BusinessMirror
WASHINGTON SLAPS 12.5% TARIFF ON PHL EXPORTS
HOURS after a phone call with President Ferdinand Marcos Jr. and United States Secretary of State Marco Rubio’s meetings in Manila, President Donald Trump ordered the imposition of a 12.5-percent tariff on nearly all Philippine products. Washington...
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H1 NG DEFICIT AT ₱786.8B; FISCAL SPACE NARROWS
THE national government ran a P786.8-billion fiscal deficit in the first half of the year, slightly lower than the target, although fiscal space is becoming “increasingly constrained.” The budget hole widened by 2.79 percent to P786.8 billion from...
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PESO DIPS AS OIL PRICES RISE ON REIGNITED WAR
THE Philippine peso slumped anew to a record low of P61.75 against the dollar on Wednesday on the back of a re-escalation of tensions between the United States and Iran which led to elevated crude oil prices. Data from the Bankers Asso‑ ciation of the...
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BSP FAST-TRACKS SHIFT TO DIGITAL PAYMENTS
BOOSTING the adoption of digital payments in the country will help Filipinos “evolve” and fulfill their “unmet needs” such as access to responsible credit, insurance, savings, and investments, according to the Bangko Sentral ng Pilipinas’ (BSP) head of...
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BIR, BOC RELYING ON H2 GROWTH TO MEET GOALS
STRONGER economic growth in the second half will be vital for the country’s two main revenue agencies to meet their recalibrated collection targets this year, even as both remain on track in the first semester. “We’re hoping for a higher GDP [gross...
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SHARED BOUNTY, SHARED LABOR
GENERAL NAKAR, Quezon — In this coastal town facing the Pacific, a group of women has built a livelihood from what grows around them: turmeric, calamansi, fruits, herbs, and other local crops. For the past 26 years, they have turned those harvests...
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BOURSE BOOSTS RETAIL TRADING WITH REFORMS
THE sole stock exchange in the Philippines is preparing a slew of measures including new exchange-traded funds to attract retail investors away from online gambling and cryptocurrency trading. The Philippine Stock Exchange will start using a new...
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OFW REMITTANCES KEEP FLOWING AMID WAR WOES
FILIPINOS working abroad have poured larger-than-usual amounts of money into the household coffers of their families back home despite grappling with war-triggered inflation for the third straight month. Local economists pointed this out after the...
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AMID NEW JITTERS, BANK ASSETS STILL EXPANDING
THE total assets held by the Philippine banking system continued to expand on the back of “healthy” growth in lending, sustained deposit inflows, and higher investment holdings. Ruben Carlo O. Asuncion, chief economist at the Union Bank of the...
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BSP TIGHTENS FINANCIAL CONSUMER PROTECTION
THE Bangko Sentral ng Pilipinas (BSP) has laid out a set of sanctions it would slap on Bspsupervised institutions (BSIS) who violate the provisions of the Financial Consumer Protection Act (FCPA). In a draft circular, the BSP said it is set to adopt...
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LOW GROWTH TO WEIGH DOWN HOMES, BUSINESS
ECONOMISTS said the government’s decision to lower this year’s revenue collection target reflects expectations that slower economic growth will weigh on household spending and business activity, limiting the government’s ability to raise taxes. Last...
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THE LIGHTHOUSE AND THE SHIELD
TEN years after an international tribunal invalidated China’s expansive maritime claims in the South China Sea, the ruling continues to reshape the region’s strategic and legal landscape. The 2016 arbitral award embodies a dual legacy: it stands as an...
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FDI SLUMPS TO DECADE LOW OF $250M IN APRIL
THE amount of foreign capital that flowed into the Philippines slumped to $250 million in April 2026—the lowest in nearly 10 years or since June 2016, due to a “significant” pullback in intercompany borrowings amid lingering global...
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AFTER 3 MOS’ OIL SHOCK PRESSURE, GIR REBOUNDS
THE country’s foreign reserves, its buffer against external shocks, recovered after three months of facing pressure from high oil prices and market volatility amid the conflict in the Middle East. Preliminary data from the Bangko Sentral ng Pilipinas...
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3.7% GROWTH OR BUST: TALL ORDER FOR 3 QTRS
THE Philippine economy must grow by an average of at least 3.7 percent overthe remaining three quarters of 2026 to meet the lower end of the government’s revised growth target, according to the Department of Economy, Planning, and Development...
