BusinessMirror
BIR BENT ON MEETING ₱3.58-T REVENUE GOAL
THE Bureau of Internal Revenue (BIR) is banking on sustained economic growth, expanded digitalization and taxes on digital services to meet its ambitious P3.579-trillion collection target this year. “We will do our best. It’s very challenging, but we...
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OECD: VAT EXEMPTIONS, TAX HOLIDAYS MUST GO
THE Philippines could generate more revenues by gradually removing major value-added tax (VAT) exemptions, phasing out income tax holidays and adopting an emissions trading system (ETS), according to the Organisation for Economic Cooperation and...
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INFLATION WILL HOVER AROUND 3% IN 2026, ’27
THE country’s headline inflation could hit a little above 3 percent in the second half of 2026 as the central bank expects oil prices to pick up. “We project that it [inflation] will hover around 3 percent over the next two years. Three percent is our...
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CAUTION RULES: FDI DIPS 22% TO $7.1B IN JAN-NOV
FOREIGN investors wary of governance and corruption issues may have chosen caution over pouring their capital into the Philippines, with foreign direct investment (FDI) inflows into the country continuing to plunge in the 11-month period in...
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‘GRADUAL 50-BPS RATE CUTS LIKELY THIS YEAR’
THE Bangko Sentral ng Pilipinas (BSP) may deliver “gradual” 50-basis-point policy rate cuts in 2026 as inflation is expected to settle within the central bank’s target range with “manageable” price pressures, according to Maybank. “Recent inflation...
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FOREIGN INFLOWS INTO PHL BONDS RISE IN 2025
FOREIGN investors are increasing their exposure to Philippine government bonds, with participation more than doubling last year, as the government steps up efforts to deepen and modernize the domestic debt market. Data from the Bureau of the Treasury...
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MICRO IS THE NEW MEGA
NANO- and Micro-influencers are emerging as the backbone of Asia’s influencer economy, favored by audiences and increasingly tapped by brands for performancefocused campaigns, generating stronger engagement and measurable conversions than top-tier...
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Digital economy, critical minerals strategy top PHL Asean agenda
THE Philippines is putting economic resilience and innovation at the center of its ASEAN chairmanship in 2026, with the digital economy and critical minerals strategy emerging as flagship priorities. Foreign Affairs Secretary Ma. Theresa Lazaro said...
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PESO WEAKNESS SEEN PERSISTING UNTIL 2030
THE Marcos Jr. administration’s economic managers are bracing for a prolonged period of peso weakness, as they have projected that the local currency could reach P60 per dollar over the next 5 years. The peso is expected to hover at P58 to P60 against...
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BSP, CABINET GET ADVICE ON ECONOMIC FORECASTS
AFTER missed growth targets and miscalculated forecast estimates brought about by negative shocks, the Bangko Sentral ng Pilipinas (BSP) alongside the Philippine economic team, should find better ways to capture what’s actually happening on the ground...
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DEBT HITS RECORD ON WEAK PESO, REFORMS
THE national government’s outstanding debt rose to a new record high of P17.707 trillion as of end-2025, driven by increased borrowing and the impact of the peso’s depreciation on foreign debt. The latest data from the Bureau of the Treasury (BTR)...
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OUTLOOK ‘DARKER’ IN ’26 ON TRADE, TRUST ISSUES
ATHINK tank sees the Philippines having a darker economic outlook in 2026 as trust in policy execution, restoring momentum in government spending and consumer confidence, may take some time to rebuild. “The outlook is darker in 2026,” Moody’s...
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BSP: COSTLIER RICE, OIL MAY HEAT UP INFLATION
RICE and fish prices, increased domestic fuel costs and the weakening of the peso likely caused inflation to accelerate in January, according to the Bangko Sentral ng Pilipinas (BSP). In its month-ahead inflation forecast, the BSP said inflation will...
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CAN EDUCATION MESS BE FIXED?
EDUCATION is a fundamental human right, a key driver, a powerful tool for a better future. But there are major challenges facing education—shortage of teachers, crowded classrooms and insufficient government funding, among others. Thus, education...
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SLOW GROWTH BOOSTS CASE FOR FEB RATE CUT
THE weakening growth momentum alongside subdued inflation has strengthened the case for the Bangko Sentral ng Pilipinas (BSP) to deliver a rate cut in February even after the Federal Reserve has hit the brakes on rate cuts, according to commercial bank...
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3.0% Q4 GROWTH PULLS DOWN FULL-YR TO 4.4%
GROWTH of the gross domestic product (GDP) last year slowed considerably on more conservative household spending as well as the ill effects of climatechange and the corruption that continues to dampen investor and consumer confidence. Data released...
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DBCC LOWERS REVENUE TARGETS THROUGH ’28
THE country’s economic managers have further lowered the government’s revenue targets through 2028 on expectations of slower economic growth amid continued global uncertainty. The revised targets, tackled at the Cabinet-level Development Budget...
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BSP SEEN TO DELIVER 2 MORE RATE CUTS IN ’26
THE Bangko Sentral ng Pilipinas (BSP) may deliver two more rate cuts this year before capping off the easing cycle as the economy may bear the brunt of imported inflation amid the weakening peso, according to economists. “BSP still has some room to...
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PHL LIKELY GREW JUST 5.1% IN ’25–THINK TANK
CONCERNS around governance issues linked to flood control projects may have dampened business confidence toward year-end, with the Philippine economy likely capping 2025 off with a 5.1-percent pace, still short of the government’s target band,...
