The Department of Justice (DOJ) revealed that Mactan-Cebu International Airport Authority (MCIAA) former general manager and chief executive officer Steve Dicdican, 15 Filipino and foreign top officials of GMR-Megawide Cebu Airport Corporation (GMCAC) for allegedly violating the anti-dummy law. . The case arised from a complaint filed with the National Bureau of Investigation, allegedly Mactan Cebu International Airport is operated and managed by non-Filipinos with the knowledge of the Filipino officers of the airport and GMR-Megawide Cebu Airport Corporation (GMCAC).

NBI also said with the private complainant Mr. Larry Iguidez that Mr. Steve Dicdican violated the improved Commonwealth era Anti-Dummy Law associated with the awarding of the 25-year operations and maintenance contract to Megawide Construction Corporation and its Indian partner GMR Infrastructure Limited for the MCIA in 2014. On October 8 announced on October 14, Department of Justice (DOJ) also indicted Dicdican for “knowingly assisting, aiding and abetting the commission of a violation of the anti-dummy law.

The 15 Filipino and foreign top officials of GMR-Megawide Cebu Airport Corporation (GMCAC) will be filed with separate charges and will be charged before the regional trial court in Central Visayas. Foreign nationals Andrew Acquaah-Harrison, Ravi Bhatnagar, Ravishankar Saravu, Michael Lenane, Sudarshan Madhav Doddathota, Kumar Gaurav, Magesh Nambiar and Rajesh Madan acted as executives, managers or employees of the corporation ‘in the guise of being advisors, experts and/or technical personnel.’ Prosecutors said.

Megawide said, it has not received any official documents pertaining the filing of criminal charges against the directors and officers of GMR Megawide Cebu Airport Corporation (GMCAC) for the alleged violation of the Anti-Dummy Law. Rest assured that we will respond to this case in the proper fora, and do so successfully. Megawide and its subsidiaries have always been and continue to be firmly adherent to all applicable laws, rules, and regulations, particularly regarding public-private partnership projects such as the Mactan-Cebu International Airport (MCIA)

The PSE market closed on a positive sentiment with +0.42% gain for the day. A lot of traders and investors are still bullish on the current news regarding the re-opening of the economy where Metro Manila will start to shift to Alert level 3 by October 16, 2021. Government is also optimistic that its could reach its target of 4-5% GDP as we catch up with looser restrictions implemented for the last quarter of the year. In addition the US market was upbeat also yesterday which could have contributed on the more optimistic market sentiment.

The index closed at 7,213.46 and continues its upward movement. Net foreign buying was also present at 274.53Million

For the Blue chip Index, ICT (5.80%) finally rebounded after continued sell off for the past few days. On the loser side, there was a profit taking on Globe Telecom (-3.88%) and ACEN (-3.25%)

Gainers	Losers
1ICT5.80%	1GLO-3.88%
2BDO3.13%	2ACEN-3.25%
3AP2.76%	3BLOOM-2.77%
4AEV2.32%	4RRHI-2.70%
5AGI2.14%	5SECB-1.72%
6MPI1.79%	6JGS-1.11%
7TEL1.78%	7CNVRG-1.09%
8WLCON1.55%	8SM-0.90%
9MER1.36%	9BPI-0.58%
10URC0.76%	10PGOLD-0.23%
11AC0.70%	11LTG-0.20%
12GTCAP0.70%

For the index sector, mining sector was the best performer (2.08%) followed by Services sector (1.07%)

On the Global side, US stocks rallied yesterday with Dow Jones closing at +1.56%.

Symbol	Name	Last Price	Change	% Change
^GSPC	S&P 500	4,438.26	74.46	1.71%
^DJI	Dow Jones Industrial Average	34,912.56	534.75	1.56%
^IXIC	NASDAQ Composite	14,823.43	251.79	1.73%