WW: 77741478 PH: 461501
#COVID-19 ▲1.30% POGO Prop. ▲0.89% Cement ▲0.53%
POGO Gaming ▼3.03% Fast Food ▼2.88% MiddleClass ▼2.35%
MB is posted to /PHinvest every Monday and Wednesday, but my newsletter goes out daily. To stay in the loop for daily email delivery, please join the barkada by signing up for the newsletter, or follow me on Twitter.
- [NEWS] Ayala Corp [AC 838.00 ▲0.36%] acquires majority stake in parent company of Qualimed Health Network... Ayala Health, a subsidiary of AC, purchased Ayala Land’s [ALI 41.70 ▼0.12%] 39.2% stake in Mercado General Hospital, Inc (MGHI), the parent company of Qualimed Health Network. Ayala Health also purchased an additional 15% of MGHI directly from the Mercado Group of individual shareholders. The deal gives AC a 54.2% controlling stake in MGHI. The Qualimed Health Network includes four hospitals, an ambulatory care facility, and several clinics.
- MB: AC believes that the acquisition of this “hospital platform” completes their cycle of patient care. AC, through Ayala Health, owns primary clinics, specialty clinics, and now... hospitals. AC has been growing its healthcare portfolio aggressively, but it’s interesting to see the group pivot away from its previous “stance”; the group was more focused on the distributed, non-primary care facilities like community clinics and specialty care clinics, and not so much on the traditional centralized hospital with an emergency ward and beds. As an investor, I was more interested in AC Health’s distributed approach, but I’m open-minded to see how these flavors might cook into the Ayala stew of assets.
- [NEWS] PSE looking to tweak the rules on voluntary delistings... the new rules will only permit a voluntary delisting to proceed if less than 10% of the total outstanding and listed shares of the company vote to reject the move. That’s a huge change from the previous rule, which only required board of directors approval and a fairness opinion to proceed to a pre-delisting tender offer. Now, companies must conduct a shareholders vote, get less than 10% of shares to reject the move, and get 2/3rds of the board to approve, including two independent directors, and the minimum tender offer price is now the highest of a fairness opinion or a volume-weighted average price.
- MB: This move is aligned with the PSE’s goal of increasing the public ownership of listed corporations. The exchange has been focused on ratcheting up the minimum public float from 10% to 20%, but it’s also been forced to take a second look at the voluntary delisting rules after a few sketchy transactions (Resorts World Manila, I’m talking about you). In the old days (you know, those days before this PSE memo went into effect a couple of days ago), all a company had to do to delist was have the board approve the move and then cram a tender offer through based on a fairness opinion cooked up by a valuator selected by the board. Now, while that fairness opinion bit hasn’t changed much, it’s no longer just up to the board. It’s no longer so easy for a company to court the investment of the public only to fold up shop a few years later once the novelty has worn off (or their interest in public disclosures has, shall we say, waned).
- [NEWS] Bloomberry [BLOOM 8.20 ▼4.32%] adds ₱20bn to an existing loan facility... the Solaire casino operator negotiated with lenders to get an additional ₱20bn added to a ₱73.5bn creditline. The company also negotiated with its lenders to get a huge “covenant test holiday” on that loan facility until June 2023.
- MB: That’s a pretty big add-on. Most companies are in need of some operating cash these days; they can sell something (assets), borrow it (debt), or raise it (follow-on offering / stock rights offering). Each option comes with a cost, but most owners would prefer to take on more debt rather than give up points of equity. That’s what BLOOM has done here. The interesting bit (to me) is that they’ve been able to delay covenant testing for almost three years. When a company signs a loan with a bank, the bank usually includes a list of covenants (promises) that the company must abide by. Sometimes the covenant has to do with maintaining a certain debt-to-equity ratio, or other times it might have to do with capping public ownership or transference of shares. Banks periodically test a company’s adherence to the covenants, and my feeling here is that the ₱20bn addition probably blows up an existing debt-to-equity ratio covenant for a period of years. The bank(s) are likely eyes-wide-open here, with confidence in BLOOM’s ability to service the debt eventually through gradual recovery.
WW: 67965859 PH: 441385
POGO Gaming ▲13.40% Logistics ▲3.24% #COVID-19 ▲2.56%
Telco ▼0.88% MiddleClass ▼0.39% 2020 IPOs ▼0.29%
MB is posted to /PHinvest every Monday and Wednesday, but my newsletter goes out daily. To stay in the loop for daily email delivery, please join the barkada by signing up for the newsletter, or follow me on Twitter.
- [NEWS] DFNN [DFNN 6.35 ▲41.43%] granted PH’s first online casino license, stock soars 41%... the license allows the PAGCOR-approved company to develop and operate online casino games. DFNN said that the online casino would “only available to VIP players who must meet strict eligibility and registration procedures,” and would help in “regenerating revenues for the government”.
- MB: PAGCOR has repeatedly tried to pitch “gaming” generally as the government’s cure to the cash crunch problem caused by its COVID-depressed tax income. I doubt it needed more than three slides in its pitch deck to government to get approval for the new license type. The government aches for income to replace what’s been lost. Investors and traders liked the news, in part because the complete surprise of the announcement allowed there to be a steep gap-up in the price (that’s always fun), but also because the license acts as something of a temporary monopoly for DFNN in terms of online gaming. There’s no word yet whether PAGCOR intends to license other gaming outfits to operate similar online casinos, but I’d bet that Dennis Uy and Enrique Razon are more than a little interested to join in on the fun, considering how poorly their profit puppies have performed through the pandemic. Especially if the license type will expand beyond the initial restriction to domestic bets only.
