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Mynt Inc.'s initial public offering closed with broker allocations oversubscribed up to four times, while a forensic analyst told the Senate impeachment court that Vice President Sara Duterte's alleged undeclared wealth could reach P1.5 billion.
Senate testimony on P817.87 million in alleged undeclared assets and P319.33 million in China-linked remittances dominated the day, while a BDO cardholder's disputed charge and a Taguig e-wallet scam drew consumer attention.
Testimony from bank and insurance executives in Vice President Sara Duterte's impeachment trial put BPI accounts and P817.87 million in allegedly undeclared assets at the center of Philippine financial conversation, while GCash's parent Mynt priced its initial public offering at P6.60 per share ahead of an October 20 listing.
Testimony in the Sara Duterte impeachment trial turned on how banks decide to file suspicious transaction reports, while the GCash parent's initial public offering drew heavy retail interest and the central bank flagged El Niño as its main inflation concern.
The peso closed at a record low of 62.90 to the dollar and the country's gross international reserves fell below $100 billion for the first time in three years, while the stock index posted its worst finish in nearly 11 months. The Senate impeachment trial of Vice President Sara Duterte also drew heavy coverage.
Day 35 of Vice President Sara Duterte's impeachment trial put more than P191.6 million in combined bank balances before the Senate, alongside P96 million in managers checks and P319.33 million in remittances to a family-linked firm. The same day, September inflation of 7.2 percent pushed analysts toward another central bank rate hike, and GCash parent Mynt drew heavy local demand for its record initial public offering.
Philippine inflation returned to a three-year high of 7.2 percent in September, pulling the stock index down even as Mynt opened the country's largest-ever initial public offering. The Senate impeachment trial of Vice President Sara Duterte examined bank records and China-linked remittances.
Anti-Money Laundering Council Executive Director Ronel Buenaventura testified on Day 33 of Vice President Sara Duterte's impeachment trial, disclosing P4.4 billion in covered and suspicious transactions involving Duterte and her husband, Manases Carpio, from 2007 to 2025. The same day, AMRO cut its 2026 Philippine growth forecast to 3.3 percent, and the government resumed education aid for decommissioned Moro Islamic Liberation Front fighters.
House prosecutors prepare to drop the bribery article and call Anti-Money Laundering Council and bank witnesses on the alleged unexplained wealth of Vice President Sara Duterte, while GCash parent Mynt prices the Philippines' largest-ever initial public offering at ₱6.60 a share.
Prosecutors and defense clash over whether Anti-Money Laundering Council records can be presented in Vice President Sara Duterte's impeachment trial, as bank, tax and insurance documents are set for presentation next week. A senator-judge also disputes a spokesman's December 16 verdict date.
Mynt Inc., the parent of mobile wallet GCash, set its initial public offering price at P6.60 per share, a deal that could raise as much as P60.9 billion and become the largest listing in Philippine Stock Exchange history. The pricing landed the same day the benchmark index closed at an 11-month low and the central bank signaled inflation would rebound in September.
Day 32 of Vice President Sara Duterte's impeachment trial ended early after prosecutors dropped former senator Antonio Trillanes IV as a witness and the court subpoenaed seven banks and seven insurance and financial firms. The same day, the central bank reported faster August lending while inflation fears pushed the stock index to a fourth straight decline.
