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Second Opinion
by Elmer Dy Tang
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Issue #5
Sunday, May 3, 2026
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From the Desk
Rates changed. Three companies just showed what that does.
On April 23, the Bangko Sentral raised interest rates for the first time in about two years. The years before that — when rates were falling — were generally good for most kinds of investments. That period is over.
This week, three Philippine companies reported their first-quarter results. They reported in the same week, under the same conditions. They did not respond the same way.
That difference is the whole story.
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In this 5-minute read
→ Why a rate hike helps banks — and how Chinabank’s 12% dividend lift is the live example
→ Why Aboitiz’s strong quarter won’t reach your account as a dividend until 2027
→ What rising rates do to SM Prime — and why “flat” isn’t the same as “unaffected”
→ The question worth sitting with this Sunday morning
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News this week
Bangko Sentral raised rates Apr 23.
First raise in two years.
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Second Opinion · Issue #5.pdf
3 pages · ~640 KB · attached to this email
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Open
below ↓
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The full read is in the PDF. Open it on a quiet morning — it’s a 5-minute read.
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Portfolio Second Opinion
A 30-minute private conversation. No pitch. No cost.
An honest look at what you own and whether it still fits where things are going. Typically for investors with ₱5M+ invested.
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Scan to book
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How was this issue?
One tap. Honest answer. Helps me sharpen the next one.
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— Elmer
Certified Securities Representative
Unicapital Securities Inc.
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For educational and reflection purposes only. Not investment advice. Past performance does not guarantee future results. Consult your broker or licensed financial adviser before making investment decisions.
Issue #5 · May 3, 2026 · elmerdytang.com
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