State Firms Declined by 77% According to BTr

The local equities market fell for the fifth straight day as investors continued to await the outcome of the Fed’s policy meeting next week. US non-farm payrolls and initial jobless claims data came out better than expected, further supporting concerns that Fed tapering is nearing.

The PSEi went down by 6.00 points, or -0.10%, to 6,008.94. Almost all sectoral indices were in the red led by property (-1.18%), services (-0.58%) and financials (-0.30%) while holding firms (+0.78%) and mining and oil (+0.12%) managed to start the week on a positive note.

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Market breadth was negative with 99 declines outnumbering 53 advances, while 40 issues were unchanged. Total value turnover amounted to Php4.58 billion. Foreign investors were net sellers at Php0.46 billion.

Data from the Bureau of the Treasury (BTr) showed that subsidies to state firms declined by 77% to Php507 million in October from Php2.158 billion registered in the same period a year ago.

Broken down, the Philippine Deposit Insurance Corp. (PDIC) received the lion’s share of the subsidy at Php314 million, followed by the Philippine Coconut Authority with Php171 million. This has brought total subsidies to Php35.907 billion for the 10 months to October, or 78.90% higher than the Php20.071 billion released in the same period last year.

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