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Context Dispatch
Prosecutors in VP Duterte trial withdraw 5 more witnesses
Batangas Rep. Gerville Reyes-Luistro, the ead prosecutor in the impeachment trial of Vice President Sara Duterte, told the Senate that it will not longer call 5 witnesses, including two journalists, in the articles covering grave threats and sedition. She said the withdrawal of witnesses was necessary since they will testify to facts already established during the testimony of previous witnesses. The Senate, acting as impeachment court, granted the prosecution's motion and welcomed it as a step toward the speedy disposition of the vice president’s trial. Presiding officer, Senator Francis Escudero, however, ordered that future withdrawals of witnesses shouldn’t be explained since the defense can’t confront the witnesses, or the manifestations of the prosecution that lead to conclusions of law.
Corporate
San Miguel launches P30 billion preferred share offer
Conglomerate San Miguel Corporation has launched a P30 billion preferred share offering, with funds set to go toward debt refinancing and key infrastructure projects including the proposed New Manila International Airport in Bulacan. The Securities and Exchange Commission gave approval for the offer the previous Tuesday. The shares will be open for subscription until July 23, with listing on the Philippine Stock Exchange scheduled for August 3.
Corporate
Converge adds P5 billion to expanded share buyback plan
Converge Information and Communications Technology Solutions Inc., a major fiber internet provider, announced on Wednesday it has expanded its share buyback program with an additional P5 billion to boost shareholder value. The move was approved by the company’s board of directors. Chief financial officer Robert Leo Yu confirmed the extra funds will not disrupt daily operations or planned spending, including ongoing network expansion across the Visayas and Mindanao. He noted the decision reflects strong confidence in the firm’s worth and its ability to reward investors while maintaining heavy investments in national fiber infrastructure, supported by a solid financial position. Actual purchases will depend on market conditions and follow securities rules. Converge shares closed at P9.25 each on Wednesday.
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