- [NEWS] PH Resorts [PHR 3.00 ▼0.99%] halted for an hour after issuance of shares to Udenna Corp disclosed... the Dennis Uy-owned integrated casino/resort developer disclosed that it sold 1,686,309,523 common shares from its unissued capital stock to Dennis Uy’s Udenna Corp for P2.8bn (P1.68/share). The PSE halted the stock for one hour under the “additional listing” rule. That lede was buried in a press release that was supposedly about PHR “topping off” the two towers at its Emerald Bay facility.
- MB: The follow-on offering that PHR conducted a month ago sold 450m shares at the same price, but this transaction is significantly larger. When the FOO dropped, Dennis Uy said: “At the offer price, investors will be given a good opportunity to get in early at attractive valuation levels.” He was really talking about himself, and about the private placement sale to Udenna that was to come. This transaction dilutes everyone materially, including the FOO buyers that diluted the previous shareholders.
- [NEWS] Mergermarket reporting Indonesian coffee chain looking for JV partner in PH... Kopi Kenangan is Indonesia’s fastest growing coffee chain, and it’s fresh off of a Sequoia Capital India-led Series B investment round that netted it a US$109m warchest for expansion. The coffee chain reportedly prefers a Philippine “family-led conglomerate”, both for the conglomerate’s deep pockets but also its experience in the domestic retail sector. Kopi Kenangan is looking to co-locate its stores in buildings with a strong BPO presence.
- MB: Looking for a family-led conglomerate with deep pockets is like shooting fish in a barrel in the Philippines. Kopi Kenangan is going to be able to run a beauty pageant to maximize the value of its potential JV. This store concept is not exactly like a convenience store (more like Luckin Coffee, actually), but it does serve some of the low-cost goodies (coffee, milk tea, snacks) that convenience stores like Seven-11 [SEVN 110.70 ▲4.43%], Ministop [RRHI 68.70 ▲0.51%], and Family Mart [PNX 12.74 ▼0.31%] use to lure customers in for repeated visits. That’s not exactly Kopi’s DNA, though, as it’s building its name and brand off of “coffee on demand” that is ordered by an app and either picked up in a small-footprint shop, or delivered direct to consumer. It’s not clear what Kopi Kenangan’s end-goal strategy is, whether it wants to be a stand-alone brand under the Kopi Kenangan flag here in the PH with its own locations, or whether it’s willing to be a branded component of a conglomerate’s overall offering, like “Ministop, with coffee by Kopi Kenangan”; either way, this is an indication that our convenience and coffee store market is heating up.
- [NEWS] Metro Pacific Investments [MPI 4.55 0.00%] buys 20% of Philippine Tank Storage International (PTSI)... the purchase was part of a larger deal that saw Keppel Infrastructure Trust (KIT) and MPI together acquire 100% of PTSI’s stock for US$333.8m. According to Mergermarket, PTSI owns the Philippine Coastal Storage & Pipeline Corporation (PCSPC), which is “the largest petroleum products import storage facility in the Philippines”. KIT and MPI purchased PTSI from the Philippine Investment Alliance for Infrastructure (PINAI). PTSI’s storage capacity includes three “tank farms” and one marine terminal area, all within the Subic Bay Freeport Zone.
- MB: There are no comments from the MPI side of the deal yet, but KIT is on record saying that this is a “strategic” acquisition to strengthen its distributable cash flow (the money that the company uses to declare dividends). KIT says the investment will help it “capture the expected growth in demand for petroleum products in [the Philippines].” I assume MPI’s reasons for entering the deal are substantially similar.
WW: 39566445 PH: 351665
Power Gen. ▲1.88% POGO Gaming ▲1.76% #COVID-19 ▲0.84%
MiddleClass ▼1.33% Logistics ▼0.80% Cement ▼0.60%
MB is posted to /PHinvest every Monday and Wednesday, but my newsletter goes out daily. To stay in the loop for daily email delivery, please join the barkada by signing up for the newsletter, or follow me on Twitter.
- [NEWS] Airlines able to resume international flights with non-essential passengers on October 21... but will the demand be there? Non-essential travellers will be able to leave the country, provided they have “negative antigen test results, confirmed plane tickets, and health and travel insurance”. The government originally lifted the ban on Filipinos travelling abroad for non-essential reasons in July, but since only one insurance company could adhere to the IATF’s strict rules on conditions to cover rebooking, accommodation expenses, and hospitalization should a traveler contract COVID-19, the ban was re-implemented, awaiting better coordination. Seems as though the better coordination has arrived, though we are still waiting on confirmation of procedures from the IATF.
- MB: As we discussed last week, domestic airline revenue has been constrained by a lack of demand, not by excessive regulations or travel bans. Philippine Airlines [PAL 5.85 ▲0.86%] and Cebu Pacific [CEB 38.00 ▲1.06%] know as well as any that many countries around the world still have quite strict travel regulations in place that make travelling a huge pain in the ass, aside from whatever hoops the IATF will make Filipinos jump through even before they make the trek to NAIA. The totality of this hassle against the backdrop of a global pandemic has decimated travel demand. The airlines will be in a lot of trouble until the hassle (and the pandemic) disappears.
- [UPDATE] Converge [CNVRG 16.80] IPO oversubscribed with one broker, so, you know... in a talk with Michelle Ong, the President of PNB Securities, Antonio Lisbona, said that the CNVRG IPO was causing his firm “sleepless nights” because PNB Securities’ order book was already “oversubscribed”. He admitted that the CNVRG IPO might look “heavy” (too expensive, not selling quickly), but he reiterated his belief that CNVRG is in “the right business at the right time.”
