Submission of Transaction Documents for the week 20 April 2021 to – 23 April 2021

As previously advised, the PDS Group has adopted alternative work arrangement while NCR and nearby areas are under Modified ECQ.

With this prevailing community quarantine measure, and in consideration of the health and safety of our employees and market participants, we have opted to put more of our employees on a work-from-home arrangement starting today, April 20, 2021 until April 23, 2021, hence reducing the skeleton workforce reporting to our offices at the 29th Floor, BDO Equitable Tower, 8751 Paseo de Roxas, Makati.

In view of this week’s work arrangement, please be guided by the following:

• If there are any PDEx-related hard copies of documents that need urgent submission, these may be first scanned and transmitted to market.services@pds.com.ph and client.services@pds.com.ph.

• PDTC Depository Participants and Selling Agents delivering physical transaction documents may also send scanned copies of the documents via email addressed to Ms. Sherry Hart Ching at accounts.docs@pds.com.ph, copy furnished client.services@pds.com.ph. Upon receipt, PDTC shall call your contact persons for confirmation and should everything be found in order, proceed with the transaction processing.

• All originals of the documents scanned and emailed as indicated above for the week, must be delivered to the PDS office on 26 April 2021, Monday.

Should you need assistance, you may contact our Client Services at:

+63.2.8884.4417
+63.2.8884.5022
+63.2.8884.5063
+63 917 809 2877
+63 915 299 4545
+63 917 834 0944

Additional Communication Channel of PDS Group during the pandemic

To continue to provide our services to our market community while ensuring the health and safety of our employees, market participants, and other stakeholders, the PDS Group will continue its flexible alternative work arrangements, with a combination of a work-from-home and skeleton workforce arrangements.

In keeping with our service culture and commitment to provide uninterrupted operations, we have created a Teams Link as an additional channel of communication for our partners and market community where participants can relay requests and inquiries or request for assistance.

We hope that the Teams link will add more flexibility for our market participants to contact PDS Group during this public health emergency. Our contact numbers remain the same.

Market Services:
8884-5063
8884-4417
8884-5022
09178340944
09178092877
09152994545

Completion of Disinfection and Decontamination in the PDS Offices at BDO Equitable Tower

Please be advised that the one day disinfection and decontamination activities in the PDS Group Offices at the 29th Floor, BDO Equitable Tower, 8751 Paseo de Roxas that commenced yesterday, 15 April 2021, has been completed.
PDS personnel at our Makati offices will resume acceptance of physical documents today, 16 April 2021.

One (1) Day Closure of PDS Offices at BDO Equitable Tower on 15 April 2021, NORMAL OPERATIONS TO CONTINUE AT ALTERNATE SITE

Please be advised that the PDS Group Offices at the 29th Floor, BDO Equitable Tower, 8751 Paseo de Roxas, Makati will be closed for one (1) day on 15 April 2021, for decontamination.

All PDS operations will continue as normal, with all personnel working either from our secondary location or from home.

Please be guided by the following:

  • If there are any PDEx-related hard copies of documents that need urgent submission, these may be first scanned and transmitted to market.services@pds.com.ph and client.services@pds.com.ph.
  • PDTC Depository Participants and Selling Agents delivering physical transaction documents may also send scanned copies of the documents via email addressed to Ms. Sherry Hart Ching at accounts.docs@pds.com.ph. Upon receipt, PDTC shall call your contact persons for confirmation and should everything be found in order, proceed with the transaction processing.
  • All originals of the documents scanned and emailed as indicated above, must be delivered to the PDS office on the next business day, 16 April 2021.

For clarification and assistance, you may contact our Client Services at:

+63.2.8884.4417

+63.2.8884.5022

+63.2.8884.5063

+63 917 809 2877

+63 915 299 4545

+63 917 834 0944

For your guidance.

PDS Operations During Enhanced Community Quarantine

Please be advised that the PDS Group shall continue to observe its operating hours as announced in its 26 November 2020 memo notwithstanding the implementation of another Enhanced Community Quarantine (ECQ) in NCR, Bulacan, Laguna, Cavite and Rizal starting 29 March 2021 as stated in IATF Resolution No.106-A. Only our skeleton workforce will be on-site for the duration of the ECQ.