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BSP EYES NEW ‘SHOCKS’: EL NIÑO, ₱85 WAGE HIKE
AS the energy shocks are showing signs of waning, the central bank now redirecting its focus to the impending Elniño shock, the impact of the record-high pay hike in Metro Manila, alongside the “unusual” movements in inflation expectations, the...
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PESO EXCHANGE RATES
◼ US 61.5900 ◼ JAPAN 0.3824 ◼ UK 82.2288 ◼ HK 7.8530 ◼ CHINA 9.0800 ◼ SINGAPORE 47.6445 ◼ AUSTRALIA 42.6203 ◼ EU 70.4282 ◼ KOREA 0.0400 ◼ SAUDI ARABIA 16.4039
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BAD LOANS RISE AS OIL SHOCK HIKES COSTS
BORROWER stress among households and businesses is now evident as they struggle to repay debts on time due to the combined effects of rising prices of goods, elevated business costs and higher interest rates, according to analysts. Experts raised this...
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BSP PROJECTS INFLATION AT 6-7% RANGE IN JUNE
THE Bangko Sentral ng Pilipinas (BSP) is now looking at a widerthan-usual inflation forecast range as it gauges how the declining domestic oil prices, lower prices of rice and meat could have offset the higher electricity rates and vegetable prices in...
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‘FDI INFLOWS, RATE HIKES TO STEM PESO BLEEDING’
HIGHER US interest rates could further weaken the Philippine peso, but tighter monetary policy at home and anticipated foreign capital inflows could help limit the currency’s losses through the rest of the year. The peso has been among Asia’s weak...
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BSP REVISES FORECAST: WIDER BOP GAP IN ’26, ’27
COST-DRIVEN trade imbalances and tighter financial conditions are seen to weigh on the country’s external position in 2026 and 2027. The Bangko Sentral ng Pilipinas (BSP) said this as it revised anew its forecast for the country’s overall Balance of...
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NO CHOICES FOR SOME CHILDREN
For decades, the scourge of child labor has been a blot on the Philippines’ campaign to protect child welfare. The government touts an interagency approach to make sure the thousands forced to work at a tender age have real, manageable choices to...
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CONSUMER CONFIDENCE AT LOWEST SINCE Q4 2020
THE high cost of food and fuel due to the Middle East conflict, alongside “insufficient” government policies to cushion the impact of rising prices, have made Filipino consumers more pessimistic in the second quarter of the year, according to data from...
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‘HIKING RATES TO CURE RUNAWAY INFLATION’
HIKING interest rates may be a “bitter pill to swallow” as it temporarily makes borrowing tougher, but it cures a worse disease: runaway inflation, which destroys the purchasing power of Filipino households, according to analysts. “Bringing interest...
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PHL LOWERS GROWTH HOPES, SEES ROSY H2
THE government has adjusted its 2026 growth expectations downward as global and domestic challenges weighed on economic momentum, although economic managers remain hopeful that stronger activity in the second half of the year could support...
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INFRASPEND DOWN 45% IN 4 MOS, SPARKS ALARM
THE persistent slump in government infrastructure spending has reached a point that can no longer be ignored after disbursements plunged by 45 percent in the first four months of the year. Infrastructure and other capital outlays fell 45.6 percent to...
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FROM DRAMA TO DEEP TECH
SEOUL—WHEN the Korean drama Start-up aired in 2020, it captured imaginations with its tale of young founders chasing unicorn dreams. Six years later, South Korea is living out its own real-world sequel—a governmentbacked campaign to turn startups into...
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BALANCING INTERESTS: ASEAN ENGAGES RUSSIA WHILE KEEPING GLOBAL LINKS OPEN
President Ferdinand Marcos Jr. and Russian President Vladimir Putin shake hands on the sidelines of the RUSSIA-ASEAN Summit in Kazan, Russia, Wednesday, June 17, 2026. The summit brought together leaders of the Association of Southeast Asian Nations...
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2ND-ROUND EFFECTS OF WAR PROMPT RATE HIKE
LINGERING second-round effects from war-related supply shocks prompted the Monetary Board to raise the key policy rate by 25 basis points for the second time this year. Given the recent developments in the Middle East, Bangko Sentral ng Pilipinas...