- MB: The domestic and international demand for CNVRG has not been strong. Remember, CNVRG’s IPO is split 70:30 between foreign investors and local investors, and that CNVRG was forced to lower its price twice by an aggregate of 30% in order to sign a cornerstone investor for the international tranche. After lowering the price, the stock sold out and the company was able to market the international tranche as being “oversubscribed”, but it has not been able to say the same thing for the PH-based tranche, despite a 10x increase in PSE EASy allocations and a white-hot connectivity market ([DITO 6.10 ▼1.45%], [NOW 5.25 unch], [MRC 0.37 ▲1.37%]). Now, PNB Securities is doing a media hit to say that it’s own order book is oversubscribed. It’s obviously trying to hype the market for the stock. We’re one week to IPO, so I expect more limp stories like this to try and juice the local market ahead of the big day.
- [UPDATE] PH Resorts [PHR 2.69 ▲3.46%] prices its follow-on offering at P1.68/share... the Dennis Uy-owned casino resort operator is looking to sell 450m shares at P1.68/share to raise P756m to increase the size of the public float (it’s only 15.89% after the IPO) and help fund completion of its Cebu project. The pricing range had been P1.00 to P2.50. The deal is 100% primary (new shares), and is only available through brokers (not PSE EASy).
- MB: Dennis Uy kills two birds with one stone: he gets cash for his cash-strapped company, and he gets to pull PHR’s head more fully above the PSE’s minimum public float line of 10%. What do you bet DAU uses some of the P756m that he gets in this deal to initiate share buy-backs if PHR continues to tumble? While DAU might not be the best at running a business, DAU is a master at the trading game, so I wouldn’t put it past him.
- *[UPDATE] PSE determines backdoor rules apply to Xurpas [X 0.55 susp] transaction... * The PSE determined that the Wavemaker Group transaction was a backdoor listing, and that X stock will remain suspended until X is able to provide the PSE (and investors) with a comprehensive disclosure to outline the nature of the transaction and the impact that it will have on X’s business going forward.
- MB: The writing was on the wall ever since X sold Yondu back to Globe [GLO 1992.00 ▼0.90%] for a fraction of what it paid. The Wavemaker deal never looked quite right, and to many in the investing community, X was a deadman walking already, so the suspension meant very little. The PSE’s first potential tech unicorn is pretty much dead at this point.
OA319: Your Guide To Impeachment! https://t.co/pQoRBoiAwI https://t.co/FornI1zCgN
Attorney General Barr, whose job is to oversee the US criminal justice system, is billing US taxpayers to fly all over the world asking foreign countries to intervene in our domestic politics by attacking US intelligence findings in order to massage the President’s fragile ego. https://t.co/80KSrk0DLP
'This court should likewise reject DOJ’s attempt to claim for itself the power to declare when an impeachment inquiry is underway in the House.' https://t.co/AxH5QFjaVm https://t.co/ReG4Rna9N9
A GOP congressional aide said there is a sense that things are heading in a bad direction for Trump: “We are entering a phase with a lot of unknowns. People are anxious about what else is out there,” the aide said about growing feeling among Republicans staffers and lawmakers.
NEW Rudy Giuliani @ABC -”I have received a Committee subpoena from 3 Commitees of the House. It raises substantial constitutional and legal issues as well as attorney-client and other privileges. These and other issues must all be considered before a proper decision can be made."
House lawyers just replied to DOJ’s brief opposing the disclosure of Mueller’s grand jury information. They argue that DOJ can’t tell them whether or not they’re in an impeachment inquiry, which is the House’s central claim to Mueller’s grand jury files. https://t.co/US4TOHkHw1
I guess I shouldn't be that surprised that the way she decided to deal with incontrovertible evidence that her sources are deliberately lying was to... dismiss us as rude? sigh man, it's going to be tough to put America back together again post-Trump. https://t.co/CHNA9Etuyb
BREAKING: Rudy Giuliani has been subpoenaed for Ukraine documents. Story TK
Don’t forget that one of the talking points pushed by Russia’s troll farm was that there would be a civil war if Democrats tried to impeach Trump. An interesting coinkydink, right?
From the criminal complaint filed in federal court: https://t.co/yX98qVTLjF https://t.co/1WiVXin6fs https://t.co/W2BF3RWb6x
Amber Guyger is going to get off on castle doctrine when it WASN’T HER CASTLE?
Is the argument here anywhere white people are, they own, even when it’s actually your house.?? https://t.co/l33JAJ5Ps6
Breaking News: President Trump pushed Australia's prime minister to help Attorney General William Barr in an investigation intended to rebut the Mueller inquiry https://t.co/HNFx7TF5aI
New: A federal judge in NY has dismissed a lawsuit filed by NY, CT, MD and NJ challenging the Trump admin's limit on how much people can deduct on their federal taxes for $$ paid in state/local taxes (widely seen as a hit on higher-tax blue states) https://t.co/HWXtzhjMjH https://t.co/FRCb9JuRFJ
NEW: A federal judge in Virginia issued a mixed ruling in a case challenging a series of state laws and regulations re: abortion access.