Below is the PDS Group operating schedule for your reference. This schedule shall be in effect until further notice.

 

PDS Group Services Effective 01 December 2020
Trading Services
FI Market Trading Pre-Open Session:
08:30 AM – 08:59 AM

AM Session:
09:00 AM – 12:00 NN

Trading Break:
12:01 PM – 01:59 PM

PM Session:
02:00 PM – 4:00 PM

Market Close:
04:00 PM

Settlement Services
FI Delivery versus Payment System 9:00 AM to 4:00 PM
Registry Services 9:00 AM to 4:00 PM
Transfer Services
Renminbi Transfer System 9:00 AM to 2:45 PM
Depository Services
FI Depository 9:00 AM to 5:00 PM
Equity Depository 9:00 AM to 4:30 PM(In coordination with SCCP)


Memo to Market Community Participants No. 01-2021 PDS Operations During Enhanced Community Quarantine

Market regulators probing trades of unlisted Abra Mining shares

The Securities and Exchange Commission (SEC), The Philippine Stock Exchange, Inc. (PSE) and Philippine Depository & Trust Corp. (PDTC) are working closely together to investigate the trading of unissued and unlisted shares of Abra Mining and Industrial Corporation (AR), and to pursue the necessary actions to protect investors.

In the meantime, the PSE suspended trading in AR shares effective March 4 and until further notice, upon determining the following based on disclosures and reportorial submissions by the company, and reports by PDTC:

1. The number of fully paid issued and outstanding AR shares exceeds the number of the company’s listed shares, in contravention of the PSE’s rule that all fully paid issued and outstanding shares should be applied for listing;

2. The number of AR shares lodged with PDTC exceeds the number of the company’s listed shares, in contravention of the PSE’s rule that only securities approved for listing should be lodged with PDTC for trading; and

3. The number of AR shares lodged with PDTC exceeds the number of the company’s issued and outstanding shares, meaning shares which are not yet reflected in the company’s books have been lodged with PDTC and are being traded, in contravention of the provisions of Republic Act No. 11232, or the Revised Corporation Code of the Philippines (RCC).

In a parallel preliminary fact-finding investigation, the SEC found that AR had 258,957,666,755 shares lodged with PDTC as of February 16, 2021. The number exceeds by 186,010,784,181 shares the 72,946,882,574 shares the company has listed with PSE.

In its 2019 audited financial statements, AR only reported an issued and outstanding capital stock comprising 99,294,584,200 shares.

Section 173 of the RCC defines outstanding capital stock as “the total shares of stock issued under binding subscription contracts to subscribers or stockholders, whether fully or partially paid, except treasury shares.” Accordingly, even shares, which have not been fully paid, are considered issued and must be reflected on the company’s books.

Section 63 of the RCC, however, provides that “no certificate of stock shall be issued to a subscriber until the full amount of the subscription together with interest and expenses (in case of delinquent shares), if any is due, has been paid.”

Section 62 of the RCC further provides that the certificate should be signed by the president or vice president, countersigned by the secretary or assistant secretary, and sealed with the seal of the corporation.

In order to lodge securities with PDTC, the certificates covering the securities must be delivered to the transfer agent. Once lodged in the central depository, the securities are deemed fungible and may be used for settlement of exchange trades.

The transfer agent, as an extension of the corporate secretary of the corporation, has the pertinent information, and thereby has the sole authority and duty to certify that each share meets PDTC’s and the PSE’s respective requirements for lodgment.

Among the requirements is that the transfer agent must issue or register only those securities of the corporation that are authorized for issuance and listing by the PSE, and must timely notify PDTC if the shares delivered are found not valid or defective.

Defective securities are those, whether or not evidenced by a certificate, which are counterfeit, invalid, forged, improperly altered, non-negotiable, subject to an adverse claim, not free from any liens, encumbrances, assessments or charges of any kind, subject to any restriction or prohibition on transfer through the PDTC system, or otherwise defective.

Records showed that each and every AR share that had entered the system was confirmed and cleared by the transfer agent for lodgment.

