Business World

PHL debt-to-GDP ratio target achievable despite slowing growth

THE PHILIPPINES could still bring its debt-to-gross domestic product (GDP) ratio down to the 64.9% target this year, economists said, although sluggish growth and persistent fiscal deficits could slow debt consolidation. Economists said stronger...

NG budget gap swells in August

THE PHILIPPINES’ budget deficit nearly doubled in August as government spending picked up while revenue collections slipped, the Bureau of the Treasury (BTr) said. BTr data released on Thursday showed that the deficit swelled by 90.23% to P161.3...

S&P, ADB see slower growth for PHL

S&P GLOBAL RATINGS and the Asian Development Bank (ADB) sharply downgraded their Philippine growth forecasts for this year as a weaker-than-expected first half and persistent economic headwinds threaten to stall the country’s recovery. Based on its...

Philippines climbs in internet speed rankings, remains below global median

The Philippines moved up in Ookla’s Speedtest Global Index in August 2026, ranking 62nd out of 149 markets in fixed broadband and 71st out of 102 in mobile internet speed. The country climbed three places in fixed broadband and two places in mobile...

How the Philippines ranks in democratic performance in Southeast Asia

The Global State of Democracy 2026, released by the International Institute for Democracy and Electoral Assistance, assessed 173 countries across four categories of democratic performance — representation, rights, rule of law, and participation — using...

BDO maintains lead; Philippines’ largest banks’ total assets grow 10.23% at end-June

The latest BusinessWorld quarterly banking report showed that the aggregate assets of 44 universal and commercial banks in the Philippines rose by 10.23% year on year to P30.16 trillion in the second quarter of 2026. BDO Unibank, Inc. remained the...

How minimum wages compared across regions in August 2026

Inflation-adjusted wages were 24% to 30.2% lower than the current daily minimum wages across the regions in the Philippines in August 2026. Meanwhile, in peso terms, real wages were lower by around P107.45 to P181.29 from the current daily minimum...

‘Super El Niño’ raises risks for PHL

THE Philippines faces heightened economic risks from a potentially severe El Niño as a prolonged drought threatens agricultural production, food security, as well as water and energy supplies at a time when the government and households are still...

July remittances hit 7-month high

CASH REMITTANCES rose to its highest monthly level in July this year as overseas Filipino workers (OFWs) sent home more money ahead of the school season, with the weak peso also providing some support, preliminary central bank data showed. According...

July misery index rises to three-month high

The Philippines’ adjusted misery index inched up to 24.3% in July from 22.7% in June, the worst in three months or since 26.3% in April. This came as the unemployment rate rose to an over four-year high of 6% in July. Originally developed by economist...

Manila ranked as moderate-risk city in Climate Risk & Resilience Index

Manila was among the moderate-risk cities in AlphaGeo’s Climate Risk & Resilience Index that covered 72 cities, part of the least resilient in East and Southeast Asia. The Philippine capital scored 24 on the resilience-adjusted risk (RAJ) scale, which...

Philippines sees 35% jump in FDI net inflows in June

FOREIGN direct investment (FDI) net inflows to the Philippines jumped by 35% year on year in June, even as they fell to a two-month low, central bank data showed. Based on preliminary Bangko Sentral ng Pilipinas (BSP) data released on Thursday, FDI...

NPL ratio hits 2-month high

THE PHILIPPINE BANKING sector’s nonperforming loan (NPL) ratio worsened in July as elevated inflation and higher borrowing costs drove up bad debts, preliminary Bangko Sentral ng Pilipinas (BSP) data showed. Banks’ gross NPL ratio climbed to 3.35% in...

Filipino 15-year-olds stay below OECD average in PISA 2025

Filipino 15-year-old students scored below the Organisation for Economic Co-operation and Development (OECD) average in science, reading, mathematics, and computational problem-solving in the 2025 Programme for International Student Assessment (PISA)....

Manila posts second-fastest logistics rent growth in APAC in first half

Manila’s logistics rents rose by 7.7% on a half-yearly basis in the first half of 2026, the second-fastest growth among 18 Asia-Pacific (APAC) markets tracked by Knight Frank, behind Brisbane’s 8.6%. On a year-on-year basis, Manila posted 2.9% growth,...

