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  • House to push divorce bill The House of Representatives will push for the passage into law of the divorce bill despite President Rodrigo Duterte’s opposition to it, according to Speaker Pantaleon Alvarez. The House passed on final reading the proposed Act of Absolute Divorce and Dissolution of Marriage or House Bill 7303. Hours after the approval of the measure, Palace spokesman Harry Roque said the President Duterte is not in favor of the bill since it could negatively affect the children of the married couple. The bill approved by the House provides several grounds for absolute divorce, which includes marital infidelity, abandonment of petition by respondent without justifiable cause for more than 1 year, physical abuse, etc. Under HB 7303, the court will decide who should have custody of minor children. The court will also have the discretion to grant alimony and child support.
  • Gov’t raises $230 Mn from Panda bonds The Philippine government has successfully raised RMB 1.46 billion or about $230 million in its inaugural issuance of 3-year Panda bonds. National treasurer Rosalia de Leon said the order book amounted to RMB 9.22 billion, with oversubscription hitting about 6.32 times, the all-time largest coverage for any Panda sovereign issuer. With a tight spread of 35 basis points (bps) above benchmark, the 3-year Panda bonds fetched a coupon rate of 5%. The Philippines became the 1st Asean sovereign to issue Panda bonds, the Investor Relations Office (IRO) said. With the Bond Connect scheme, offshore investors comprised 87.7% of allocation, representing the highest offshore mix for any Panda issuer.

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