Second Opinion Blog

Essays and frameworks on Philippine markets — written in plain language by a licensed Certified Securities Representative, for investors with existing wealth who want to think clearly about their portfolio.

Investor Framework · May 10, 2026 · 9 min read

Real Yield Explained: When a 6% Dividend Stops Being Income

When inflation runs above the dividend you collect, the income still arrives in your account every quarter — it just buys less than it used to. The lens every investor with dividend stocks needs to understand right now, with a worked BPI Q1 2026 illustration and a two-group framework for reading your own holdings.

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Beginner Guide · April 20, 2026

What is a REIT in the Philippines? A Plain Filipino Guide

Real estate investment trusts explained in plain language — how MREIT, AREIT, and others let you own a piece of a Makati office tower for a few thousand pesos.

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Beginner Guide · April 20, 2026

How to invest in dividend stocks on the PSE — a primer

A starting point for readers new to dividend investing on the Philippine Stock Exchange — what dividends are, how they get paid, what to look for in a holding.

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Newsletter archive

Every Sunday issue, archived for the web. The full essay behind each week's email — easier to share or revisit.

Issue #8 · May 24, 2026
The market is being priced by people who have not read the businesses.
Foreigners sold ₱172M Friday — someone bought every share. Four observations under the news, and what they mean for the dividends arriving in your account this quarter.
Issue #7 · May 17, 2026
The BSP just reversed. What happens to the income side of your portfolio.
First BSP hike since 2024. April inflation 7.2%. Peso past ₱61. Three questions a professional asks when the cycle reverses.
Issue #6 · May 10, 2026
When prices outpace income
April inflation 7.2% rewrites the income arithmetic. BPI Q1 + the two-group dividend framework.
Issue #5 · May 3, 2026
Is your portfolio still set up for falling rates?
BSP raised the policy rate — first hike in two years. China Banking's Q1 result shows the mechanism.
Issue #4 · April 26, 2026
Stepping back after three issues
Transition issue — what Second Opinion is for, and how to read the dividend portion of a portfolio in calmer terms.
Issue #3 · April 19, 2026
The market slipped below 6,000. The dividends don't care.
MREIT 7.26% and AREIT 6.16% paying quarterly. BSP rate decision Thursday. BDO at book value.
Issue #2 · April 12, 2026
Two ex-dividend deadlines this Thursday
WLCON and PGOLD ex-date Thursday April 16. Plus LT Group's 8.43% yield with real earnings cover.
Issue #1 · April 6, 2026
Introducing Second Opinion — Holy Week Edition
The first issue. A calm look at PSE dividends during the Holy Week trading break.
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