- Blocked: Licensing regs for 1st trimester abortions and hospital req. for non-surgical early 2nd trimester abortions https://t.co/6gx8146lzu https://t.co/81lJS8I5MC
The White House is appealing a judge's order reinstating journalist Brian Karem's White House credentials, which the admin revoked after Karem's heated Rose Garden encounter with Sebastian Gorka https://t.co/ooKbM2waK4
And here it is: an implication that we secretly photoshopped the 100% obvious evidence that the latest pro-Trump defense is an ouright lie. Of course, we always link the source documents! Here's hoping cognitive dissonance will kick in for poor Barb... https://t.co/xZlw61MXKU https://t.co/M345j3qQWc
In light of the latest story in the Washington Post about AG Barr's meetings with foreign intelligence officials (see: https://t.co/d54fLMnsgx), notable to take another look at what a DOJ spox said last week in response to the release of the record of Trump's Ukraine call: https://t.co/6uz7BSNgjr
Yes, @seanmdav, @MZHemingway & @FDRLST are still peddling the lie that there were "secret changes" to the "whistleblower rules." Let's not pretend this is journalism. https://t.co/AlZMp1IJd8 https://t.co/8C1SSicxU1
Our friend @harrisonjaime might want to point out that his Senate opponent has deliberately & willfully spread a lie to protect a corrupt president. https://t.co/wF7ofm48hv https://t.co/117RHBqY1a
Hey @jordanbpeterson, your toxic rhetoric is being used by people seeking to out a confidential whistleblower -- that is, a person whom the President has implied SHOULD BE KILLED Can you at least disavow this? https://t.co/GpCfE1uUbd
Either (a) no one, or (b) a secret, time-traveling operative of the Deep State with a limited-use time machine set for May 24, 2018. https://t.co/9j5J7eeOAk https://t.co/UovlJyp7UH
If you're hearing the bullshit "the Deep State secretly changed ICWSP Form 401 to allow hearsay" argument, here's 100% proof it's a lie. Screenshot from the May 24, 2018 Form 401 (over a year ago) & full link to that document. https://t.co/Yi2PTOEZom https://t.co/JgHofmyjzo
Okay, listeners: I PROMISE you that we will debunk the incredibly stupid theory (endorsed by our game-show host President, of course) that the ICIG secretly changed the rules to sneak in the whistleblower complaint. They didn't. Not that it would matter if they had.
GEE Zachary Terwilliger! https://t.co/eE9IfPNYqq
In the fight over the Trump admin's attempt to block pregnant, undocumented teens from getting abortions, the govt is exploring options for a new policy about notifying parents, per court filing today — the parties have asked to delay litigation over that https://t.co/HcXx40yRTd https://t.co/fRT9AteZo2
'The Nixon Tapes of Stupid Watergate (ft. Andrew Torrez)' by Mueller, She Wrote https://t.co/aTX77ftcFi
@MuellerSheWrote @tweetjaleesa @jordansconfused @patorrezlaw @openargs
BREAKING: New York Republican Chris Collins has just resigned https://t.co/rtsB6uBXwy
State Dept. announces new sanctions on 4 entities and 7 individuals related to Russian election interference https://t.co/eDn7NJlSKT
Being freed from the Republican Party has been pretty liberating for Justin Amash: https://t.co/MxHMwjqfBx
Kevin McCarthy again displays his unique brand of incompetence and dishonesty. https://t.co/KAijpPMk6R
I can only imagine that Biden and all the Dems would pay Rudy's salary to be on camera full time. He's just so bad at all of this. https://t.co/sEQFZVOGGr
Great piece by @AshaRangappa_ breaking down the twisty turny corrupty crazy events & Special Agent Fruity G (aka Rudy) bizarro role in the mess 🤦🏻♀️ https://t.co/YwD8QYDFDQ
- Whistleblower laws are intended to protect the identity of those who bravely come forward to identify fraud & abuse in government. Investigating their information doesn't require their identity be revealed, unless a criminal case is going to trial. https://t.co/4uwdksVkxA
Thread👇 https://t.co/Pv7seVePrX
@KevinMKruse Fun fact: if you unscramble “Earl Landgrebe” you get “Lindsey Graham.”
"You have your non-answer" -- watch Chris Wallace grill Stephen Miller about why Trump thought it was appropriate to use his private attorney to dig up dirt on Biden -- and not let Miller get away with obfuscating. https://t.co/wKr1fpIX5Z
If people are really sick of @LindseyGrahamSC please please please give money and support to @harrisonjaime. Please. Losing is the only way to make Graham stop.
After Rep. Jim Jordan launches a barrage of accusations about the Bidens, @JakeTapper fact-checks, and adds, "I would think somebody who's been accused of things in the last year or two would be more sensitive about throwing out wild allegations against people." https://t.co/BKIg5VGSaT
But it's worth pointing out that the "no collusion" narrative and the Barr "summary" and everything else related to Mueller was, objectively speaking, exactly as stupid as the "it's hearsay!"-type arguments being raised regarding Ukraine. And yet the former worked. https://t.co/eZtcs5wUdH
@jaketapper really deserves props. He has been doing great work. https://t.co/KcizEpbK3b
There is a wonderful irony in the fact that Trump probably destroyed his presidency in an effort to destroy Biden’s candidacy, who most likely won’t be the candidate
But this is also the same guy who bankrupted a casino
Tom Bossert is Donald Trump's former Homeland Security Advisor, FYI. https://t.co/cQ1ikN9BAB
"I mean, I'm kind of busy wrecking the Consumer Fraud Protection Bureau at the moment!" -Mick Mulvaney, probably https://t.co/2L5qog3cQq
Just a reminder that history suggests there will be a Biden resurgence/boomlet in the polls after what has been a pretty solid two-month negative trajectory. (Also, are these the first polls showing Steyer at 3+%?) https://t.co/cahawngTEa
This is such an odd take. Obviously the stuff in the Mueller report was super duper bad - objectively, WAY worse than leaning on Zelenskyy. The question Nate (and others) should be asking is: "how did we fail at explaining the former?" My explanation is: people don't read. /1 https://t.co/lYTi18ubEc
If @chrislhayes uses the phrase "bananas in pajamas" next, then we'll have pretty conclusive confirmation he's a show listener. https://t.co/oKHQfDidct
These GOP defenses of Trump's actions on Ukraine are very thin, and it's hard to see how they convince everyone except for Trump True Believers. https://t.co/ZWLVPtp1pC
Reup, bc y'all are still RTing that AP article that is useless as far as news goes.