The SEC, in coordination with the PSE and PDTC, will continue investigating the issue not only to resolve the current incident but also to find system-wide measures to prevent its recurrence. In the meantime, AR was ordered to submit its proposed actions to address the discrepancies in its issued, outstanding, listed and lodged shares.

The SEC, PSE and PDTC will apprise the public of any developments on the matter.

Joint PR – Market regulators probing trades of unlisted Abra Mining shares – 03062021

Bankers Association of the Philippines (BAP) Announcement on Shift to PHPBVAL Display to 4 Decimal Points

To all Participants in the GS Market:

We are pleased to announce that commencing Feb. 1, 2021, the BVAL reference rates to be published on the PDEx website and on Bloomberg terminals shall be changed to show 4 decimal places from the existing 3 decimal places of accuracy. This enhancement is aimed to provide increased market transparency and accuracy.
Thank you.
Cesar Santos, Jr.
For the Bankers Association of the Philippines
as GS Benchmark Administrator

Return to Regular PHPBVAL Publication Timeline

ATTENTION:  FI Trading Participants

In line with the return to regular trading hours for the Fixed Income Market, please be advised that effective 01 December 2020, the PHP BVAL Publications for Benchmark Tenors & Government Securities will like revert to the regular publication timeline as follows: 

  From (Shortened Time)  To (Regular Time)
Bloomberg Terminal (PDEx <GO>)   2:30PM  4:30PM
 MarketPage  2:45PM  4:45PM
 PDS Website  3:00PM  5:00PM

 

Please note as well the pricing sources to be used for the following PHPBVAL data sets: 

• PHPBVAL for Benchmark Tenors – BVT5 ( 5PM Tokyo Time)
• PHPBVAL for Government Securities – BVT5 ( 5PM Tokyo Time)

PDS Group Regular Trading and Settlement Hours Resumes on 01 December 2020

Pursuant to the attached PhilPaSS Advisory No. BPU-2020-109 and BAP Notice on FX and FI Trading Operations under the Revised Trading, Clearing and Settlement Hours Effective December 1, 2020, please be advised that, PDS Group Fixed Income Trading and Settlement Services shall resume its regular trading and settlement hours starting 01 December 2020. However, in coordination with the Securities Clearing Corporation of the Philippines (SCCP), our Equity Depository services shall retain its shortened settlement hours at 4:30PM until further advised.  

PDS Group Services Effective 01 December 2020
Trading Services  
FI Market Trading Pre-Open Session:   08:30 AM – 08:59 AM
AM Session:            09:00 AM – 12:00 NN
Trading Break:         12:01 PM – 01:59 PM
PM Session:            02:00 PM – 04:00 PM
Market Close:          04:00 PM
Settlement Services  
FI Delivery versus Payment System 09:00 AM – 4:00 PM
Registry Services 09:00 AM – 4:00 PM
Transfer Services  
Renminbi Transfer System 09:00 AM – 2:45 PM
Depository Services  
FI Depository 09:00 AM – 5:00 PM
Equity Depository 09:00 AM – 4:30 PM (in coordination with SCCP)

For Trading:

  • No trade cancellations after 4:00PM
  • Execution of value today (T+0) trades is until 12:00PM only.
  • Publication of Fixed Income data shall revert to its original publication time

For Settlement:

  • Please authorize all transactions within the settlement timelines

For your guidance and information.

Resumption of PDS Operations on 13 November 2020

Further to the PSE Circular 2020-0097 dated 13 November 2020, the BAP Memorandum to all Member Banks dated 13 November 2020, and the BSP PhilPaSS Advisory BPU-2020-105A regarding PhilPaSS Operations dated 13 November 2020, please be advised that all PDS Group services shall resume full operations today, Friday, 13 November 2020.

PDS Group Services 13 November 2020
Trading Services
Fixed Income (FI) Market Trading OPEN
Settlement Services  
FI Delivery versus Payment System OPEN
Transfer Services
Renminbi Transfer System OPEN
Registry Services OPEN
Depository Services  
FI Depository OPEN
Equity Depository OPEN 

 

This advisory supersedes the earlier advisories.

For your information and guidance.