Philippines holds 79th spot in global prosperity index

The Philippines ranked 79th out of 161 countries with a score of 63.06 out of 100 in the latest Legatum Prosperity Index released by investment firm Legatum and London-based think tank Prosperity Institute. The index assesses prosperity across three...

NG debt rises to record-high P19.39T

THE NATIONAL Government’s (NG) outstanding debt rose to a fresh high of P19.39 trillion at end-July amid higher domestic and external borrowings and the revaluation of foreign currencydenominated obligations, the Bureau of the Treasury (BTr) said. The...

Peso sinks to all-time low vs dollar

THE PESO sank to a new record low against the US dollar on Wednesday, extending its decline for a fourth straight trading day as broadening price pressures from the renewed Middle East conflict weighed on the currency and raised the risk of a breach of...

Philippines’ foreign debt service bill climbs at end-May

THE Philippines’ debt service on foreign loans continued to rise as the government made higher principal payments as of May, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed. Based on data released by the central bank, the country’s...

Can domestic savings cover the country’s increasing investment needs?

In the second quarter of 2026, the country’s savings rate — defined as gross domestic savings as a percentage of gross domestic product (GDP) — grew 8.6%, reaching P643 billion. Meanwhile, the investment rate was 23.2% of GDP, or P1.74 trillion,...

Poll: Inflation likely cooled in August

HEADLINE INFLATION may have eased to a five-month low in August but stayed above the central bank’s target as the bad weather drove up food prices and transport costs remained elevated year on year, analysts said. The median estimate of 20 analysts...

BSP raises key interest rate to 5%

THE NATIONAL Government’s (NG) budget deficit widened more than fivefold in July as spending jumped nearly 20% driven by higher disbursements for social assistance and capital projects, the Bureau of the Treasury (BTr) said. The fiscal gap ballooned...

Family spending growth outpaces income in 2025

FILIPINO FAMILIES saw their average annual income rise by 16.5% in 2025, but their spending grew much faster at 24.7%, data from the Philippine Statistics Authority (PSA) showed. Preliminary data from the PSA showed that the average annual income of...

Philippines ranks 66th in inaugural relocation index

The Philippines ranked 66th out of 192 economies in the inaugural Rumavi Global Relocation Index 2026, with an overall score of 63.9 out of 100. The country ranked eighth in the retirees category, its best showing among the index’s six persona rankings...

Early action may curb El Niño inflation

EARLY MEASURES to protect agricultural production from what could be the worst El Niño on record could help prevent supply disruptions from fueling inflation, a Bangko Sentral ng Pilipinas (BSP) official said on Monday. BSP Deputy Governor Zeno Ronald...

Poll: BSP to hike rates by 25 bps anew

PERSISTENT inflation pressures may warrant a third straight rate hike from the Bangko Sentral ng Pilipinas (BSP) this week, even as economic growth remains tepid, analysts said. Based on a BusinessWorld poll conducted last week, 19 of the 24 analysts...

Philippine gov’t weighs timing of RTB offering

THE GOVERNMENT is waiting for more favorable market conditions before proceeding with a retail Treasury bond (RTB) offering this year, amid elevated interest rates and tensions in the Middle East. National Treasurer Sharon P. Almanza told reporters on...

Philippines ranks 88th and 102nd in freedom and prosperity lists

The Philippines placed 88th and 102nd out of 171 countries in the 2026 edition of the Freedom and Prosperity Indexes by US-based think tank Atlantic Council. Out of 100 possible points, the Philippines scored 62.9 in the Freedom Index with a low...

Misery index eases to three-month low in June

The Philippines’ adjusted misery index fell to 22.7% in June from 23.2% in May. This was the lowest reading in three months or since the 20.8% logged in March. This comes as Philippine inflation slowed for the second straight month to 6.4% in June,...