Bill Barr's (Claimed) Surprise about Being in the Zelensky Transcript Is Irrelevant To His (Non) Recusal
https://t.co/LU4cXhZIGt
"...I mean, not angry enough to have said anything about it in public six weeks ago when Acting DNI Maguire forwarded me the whistleblower complaint or anything," he did not add. https://t.co/VQ7ooU3hAh
Speaking of motivated reasoning: It's certainly possible that Dems are making a political mistake by moving forward with an impeachment inquiry. But most of the supposed anti-Trump people I see saying this are conservatives, which makes it look like concern trolling 1/
I mean, we told you this back in April... but I guess it's a good thing that someone else has noticed? https://t.co/b7F1CaRZMw
Jamal Khashoggi’s death made MBS a pariah. Trump has helped rehabilitate him on the world stage. https://t.co/ktCf6egfrj Proud to write this story with @John_Hudson, @kfahim, and @SarahDadouch, and of all the work @washingtonpost has done to tell the truth of Jamal’s killing.
After denial and anger comes bargaining. Then prison. https://t.co/xVBdbhVJTK
From Duterte's First SONA | Stand |
---|---|
Federalism | Against. Used to be open to Cha-Cha via Con-Con (filed SRN 586). Now says he doesn't trust any move to change the constitution. Pass anti-dynasty law first to build people's trust on the people who will handle the process. |
TRAIN | Voted in favor of the Senate version but voted against the joint version. Later filed SBN 1798 (pending in the committee) to amend TRAIN law and bring back the inflation safeguard removed in the final draft from the Senate version. |
Emergency powers to address traffic | Voted yes on the committee report granting Duterte emergency powers. |
Driver's License and Passport Validity Extension | Voted in favor of the driver's license extension. Unable to cast a vote for the passport extension but signed the committee report. |
FOI | In the 16th Congress, voted in favor of SBN 1733 (passed the third reading, left pending in the House of Representatives). Filed SBN 708 in the 17th Congress that was later substituted by SBN 1208 (pending 2nd reading) and became author via committee report. |
People's Broadcasting Corporation | No info available. SBN 913 in the 17th Congress is pending in the committee. |
Whistleblower Protection Law | No info available. All bills filed in the 17th Congress is pending in the committee. |
BBL | Author via committee report, co-sponsor and voted in favor the approved bill. Author via committee report of SBN 2894 (left pending 2nd reading) in the 16th Congress. |
Separate department for OFWs | No info available. Bills filed in the 17th Congress are pending in the committee. |
Relax bank secrecy law | In Favor. Filed SBN 1495 (repealing bank secrecy law) that's still pending in the committee. |
Priority bills agreed by Leaders of Both Houses | Stand |
---|---|
Free Internet Access in Public Places Act | Principal sponsor and author via committee report of the approved bill. |
Affordable Higher Education for All Act | Principal sponsor and author via committee report of the approved bill. |
Bill amending certain penalties and values under the Revised Penal Code | Voted in favor of approved bill. |
Philippine Mental Health Act | Voted in favor and author via committee report of the approved bill. |
Occupational Safety and Health Standards Act | Unclear. Didn't cast a vote on the approved bill because he was on paternity leave. Didn't sign the committee report although he was present the day it was approved. |
An act authorizing the court to require community service in lieu of imprisonment where the penalty is arresto menor | No info available. Bills filed in the 17th Congress are pending in the committee. |
An act penalizing the refusal of hospital and medical clinics to administer medical treatment in emergency cases | In Favor. Didn't cast a vote on the approved bill because he arrived after voting was done. Signed committee report. |
Universal Health Care Act | Voted in favor of SBN 1896 (pending conference committee). |
Bill providing free irrigation services | Voted in favor of approved bill. |
Agrarian and Agricultural Credit Condonation Act | No info available. SBN 605 is pending in the committee. |
Prohibition of the conversion of irrigated lands | No info available. SBN 1464 is pending in the committee. |
Bill amending the Anti-Money Laundering Act to include casino operators | Voted in favor of approved bill. |
Other Key Issues | Stand |
---|---|
Anti-Dynasty Bill | In Favor. Author via committee report of SBN 1765 (pending 2nd reading) in the 17th Congress. In the 16th Congress, author via committee report and co-sponsor of approved bill reforming SK Elections which had an anti-dynasty clause. |
Divorce | Against. Since his campaign in 2013, he suggests instead to make annulment easier and more accessible to the public. In the 17th Congress, he filed SBN 1815 that's still pending in the committee. |
Abortion | Against because it's unconstitutional. But he is pro-RH Law. |
Medical Marijuana | Position unclear. Then Majority Leader Sotto said a similar medical cannabis bill that passed the House's health panel has no hope in the senate. |
