after this edition went to press.

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World · MarketsPress ✓ 3 outlets · closes as reported

Wall Street adds 0.66 percent as bets on a Fed hike fade; oil and gold slip

The S&P 500 rose 0.66 percent to 7,773.95 on Monday, October 5, market data show. U.S. crude fell 1.84 percent to $89.43 a barrel and gold slipped 0.13 percent to $4,156.8 an ounce. The moves followed Friday's weak U.S. jobs report, which pushed the odds of another Federal Reserve rate hike this month below 20 percent, according to BusinessWorld and Babypips.

For the Philippines the link runs through interest rates and oil. Lower U.S. yields and a softer dollar help the peso, while crude near $90 still keeps import bills and pump prices elevated. DailyDrop has not seen a second source for the S&P and gold figures beyond market data providers.

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In brief
  • PSEi +2.03% to 5,743.21; all shares index +1.46%BusinessWorld
  • Peso ends at ₱62.621 per dollar, from ₱62.535BusinessWorld, GMA News
  • Gasoline +₱1.93, diesel −₱1.30, kerosene +₱3.30 per litre from Oct 6Rappler, Philstar
  • WTI $89.43 (−1.84%), gold $4,156.8 (−0.13%)market data
  • Senate court denies Imee Marcos objection on foreign-currency accountsManila Bulletin, GMA News
  • House prosecutors to drop bribery charge; Palace questions itTribune, Philstar
  • Mynt public offer for GCash shares opens TuesdayGMA News, The Star
  • Asian Games close in Japan after fortnight of competitionAFP via Tribune
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Unverified — what we cannot confirm

"Trillanes's ₱319 million claim has been proven." It is an allegation made at an October 2 press conference. The AMLC testified on reported transactions, the court has made no finding, and Duterte's camp denies it (Philstar, Tribune, GMA News).
"The Sara Duterte verdict is fixed for December 16." Two senators denied the court spokesman's statement of a December 16 date (Philstar), and Sen. Pangilinan said no timetable has been decided (Daily Tribune).
"The Supreme Court dismissed the impeachment case." VERA Files found the Court dismissed a petition on October 1, not the case, and the Senate trial is continuing.
Glossary · dotted words — economic, legal, security and science terms explained in context. The list grows every day.
INSIDEImpeachment court hears AMLC on ₱319 million sent to a firm tied to Sara Duterte's husband; prosecutors to drop bribery chargePolitics · SenatePSEi jumps 2.03% to 5,743.21, its biggest gain in over a month, as bets on a U.S. rate hike fadeMarkets · PhilippinesPump prices change Tuesday: gasoline up ₱1.93 a litre, diesel down ₱1.30, kerosene up ₱3.30Consumer · EnergySeptember inflation due today; economists see 6.7 percent, central bank warns of up to 7.4Economy · InflationWall Street adds 0.66 percent as bets on a Fed hike fade; oil and gold slipWorld · Markets