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GOVT BAGS $2.5B FROM 2ND GLOBAL BOND OFFER
THE Philippines successfully raised $2.5 billion from its second tripletranche global bond offering this year, backed by strong investor demand and favorable market conditions, allowing the government to increase the deal size. The order book reached...
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Qatar OFWS front-load remittances
THE money sent home by Filipinos working in conflictstricken Middle East may have declined in April, but Filipino workers in Qatar took advantage of the depreciation of the Qatari Riyal, as it was the lone country in the region where migrant workers...
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NO QUICK PRICE RELIEF FROM MIDEAST PEACE
ANY drop in global oil prices following the announced peace agreement between the United States and Iran is unlikely to translate into immediate price relief for Filipino consumers, with economists warning that food prices may take longer to adjust as...
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BSP RATE MOVE: BANKS, THINK TANKS ARE SPLIT
DAYS ahead of the third scheduled policy meeting for the year, bank analysts and think tanks seem to be split on how the central bank will dictate the monetary policy path moving forward. This, as it moves to combat the rising prices of goods, with the...
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CAUTIOUS INVESTORS: FDI NET INFLOWS DOWN
FOREIGN direct investments (FDI) net inflows plunged in Q1 2026 due to “still-cautious” investor sentiment amid high inflation and a slow growth environment. The Philippine economy saw a 17-percent decline in long-term capital inflows from foreign...
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CORE INFLATION ABOVE TARGET BAND FLAGGED
EXPERTS view the recent spike in core inflation, which has breached the upper end of the central bank’s target band for the first time in over two years, as a sign of second-round effects requiring vigilance. Data from the Philippine Statis‑ tics...
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FOREIGN INVESTMENTS DIP CITED IN GIR PLUNGE
THE country’s foreign reserves, its buffer against external shocks, dropped to a 16-month low as of the end of May, due to lower gold holdings and foreign investments amid increased market volatility due to the Middle East conflict. Preliminary data...
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I’M OLD, I OWE, SO OFF TO WORK I GO!
FOR nearly two years after retiring, pharmacist Josephine Ballares tried to settle into a quieter life at home. But the transition to retirement did not feel as expected. After decades of working in a busy pharmacy environment, she found the lack of...
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TRANSPORT, FOOD COSTS EASE; MAY INFLATION IS 6.8%
DESPITE the slowdown in headline inflation in May, economists said the Philippines remained vulnerable to imported price pressures, with rice, gasoline, and liquefied petroleum gas (LPG) accounting for more than a third of the overall increase in...
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OECD CUTS PHL GROWTH OUTLOOK FROM 5.1% TO 3.2%
THE Philippines could be headed for one of its weakest growth years since the pandemic recovery as the escalating Middle East conflict fuels inflation and squeezes household spending, according to the Organisation for Economic Cooperation and...
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WEAK PESO FLAGGED AS GOVT DEBT HITS ₱18.47T
DESPITE a slight decline in April, the Philippine government’s outstanding debt hit P18.470 trillion, as the peso’s vulnerability still resulted in more obligations to pay. Outstanding debt of the national government marginally declined by 0.09...
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PHL FACTORY OUTPUT RISES ON NEW ORDERS
THE Philippine manufacturing sector recovered in May as output rose due to new orders, but Standard & Poor’s (S&P) Global Market Intelligence warned of possible disruptions to supply chain caused by geopolitical tensions. The country’s Manufacturing...
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THE BUSINESS OF ‘I DO’
THE Philippine wedding industry’s flexible setup has driven it into a billion-peso sector, but industry professionals say the sector now needs institutional support to protect its gains and sharpen its regional edge. One of the country’s premier event...
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DOUBLE-DIGIT INFLATION SEEN AMID WAR IMPACTS
THE Philippines could again see double-digit inflation for the first time in nearly two decades as second-round effects from the Middle East conflict continue to spread across the domestic economy, economists from the University of Asia and the Pacific...
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‘WAR TO HEIGHTEN RISKS TO FINANCIAL SYSTEM’
THE Financial Stability Coordination Council (FSCC) has flagged risks to the Philippine financial system, particularly debt levels for both corporate and household sectors amid the ongoing Middle East conflict. In a statement on Monday, the FSCC noted...