Death Penalty | Against since before he became a senator until now. |
Lowering the minimum age of criminal liability | Against especially if death penalty is returned. Juvenile rehabilitation programs should be strengthened instead. |
Jeepney Modernization | In Favor with reservations. Filed SBN 2056 to change the transition to 5 years from the planned 3 years and lower interest rates to make it less burdensome to drivers and operators. |
Endo | In Favor. Filed SBN 174 in the 17th Congress which included a 3 month financial assistance for endo workers. It was consolidated into SBN 1826 (pending 2nd reading) which he co-authored via committee report and co-sponsored. |
Same-sex Marriage | Against but open to give some rights to long-term partners. |
SOGIE Bill | In Favor. Filed SBN 2122 in the 16th Congress (left pending in the Committee) then refiled it in the 17th Congress as SBN 683 (pending in the committee). |
SSS pension hike | In Favor. Voted in favor of SSS pension hike in 2015 (HBN 5842) which President Aquino III vetoed. In the 17th Congress, voted in favor of SBN 1753 (currently awaiting approval by President). |
Salary Standardization | In Favor. Voted for SBN 2671 (left pending in the conference committee) in the 16th Congress. Filed SBN 704 in the 17th Congress (still pending in the committee) to increase public school teacher's wages. |
Amending the political party system, Anti-Turncoatism | In Favor. Believes strong political parties can end domination of political families, if parties are built on the issues they stand for rather than personalities and famous surnames. |
Decriminalizing Libel | In Favor. Filed SBN 2158 left pending in the committee in the 16th Congress and SBN 680 (pending in the committee) in the 17th Congress. |
Blockstream is now controlled by the Bilderberg Group - seriously! AXA Strategic Ventures, co-lead investor for Blockstream's $55 million financing round, is the investment arm of French insurance giant AXA Group - whose CEO Henri de Castries has been chairman of the Bilderberg Group since 2012.https://np.reddit.com/btc/comments/47zfzt/blockstream_is_now_controlled_by_the_bilderberg/
The insurance company with the biggest exposure to the 1.2 quadrillion dollar (ie, 1200 TRILLION dollar) derivatives casino is AXA. Yeah, that AXA, the company whose CEO is head of the Bilderberg Group, and whose "venture capital" arm bought out Bitcoin development by "investing" in Blockstream.https://np.reddit.com/btc/comments/4k1r7v/the_insurance_company_with_the_biggest_exposure/
Greg Maxwell used to have intelligent, nuanced opinions about "max blocksize", until he started getting paid by AXA, whose CEO is head of the Bilderberg Group - the legacy financial elite which Bitcoin aims to disintermediate. Greg always refuses to address this massive conflict of interest. Why?https://np.reddit.com/btc/comments/4mlo0z/greg_maxwell_used_to_have_intelligent_nuanced/
So... The insurer whose "solvency" is most dependent on maintaining the fiction that the riskiest assets in Exter's Inverted Pyramid (derivatives) are actually worth something - is now paying the devs who write the code for the solidest asset in that pyramid (Bitcoin). What could possibly go wrong?https://np.reddit.com/btc/comments/4k4hia/so_the_insurer_whose_solvency_is_most_dependent/
The owners of Blockstream are spending $75 million to do a "controlled demolition" of Bitcoin by manipulating the Core devs & the Chinese miners. This is cheap compared to the $ trillions spent on the wars on Iraq & Libya - who also defied the Fed / PetroDollar / BIS private central banking cartel.https://np.reddit.com/btc/comments/48vhn0/the_owners_of_blockstream_are_spending_75_million/
The day when the Bitcoin community realizes that Greg Maxwell and Core/Blockstream are the main thing holding us back (due to their dictatorship and censorship - and also due to being trapped in the procedural paradigm) - that will be the day when Bitcoin will start growing and prospering again.https://np.reddit.com/btc/comments/4q95ri/the_day_when_the_bitcoin_community_realizes_that/
Bitcoin's market price is trying to rally, but it is currently constrained by Core/Blockstream's artificial blocksize limit. Chinese miners can only win big by following the market - not by following Core/Blockstream. The market will always win - either with or without the Chinese miners.https://np.reddit.com/btc/comments/4ipb4q/bitcoins_market_price_is_trying_to_rally_but_it/
Bitcoin has its own E = mc2 law: Market capitalization is proportional to the square of the number of transactions. But, since the number of transactions is proportional to the (actual) blocksize, then Blockstream's artificial blocksize limit is creating an artificial market capitalization limit!https://np.reddit.com/btc/comments/4dfb3bitcoin_has_its_own_e_mc2_law_market/
Blockstream is funded by big banks, for example, AXA.
https://blockstream.com/2016/02/02/blockstream-new-investors-55-million-series-a.html
is funded by big banks, for example, AXAAXA is a French multinational insurance firm.
But I guess we shouldn't expect much from someone who thinks miners unilatterally control bitcoin.
