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Second Opinion
by Elmer Dy Tang
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Issue #6
Sunday, May 10, 2026
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From the Desk
Prices jumped. Growth slowed. The dividends are still arriving — but they buy less.
Two numbers landed this week. April inflation came in at 7.2% — the fastest in three years. The economy grew just 2.8% in the first quarter — the slowest in over three years.
Together they change how to read the income side of a portfolio. A 6% dividend yield against 7.2% inflation is no longer income that beats the cost of living. It is income that quietly trails it.
This issue is about reading what you already own with one extra lens.
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In this 5-minute read
→ Why a 6% dividend can quietly become a −1.2% one
→ What BPI’s Q1 result says — and what its own management is publicly cautious about
→ Two kinds of dividend payer that behave very differently when inflation runs hot
→ The question worth sitting with this Sunday morning
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News this week
Inflation jumped to 7.2%.
Growth slowed to 2.8%.
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Real rate
−2.7%
on peso savings
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Second Opinion · Issue #6.pdf
2 pages · 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.
A quiet review of what you own and how it is positioned for the environment we are actually in. Typically for investors with ₱5M+ invested.
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Scan to book
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Pass it on
If this helped, forward it to one friend who invests in the PSE.
No call to action beyond that. Forward the email. If they want their own copy on a Sunday morning, they can sign up themselves.
elmerdytang.com/newsletter
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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 #6 · May 10, 2026 · elmerdytang.com
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