Cash remittances up 1.7% in June

CASH REMITTANCES from Filipinos abroad expanded at its slowest pace in over four years in June even as the monthly level reached a six-month high, Bangko Sentral ng Pilipinas (BSP) data showed. Overseas Filipino workers (OFWs) sent home $3.039 billion...

BSP tightening cycle may be over

THE BANGKO SENTRAL ng Pilipinas’ (BSP) tightening cycle may be over as the country’s sluggish growth will likely soften demand-driven inflation, with rate cuts on the table for mid-2027, Standard Chartered Bank said. Jonathan Koh, Standard Chartered’s...

Q2 foreign investment pledges surge

FOREIGN INVESTMENT pledges in the Philippines in the second quarter rose to the highest level in nearly two years, despite muted economic growth and geopolitical uncertainties. Preliminary data from the Philippine Statistics Authority (PSA) showed...

Philippine peso 4th most undervalued in July Big Mac Index

The Economist’s Big Mac Index, July 2026 In The Economist’s July 2026 Big Mac Index, the Philippine peso was 56% undervalued against the US dollar, making it the fourth-most undervalued currency in the index. A Big Mac cost P169 in the Philippines,...

Social services, infra in 2027 plan

THE PHILIPPINES’ proposed 2027 national budget puts social services and infrastructure at the center of government spending, with education, public works and health among the biggest beneficiaries as President Ferdinand R. Marcos, Jr. enters the final...

FDI inflows sink to over 11-year low

FOREIGN DIRECT INVESTMENT (FDI) net inflows into the Philippines sank to their lowest level in more than 11 years in May amid still-cautious investor sentiment, Bangko Sentral ng Pilipinas (BSP) data showed. Based on preliminary BSP data released on...

Philippines trails regional peers in responsible AI index

The Philippines ranked 68th out of 135 countries after scoring 32.98 out of 100 in the second edition of the Global Index on Responsible AI (GIRAI) by the Global Center on AI Governance. The country’s score was the fifth-lowest among its East and...

Farm output growth slows in Q2

THE PHILIPPINES’ agricultural sector posted slower growth of 2.9% in the second quarter, down from 6% a year earlier, despite improved output across all subsectors, the Philippine Statistics Authority (PSA) said. The PSA reported that the value of...

July inflation cools to 4-month low

PHILIPPINE INFLATION cooled to its slowest pace in four months in July as transport costs eased and food inflation steadied, the Philippine Statistics Authority (PSA) said. Data from the PSA showed headline inflation slowed to 6.2% from 6.4% in June...

Hot money inflows hit $170M in June

NET FOREIGN portfolio investment inflows into the Philippines extended to a second straight month in June as investor activity improved despite lingering financial market volatility, according to Bangko Sentral ng Pilipinas (BSP) data. Transactions on...

DoF proposes higher excise taxes

THE DEPARTMENT of Finance (DoF) is proposing a package of new and higher taxes on sweetened beverages, e-cigarettes, flexible plastic products, luxury vehicles and private aircraft to offset revenue losses from proposed personal income tax relief...

Q2 growth likely slowed to 2.8%

THE PHILIPPINE ECONOMY likely expanded at a slower pace year on year in the second quarter, as elevated inflation weighed on household spending while weak business confidence and sluggish public infrastructure spending dampened economic activity. A...

June trade gap widens to $4.94B

THE PHILIPPINES’ trade deficit in goods ballooned to $4.94 billion in June as the boom in artificial intelligence (AI) drove double-digit growth in exports and imports, data from the Philippine Statistics Authority (PSA) showed. Preliminary data from...

Philippines ranks fourth-lowest in Asia-Pacific environmental index

The Philippines ranked 21st out of 24 Asia-Pacific economies in the 2026 Environmental Performance Index (EPI), making it the region’s fourth-lowest performer. The country scored 27.87 out of 100, below the regional average of 36.84, and ranked 162nd...

BSP: ‘Small chance’ of aggressive hikes

THE BANGKO SENTRAL ng Pilipinas (BSP) sees only a “small chance” of more aggressive monetary policy tightening this year, despite renewed volatility and expectations of a second-half economic recovery. BSP Governor Eli M. Remolona, Jr. on Tuesday said...