Mining is how you vote for rule changes. Greg's comments on BU revealed he has no idea how Bitcoin works. He thought "honest" meant "plays by Core rules." [But] there is no "honesty" involved. There is only the assumption that the majority of miners are INTELLIGENTLY PROFIT-SEEKING. - ForkiusMaximushttps://np.reddit.com/btc/comments/5zxl2l/mining_is_how_you_vote_for_rule_changes_gregs/
Adam Back & Greg Maxwell are experts in mathematics and engineering, but not in markets and economics. They should not be in charge of "central planning" for things like "max blocksize". They're desperately attempting to prevent the market from deciding on this. But it will, despite their efforts.https://np.reddit.com/btc/comments/46052e/adam_back_greg_maxwell_are_experts_in_mathematics/)
Gregory Maxwell nullc has evidently never heard of terms like "the 1%", "TPTB", "oligarchy", or "plutocracy", revealing a childlike naïveté when he says: "‘Majority sets the rules regardless of what some minority thinks’ is the governing principle behind the fiats of major democracies."https://np.reddit.com/btc/comments/44qr31/gregory_maxwell_unullc_has_evidently_never_heard/
People are starting to realize how toxic Gregory Maxwell is to Bitcoin, saying there are plenty of other coders who could do crypto and networking, and "he drives away more talent than he can attract." Plus, he has a 10-year record of damaging open-source projects, going back to Wikipedia in 2006.https://np.reddit.com/btc/comments/4klqtg/people_are_starting_to_realize_how_toxic_gregory/
Who owns the world? (1) Barclays, (2) AXA, (3) State Street Bank. (Infographic in German - but you can understand it without knowing much German: "Wem gehört die Welt?" = "Who owns the world?") AXA is the #2 company with the most economic poweconnections in the world. And AXA owns Blockstream.https://np.reddit.com/btc/comments/5btu02/who_owns_the_world_1_barclays_2_axa_3_state/
Blockstream is now controlled by the Bilderberg Group - seriously! AXA Strategic Ventures, co-lead investor for Blockstream's $55 million financing round, is the investment arm of French insurance giant AXA Group - whose CEO Henri de Castries has been chairman of the Bilderberg Group since 2012.https://np.reddit.com/btc/comments/47zfzt/blockstream_is_now_controlled_by_the_bilderberg/
Greg Maxwell used to have intelligent, nuanced opinions about "max blocksize", until he started getting paid by AXA, whose CEO is head of the Bilderberg Group - the legacy financial elite which Bitcoin aims to disintermediate. Greg always refuses to address this massive conflict of interest. Why?https://np.reddit.com/btc/comments/4mlo0z/greg_maxwell_used_to_have_intelligent_nuanced/
Previously, Greg Maxwell u/nullc (CTO of Blockstream), Adam Back u/adam3us (CEO of Blockstream), and u/theymos (owner of r\bitcoin) all said that bigger blocks would be fine. Now they prefer to risk splitting the community & the network, instead of upgrading to bigger blocks. What happened to them?https://np.reddit.com/btc/comments/5dtfld/previously_greg_maxwell_unullc_cto_of_blockstream/
"Even a year ago I said I though we could probably survive 2MB" - nullchttps://np.reddit.com/btc/comments/43mond/even_a_year_ago_i_said_i_though_we_could_probably/
Falling Giant: A Case Study Of AIGhttp://www.investopedia.com/articles/economics/09/american-investment-group-aig-bailout.asp
What was once the unthinkable occurred on September 16, 2008. On that date, the federal government gave the American International Group - better known as AIG (NYSE:AIG) - a bailout of $85 billion. In exchange, the U.S. government received nearly 80% of the firm's equity. For decades, AIG was the world's biggest insurer, a company known around the world for providing protection for individuals, companies and others. But in September, the company would have gone under if it were not for government assistance.
Bernanke did say he believed an AIG failure would be "catastrophic," and that the heavy use of derivatives made the AIG problem potentially more explosive.http://fortune.com/2010/09/02/why-the-fed-saved-aig-and-not-lehman/
An AIG failure, thanks to the firm's size and its vast web of trading partners, "would have triggered an intensification of the general run on international banking institutions," Bernanke said.
The insurance company with the biggest exposure to the 1.2 quadrillion dollar (ie, 1200 TRILLION dollar) derivatives casino is AXA. Yeah, that AXA, the company whose CEO is head of the Bilderberg Group, and whose "venture capital" arm bought out Bitcoin development by "investing" in Blockstream.https://np.reddit.com/btc/comments/4k1r7v/the_insurance_company_with_the_biggest_exposure/
If Bitcoin becomes a major currency, then tens of trillions of dollars on the "legacy ledger of fantasy fiat" will evaporate, destroying AXA, whose CEO is head of the Bilderbergers. This is the real reason why AXA bought Blockstream: to artificially suppress Bitcoin volume and price with 1MB blocks.https://np.reddit.com/btc/comments/4r2pw5/if_bitcoin_becomes_a_major_currency_then_tens_of/
This trader's price & volume graph / model predicted that we should be over $10,000 USD/BTC by now. The model broke in late 2014 - when AXA-funded Blockstream was founded, and started spreading propaganda and crippleware, centrally imposing artificially tiny blocksize to suppress the volume & price.https://np.reddit.com/btc/comments/5obe2m/this_traders_price_volume_graph_model_predicted/
"I'm angry about AXA scraping some counterfeit money out of their fraudulent empire to pay autistic lunatics millions of dollars to stall the biggest sociotechnological phenomenon since the internet and then blame me and people like me for being upset about it." ~ u/dresden_khttps://np.reddit.com/btc/comments/5xjkof/im_angry_about_axa_scraping_some_counterfeit/
Bitcoin can go to 10,000 USD with 4 MB blocks, so it will go to 10,000 USD with 4 MB blocks. All the censorship & shilling on r\bitcoin & fantasy fiat from AXA can't stop that. BitcoinCORE might STALL at 1,000 USD and 1 MB blocks, but BITCOIN will SCALE to 10,000 USD and 4 MB blocks - and beyondhttps://np.reddit.com/btc/comments/5jgkxv/bitcoin_can_go_to_10000_usd_with_4_mb_blocks_so/