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RECALIBRATE OIL TAX HALT TRIGGER–CPBRD
THE government’s fuel excise tax suspension mechanism may no longer respond fast enough to rising oil prices under the current pricing environment, potentially delaying relief measures even as consumers face sharper inflation pressures, a research unit...
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THE REMITTANCE RACE
AMID concern over expectations of lower cash remittance levels from conflict-stricken Middle East countries, Filipinos working in these countries and the seafarers sent more money back home, apparently fearing that prices of goods will continue to...
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NEW DBM CHIEF: NEVER AGAIN A FLOOD SCANDAL
NEWLY-APPOINTED Budget Secretary Kim Robert C. De Leon pledged to hasten government spending and safeguard public funds so as not to repeat controversies from the past and accelerate economic growth. “We will not allow the budget to be abused again...
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JAN-APRIL BOP DEFICIT EXCEEDS GAP IN 2025
THE surge in import bill and soft demand for Philippine exports widened the country’s balance of payments (BOP) 4-month deficit to a level that exceeded the $5.66-billion gap for all of 2025. Latest data from the Bangko Sentral ng Pilipinas (BSP)...
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FLOOD MESS SHADOW: Q1 INFRASPEND DIPS 43.5%
LOWER infrastructure spending continued to drag overall government spending in the first quarter, with capital outlay plunging by nearly half amid stricter project validations due to last year’s flood control corruption controversy. Latest data from...
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LATEST OUTAGES: THE CASE VS CENTRALIZED ENERGY INFRA
THE latest rotating blackouts across Luzon and Visayas, which sparked an investigation by the energy regulators amid alarm from business groups, underscore the systemic risks created by concentrating generation and transmission infrastructure in a...
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DEMAND SPIKES STRAIN LUZON, VISAYAS GRIDS
THE Luzon and Visayas grids, which have been placed on yellow and red alerts on Wednesday, have set a new record high for electricity demand. As of May 12, Luzon’s peak demand reached an all-time high of 14,268 megawatts (MW), surpassing the previous...
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2-MO FDI NET INFLOWS DOWN 34.8% TO $1.03B
FASTER inflation and weaker economic expansion, coupled with global uncertainties, could delay long-term investments into the Philippines as these economic challenges tend to raise operating costs and weaken profit expectations, analysts pointed...
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Q1 N.G. DEBT PAYMENTS DOUBLE TO ₱737.405B
DEBT payments of the government doubled to P737.405 billion in the first quarter of the year, driven by a 4.5-fold increase in amortization. Latest figures from the Bureau of the Treasury (BTR) showed that the government’s debt payments surged by...
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“ POOR ACADEMICS ALARMING; HOW ABOUT CHARACTER?
ALTHOUGH academics are very important, characters should always be there.” This was stressed by Stonyhurst Southville International School–malarayat (SSISM) Campus Principal Donnabelle L. Atienza in an interview with Businessmirror, following the...
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ASEAN SUMMIT BUILDS CRISIS-READY REGION
PRESIDENT Ferdinand Marcos Jr. pushed for a crisis-ready Association of Southeast Asian Nations (Asean) during the concluded 48th Summit of the regional bloc in Cebu with proactive mechanisms on energy, food, trade, maritime security and migrant worker...
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JOBLESS RATE REFLECTS M.E. WAR’S EARLY IMPACT
THE country’s 5 percent unemployment rate in March may already be reflecting the early impact of the ongoing Middle East conflict on the domestic labor market, with economists warning that employment conditions could deteriorate further in the coming...
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Q1 GROWTH, INFLATION IN APRIL SEEN HIGHER
MOODY’S Analytics said Philippine economy likely picked up in the first quarter and grew by 3.9 percent, but inflation may have also accelerated to 5 percent in April. In its weekly Asia Pacific Economic Preview, Moody’s Analytics said “March-quarter...
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Q1 BORROWINGS UP 35% ON FRONTLOADING TACK
THE national government has already borrowed P1 trillion in just three months, relying on domestic sources as a buffer against global uncertainty, data from the Bureau of the Treasury showed. In the first quarter of 2026, the government’s gross...