Philippines ranks 65th in impunity index

The Philippines ranked 65th out of 172 economies in the Eurasia Group’s 2025 Atlas of Impunity, with an impunity score of 44.86 out of 100. The country’s score was higher than the global average of 39.05, making it the fifth-highest among East and...

Tracking Philippine Development Plan targets

NG budget deficit widens in June

THE NATIONAL GOVERNMENT’S (NG) budget deficit widened by 9.39% in June as spending outpaced revenue growth, although the first-half fiscal gap remained broadly in line with the government’s program, Bureau of the Treasury (BTr) data showed. In a...

Peso sinks to match record low P61.75

THE PESO weakened on Wednesday to match its all-time low against the US dollar as a re-escalation in the Middle East conflict heightened concerns over inflation risks. The Philippine peso closed at P61.75 against the US dollar on Wednesday, inching...

BoP surplus widens to $3.4B in June

THE PHILIPPINES’ balance of payments (BoP) surplus widened to over $3 billion in June, which helped significantly narrow the BoP deficit in the first half of the year, central bank data showed. Based on Bangko Sentral ng Pilipinas (BSP) data released...

How the Philippines fared in global financial secrecy index

The Philippines placed 61st out of 141 jurisdictions in the 2026 edition of the Financial Secrecy Index (FSI) published by the Tax Justice Network with an FSI value of 159, down from 173 last year. This makes it a low enabler of concealing financial...

BIR, BoC upbeat on revenue targets

THE PHILIPPINE government’s main revenue-generating agencies are confident of meeting their revised full-year targets, after posting higher collections in the first half of the year. Bureau of Internal Revenue (BIR) Commissioner Charlito Martin R....

Philippines moves up in Nature Conservation Index

The Philippines climbed seven places to 141st out of 180 countries, with a score of 50.3 out of 100 in the 2025 Nature Conservation Index, published by The Goldman Sonnenfeldt School of Sustainability and Climate Change in collaboration with the...

Cash remittances fall to 1-year low

THE ONGOING Middle East war may have continued to take a toll on migrant Filipinos, as the money they sent home in May slumped to its lowest level in a year, preliminary Bangko Sentral ng Pilipinas (BSP) data showed. Cash remittances from overseas...

IT-BPM industry cuts 2028 targets

THE PHILIPPINE information technology-business process management (IT-BPM) industry slashed its revenue and employment targets for 2028, citing the rapid adoption of artificial intelligence (AI) and intensifying global competition. In its revised...

Misery index inches down in May

The Philippines’ adjusted misery index eased to 23.2% in May from 26.3% in April, marking its lowest level since 20.8% in March. The decline reflected slower inflation, which eased to 6.8% in May from 7.2% in April. The adjusted underemployment rate*...

Core inflation risks seen to persist

THE BANGKO SENTRAL ng Pilipinas (BSP) could extend its tightening cycle as the widening pass-through effects of energy shocks stemming from the Middle East war are expected to keep core inflation elevated, analysts said. Metropolitan Bank and Trust...

Philippines improves in global presence index, but still trails regional peers

The Philippines climbed three spots to 41st out of 150 countries with a global presence value of 58.13 in the latest Elcano Global Presence Index by Madrid-based think tank Elcano Royal Institute. Despite its higher overall rank, the country was among...

IMF trims Philippine growth outlook

THE PHILIPPINE ECONOMY could post its weakest growth this year since the pandemic, as the Middle East war drives up prices and dampens economic activity, the International Monetary Fund (IMF) said. In its latest World Economic Outlook (WEO) released...

Core inflation hits 31-month high

PHILIPPINE headline inflation eased for a second straight month in June on lower transport and food prices, but pass-through effects pushed core inflation to its fastest pace in 31 months, the Philippine Statistics Authority (PSA) said. Based on PSA...

Philippines trails regional peers in Future Skills Index

The Philippines placed 38th out of 89 economies in the latest edition of the World Future Skills Index by service and analytics provider Quacquarelli Symonds (QS). The country had a final score of 68.5 out of a possible 100. The index evaluates how...

