Asset servicing – Philippines


Income collection

Service offeredRemarks
Notification to clients

Standard Asset Servicing reporting via Swift MT56x, Xact Web Portal and Xact File Transfer.

See Section 8 “Asset servicing” of the Client Handbook.

See Connectivity manuals on the Clearstream website.

Payment of proceeds

Dividend payments – usually paid 30 to 40 calendar days after the record date. 

Proceeds are calculated based on the positions recorded at the close of business on the record date and paid to the client's account upon successful receipt and reconciliation of funds. Proceeds will be paid with the value with which they are received. 

Funds under the Available for Cash Loan (ACL) concept, when applicable, are paid with good value.  

The payment method to be applied is reported via MT564 IPAR and Xact Web Portal IPAR.

For further details on entries qualified as ACL, please refer to the section “5.6 Financing: availability of funds” of the Client Handbook.

Corporate actions

Service offeredRemarks
Notification to clients

CBL advises clients of their entitlement to participate in Philippines corporate actions (including, but not limited to, rights issues, stock splits and tender offers) subject to their availability to foreign investors.

No specific deviations from standard reporting provided by CBL apply to the Philippines market.

Instruction to CBL

Clients may instruct CBL to carry out options foreseen in the terms and conditions of the underlying type of security. These options include, but are not limited to, put options, conversions, exercises of warrants, exchanges, detachments of warrants etc.

In addition, CBL informs clients on an “as and if received” basis of unscheduled securities events occurring on account holdings, such as rights offers, reinvestment options, exchange offers, purchase offers, mergers etc.

Proxy voting procedures

Proxy voting services are available in Clearstream Banking for Philippines securities except with regard to preferred shares, non-voting shares and bonds.

For details about the proxy voting services offered by Clearstream Banking, please refer to the CBL Client Handbook.

Entitlement compensation rules

Fractional shares not referable to the client's holdings will not be credited nor can they be claimed. Please refer to the Entitlement Compensation Rules - Philippines.