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TRICKY BALANCE
The oil price shocks and related impacts of the Middle East conflict have added fuel to the call for increases in workers’ pay; and economists concede there’s no clear view of the right path. WITH prices already elevated and expected to remain so amid...
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‘Cost crunch puts firms, workers on same side’
EMPLOYERS and workers are carrying “legitimate burdens” as rising costs ripple through the economy, some business groups said, underscoring a shared pressure point as Labor Day discussions turn to wages and job stability. Current wage petitions are...
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HIGHER Q1 IMPORT BILL WIDENS TRADE DEFICIT
THE country’s import bill rose by 8.9 percent year-on-year and continued to exceed export receipts, widening the trade deficit in the first quarter. Latest data from the Philippine Statistics Authority (PSA) showed that the trade gap reached $12.8...
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M.E. CRISIS MAY PUSH Q1 GROWTH BELOW 3%
PHILIPPINE growth may slow further in the first quarter of 2026, as lingering fallout from last year’s corruption scandal and renewed pressures from the Middle East crisis weigh on the economy, the country’s chief economist said. Department of...
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DOE: BAN ON NEW COAL POWER PROJECTS STAYS
ENERGY Secretary Sharon Garin said Monday the ban on new coal-power projects stays. “We have a moratorium on new coal projects. If a permit was issued by 2019, even if you haven’t done it yet, you can complete it. But if you want a new permit, you...
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THINK TANKS SEE MORE RATE HIKES IN JUNE, AUG
RESEARCH institutions are expecting the Bangko Sentral ng Pilipinas (BSP) to deliver two quarter-point rate hikes at its upcoming policy meetings in June and August, raising the key interest rate to 5 percent amid a “deteriorating” inflation outlook...
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PEZA PUSHES ‘FRICTION-FREE’ EXPANSION IN TRADE LANES
RECENT policy changes removing electronic cargo tracking requirements for qualified exporters are aimed at reducing “friction” in supply chains and improving the country’s trade competitiveness, the Philippine Economic Zone Authority (Peza) said. This...
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‘ADDRESS RISKS BEHIND FITCH NEGATIVE OUTLOOK’
FOLLOWING Fitch Ratings’ “negative” outlook on the Philippine sovereign, economists said the government must urgently address the risks that prompted the downward revision to safeguard its investment-grade standing. In a rating action commentary,...
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PHL PAYMENTS SOAR ON MATURITY OF GOVT DEBT
THE national government’s debt payments in the first two months of 2026 surged by 258 percent year-on-year due to large bond maturities and a weaker peso. Latest data from the Bureau of the Treasury (BTR) showed debt payments ballooned by 258.18...
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ATOMIC SHIFT
THE Iran war’s global energy shock is causing some nations in Asia and Africa to boost nuclear power generation and spurring atomic energy plans in non-nuclear countries on both continents. Asia, where most of the Middle Eastern oil and natural gas...
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BSP MAY YET HOLD OFF ON RATE HIKE–EXPERT
THE Bangko Sentral ng Pilipinas (BSP) still has room to keep the policy rate unchanged at its April 23 policy meeting as demand-side pressures remain contained, according to an economist of Standard Chartered Bank. In a statement on Friday, Standard...
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CRISIS SEEN TEMPERING REMITTANCES GROWTH
FAMILIES of overseas Filipino workers (OFWS) should start managing the remittances of their loved ones wisely as faster inflation and higher fuel prices in host economies could make it difficult for those working abroad to send more money back...
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VAT ON OIL STAYS, FUND EYED IN CRISIS RESPONSE
CONCERNED over the potential impact of a suspension of Value Added Tax (VAT) on petroleum products on government response to the Middle East crisis, President Ferdinand Marcos Jr. said Monday he is not keen on the proposal made by several groups,...
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2-MO BORROWINGS RISE 60% ON RISKS HEDGING
THE national government’s gross borrowings for the first two months of the year soared by 60 percent year-onyear to raise funds early amid geopolitical risks, including tensions in the Middle East. Latest data from the Bureau of the Treasury (BTR)...
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TOURISM TORCH PASSED, FINALLY
AS the new Tourism Secretary, Bernadita “Dita” Angara-mathay faces the incredible task of encouraging more foreign tourists to visit the Philippines, at a time when the Middle East conflict has resulted in higher jet fuel prices—something that will...
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