Poll: Inflation likely cooled in June

PHILIPPINE INFLATION likely eased for a second straight month to a three-month low in June as lower oil and rice prices offset higher electricity rates, analysts said. A BusinessWorld poll of 18 analysts yielded a median estimate of 6.6% for June...

NG debt hits P18.55 trillion in May

NATIONAL GOVERNMENT (NG) debt rose in May as it continued to raise funds to support financing needs, the Bureau of the Treasury (BTr) said. The latest data from the Treasury showed that outstanding debt stood at P18.55 trillion as of end-May, inching...

Manufacturing PMI improves in June

PHILIPPINE FACTORY activity continued to expand in June amid stronger output and new orders, S&P Global said on Wednesday. S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) inched up to 50.9 in June from 50.8 in May, signaling a...

Metro Manila gets P85 daily wage hike

THE DAILY minimum wage in Metro Manila will increase to P780 by January 2027 after the Regional Tripartite Wages and Productivity Board-National Capital Region approved an P85 increase to be implemented in two phases, Labor Secretary Francis N....

Philippines rises in global child rights list

The Philippines climbed 15 places to 57th out of 194 countries in the 2026 edition of the KidsRights Index (KRI) by the KidsRights Foundation. The country scored 0.735 out of 1, where a higher score means a positive contribution to children’s rights....

Residential property prices rise by 4.5% in Q1 2026

Philippine housing prices grew 4.5% year on year in the January-to-March period. This was slower than the 7.6% in the same period in 2025, but faster than the 1.6% in the fourth quarter last year, according to the central bank’s Residential Property...

Philippines inches up in 2026 SDG Index

The Philippines moved up one spot to 80th out of 169 ranked countries in the 2026 release of the Sustainable Development Report by the United Nations. Scoring 69.87 index points out of 100, the country surpassed both the East and South Asian and world...

Philippines rises four spots in Elite Quality Index

The Philippines climbed four spots to 46th out of 151 countries with a score of 52.1 in the 2026 edition of the Elite Quality Index (EQx) by Switzerland-based Foundation for Value Creation Activities, in partnership with the University of St. Gallen....

Manila remains the region’s laggard in Cities in Motion Index

Manila placed 167th out of 183 cities across 92 countries in the latest edition of the Cities in Motion Index (CIMI) by Spain-based University of Navarra’s IESE Business School, scoring 22.56 out of 100. The Philippine capital was classified as “low”...

How Philippine trade resilience compares with its peers in the region

The Philippines ranked 35th out of 56 countries assessed in the 2026 edition of the Global Trade Resilience Index (GTRI) by Whiteshield, scoring 55.66 out of 100. The Philippines was the third-lowest country in freight resilience among its regional...

BoP swings to $131-M surplus in May

HIGHER DOLLAR INFLOWS and easing external payment pressures drove the Philippines’ balance of payments (BoP) position to an over $100-million surplus in May, analysts said. Data from the Bangko Sentral ng Pilipinas (BSP) showed the country’s BoP...

Philippines hits 6-year high in World Competitiveness Ranking, but still trails Asia-Pacific peers

The Philippines jumped four spots to 47th out of 70 economies with a score of 59.07 out of 100 in the 2026 edition of the World Competitiveness Ranking by the International Institute for Management Development (IMD). This was the country’s highest...

Philippines ‘partially ready’ in global education readiness list

The Philippines ranked 85th out of 177 countries in the latest update of the Global Education Futures Readiness Index (GEFRI), scoring 52.64 out of 100. The country’s score was above the global average score of 49.87 but below the East Asia & Pacific...

April misery index worsens to 26.4%, highest in over three years

The Philippines’ adjusted misery index climbed to over a three-year high of 26.4% in April from 20.8% in March. It was the worst reading since it logged 26.9% in January 2023. The worsening of the index was driven by inflation accelerating to a...

OFW remittances rise 2% in April

CASH REMITTANCES recorded its slowest annual growth in nearly four years in April as weak global economic conditions weighed on overseas Filipino workers’ (OFWs) ability to send money home. Data from the Bangko Sentral ng Pilipinas (BSP) showed money...