AXA/Blockstream are suppressing Bitcoin price at 1000 bits = 1 USD. If 1 bit = 1 USD, then Bitcoin's market cap would be 15 trillion USD - close to the 82 trillion USD of "money" in the world. With Bitcoin Unlimited, we can get to 1 bit = 1 USD on-chain with 32MB blocksize ("Million-Dollar Bitcoin")https://www.reddit.com/btc/comments/5u72va/axablockstream_are_suppressing_bitcoin_price_at/
Greg Maxwell has now publicly confessed that he is engaging in deliberate market manipulation to artificially suppress Bitcoin adoption and price. He could be doing this so that he and his associates can continue to accumulate while the price is still low (1 BTC = $570, ie 1 USD can buy 1750 "bits")https://np.reddit.com/btc/comments/4wgq48/greg_maxwell_has_now_publicly_confessed_that_he/
Why did Blockstream CTO u/nullc Greg Maxwell risk being exposed as a fraud, by lying about basic math? He tried to convince people that Bitcoin does not obey Metcalfe's Law (claiming that Bitcoin price & volume are not correlated, when they obviously are). Why is this lie so precious to him?https://www.reddit.com/btc/comments/57dsgz/why_did_blockstream_cto_unullc_greg_maxwell_risk/
Bitcoin Original: Reinstate Satoshi's original 32MB max blocksize. If actual blocks grow 54% per year (and price grows 1.542 = 2.37x per year - Metcalfe's Law), then in 8 years we'd have 32MB blocks, 100 txns/sec, 1 BTC = 1 million USD - 100% on-chain P2P cash, without SegWit/Lightning or Unlimitedhttps://np.reddit.com/btc/comments/5uljaf/bitcoin_original_reinstate_satoshis_original_32mb/
The debate is not "SHOULD THE BLOCKSIZE BE 1MB VERSUS 1.7MB?". The debate is: "WHO SHOULD DECIDE THE BLOCKSIZE?" (1) Should an obsolete temporary anti-spam hack freeze blocks at 1MB? (2) Should a centralized dev team soft-fork the blocksize to 1.7MB? (3) OR SHOULD THE MARKET DECIDE THE BLOCKSIZE?https://np.reddit.com/btc/comments/5pcpec/the_debate_is_not_should_the_blocksize_be_1mb/
Core/Blockstream are now in the Kübler-Ross "Bargaining" phase - talking about "compromise". Sorry, but markets don't do "compromise". Markets do COMPETITION. Markets do winner-takes-all. The whitepaper doesn't talk about "compromise" - it says that 51% of the hashpower determines WHAT IS BITCOIN.https://np.reddit.com/btc/comments/5y9qtg/coreblockstream_are_now_in_the_k%C3%BCblerross/
Clearing up Some Widespread Confusions about BUhttps://np.reddit.com/btc/comments/602vsy/clearing_up_some_widespread_confusions_about_bu/
Core deliberately provides software with a blocksize policy pre-baked in.
The ONLY thing BU-style software changes is that baking in. It refuses to bundle controversial blocksize policy in with the rest of the code it is offering. It unties the blocksize settings from the dev teams, so that you don't have to shop for both as a packaged unit.
The idea is that you can now have Core software security without having to submit to Core blocksize policy.
Running Core is like buying a Sony TV that only lets you watch Fox, because the other channels are locked away and you have to know how to solder a circuit board to see them. To change the channel, you as a layman would have to switch to a different TV made by some other manufacturer, who you may not think makes as reliable of TVs.
This is because Sony believes people should only ever watch Fox "because there are dangerous channels out there" or "because since everyone needs to watch the same channel, it is our job to decide what that channel is."
So the community is stuck with either watching Fox on their nice, reliable Sony TVs, or switching to all watching ABC on some more questionable TVs made by some new maker (like, in 2015 the XT team was the new maker and BIP101 was ABC).
BU (and now Classic and BitcoinEC) shatters that whole bizarre paradigm. BU is a TV that lets you tune to any channel you want, at your own risk.
The community is free to converge on any channel it wants to, and since everyone in this analogy wants to watch the same channel they will coordinate to find one.
Adjustable blocksize cap (ABC) is dangerous? The blocksize cap has always been user-adjustable. Core just has a really shitty inferface for it.https://np.reddit.com/btc/comments/617gf9/adjustable_blocksize_cap_abc_is_dangerous_the/
What does it tell you that Core and its supporters are up in arms about a change that merely makes something more convenient for users and couldn't be prevented from happening anyway? Attacking the adjustable blocksize feature in BU and Classic as "dangerous" is a kind of trap, as it is an implicit admission that Bitcoin was being protected only by a small barrier of inconvenience, and a completely temporary one at that. If this was such a "danger" or such a vector for an "attack," how come we never heard about it before?
Even if we accept the improbable premise that inconvenience is the great bastion holding Bitcoin together and the paternalistic premise that stakeholders need to be fed consensus using a spoon of inconvenience, we still must ask, who shall do the spoonfeeding?
Core accepts these two amazing premises and further declares that Core alone shall be allowed to do the spoonfeeding. Or rather, if you really want to you can be spoonfed by other implementation clients like libbitcoin and btcd as long as they are all feeding you the same stances on controversial consensus settings as Core does.
It is high time the community see central planning and abuse of power for what it is, and reject both:
- Throw off central planning by removing petty "inconvenience walls" (such as baked-in, dev-recommended blocksize caps) that interfere with stakeholders coordinating choices amongst themselves on controversial matters ...
- Make such abuse of power impossible by encouraging many competing implementations to grow and blossom
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