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‘WEAK GDP MAY PROMPT CUT IN INTEREST RATES’
THE Bangko Sentral ng Pilipinas (BSP) said the GDP data in the fourth quarter of 2025 is one of the major factors that the Monetary Board will take into account when it meets next month to determine whether it would implement another rate cut. “Even...
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BSP: GEOPOLITICAL RISKS TO REQUIRE RCEP ACTION
MEMBER economies of the Regional Comprehensive Economic Partnership (RCEP) should “proactively manage” geopolitical risks to safeguard regional integration as heightened tensions in the global arena reduce goods trade and cross-border investments,...
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2026 REVENUE TARGETS CUT ON SLOWER GROWTH
THE government has cut its revenue target for this year after lowering its economic growth outlooks, as slower activity is expected to drag on collections and overall fiscal performance. This adjustment was revealed to reporters on Thursday after...
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BIR PREPS FOR RETURN OF LOA, VOWS REFORMS
THE Bureau of Internal Revenue (BIR) is moving closer to resuming its issuance of letters of authority (LOAS) as reforms are under way to improve the system. In a statement on Wednesday, the BIR said it rolled out its five-point priority reform...
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BOP SWINGS TO DEFICIT AS IMPORTS RISE IN ’25
THE $5.7-billion deficit in the Philippines’s balance of payments (BOP) in 2025, a reversal of the $609-million surplus posted in 2024, can be attributed to importdriven demand, weaker exports and investment flows in recent months, according to...
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IMF CUTS PHL GROWTH OUTLOOK FROM ’25 TO ’27
THE International Monetary Fund (IMF) sees the “slower pace” of capital accumulation to drag Philippine economic growth until 2027, according to IMF’S World Economic Outlook (WEO) Update. Based on the report, IMF slashed its growth projections for the...
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ANOTHER ‘SILENT CRISIS’
WHILE key learning activities at home are crucial to support early learning and brain development, the findings in the Second Congressional Commission on Education’s (EDCOM II) Final Report showed that less than half of Filipino households with young...
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11-MONTH REMITTANCES EXPAND 3.2% TO $32.11B
THE Philippines is set to post another record high in cash remittances from overseas Filipinos in 2025, with inflows reaching $32.11 billion from January to November, as favorable foreign exchange rates boost sending power. Latest data from the Bangko...
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‘WAIT-AND-SEE’ STANCE: FDI INFLOWS DIP TO $642M
FOREIGN direct investment (FDI) inflows into the Philippines plunged to $642 million in October 2025, as investors adopted a “wait-and-see” stance amid global trade risks and domestic political developments. Data from the Bangko Sentral ng Pilipinas...
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‘TOURISM REVIVAL KEY TO REVVING UP GDP’
BUSINESSMEN belonging to the Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) are prodding the government to implement “comprehensive” tourism reforms to revive what it deems as the “lowhanging fruit” sector. FFCCCII made the...
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SEA OF FAITH
Amid chanting, swaying bodies and the relentless press of the faithful, thousands of barefoot devotees reached for the andas (carriage) of the Black Nazarene as the centuries-old image inched its way back to Quiapo Basilica during the annual Traslación...
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END-NOV N.G. DEBT HITS ₱17.647-T RECORD HIGH
OUTSTANDING debt of the national government reached a new record high of P17.647 trillion as of the end of November 2025, as the state incurred more obligations amid a stronger peso. Latest data from the Bureau of the Treasury (BTR) showed that the...
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GEOPOLITICS IMPACT TO HURT MOVE VS. INFLATION
THE country’s former chief economist warned that a stronger dollar, owing to ongoing geopolitical conflicts, will hurt government efforts to tame inflation. “Moving forward, the country’s inflation rate will be affected by the current political...
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PBBM SIGNS ’26 BUDGET, VETOES ₱92B IN U.A. ITEMS
AMID protests from some groups on the growing unprogrammed appropriations (UA) by Congress, President Ferdinand Marcos Jr. has trimmed it down by at least P92 billion, making the P6.793-trillion General Appropriations Act (GAA) leaner or “pork-free,”...
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11-MO N.G. DEBT SERVICE GROWS 3.58% TO ₱2.02T
THE national government has paid P2.024 trillion for some of its debts from January to November 2025, up 3.58 percent from the P1.954 trillion paid in the 11-month period in 2024, data from the Bureau of the Treasury (BTR) showed. The bulk, or 60.46...
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GROUPS URGE PBBM: VETO PORK IN BUDGET
THE Roundtable for Inclusive Development (RFID) and the People’s Budget Coalition (PBC) on Thursday urged President Ferdinand Marcos Jr. to veto what it called “shadow pork” in the form of unprogrammed appropriations worth P243 billion. The groups...
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GROSS BORROWINGS UP TO ₱2.596T IN JAN-NOV
THE Marcos Jr. administration is nearly done with its 2025 borrowing program, after gross borrowings rose to P2.596 trillion in the first 11 months of the year, according to latest data from the Bureau of the Treasury (BTR). The government’s total...
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PRINTING PROSPERITY
As 2026 begins, an owner of a screen-printing shop in Quezon City prepares orders for calendars, planners, and corporate giveaways, reflecting the busy season for businesses and households alike. The new year marks the Year of the Fire Horse in the...
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BSP SEES DEC INFLATION RANGING FROM 1.2-2.0%
FOOD and fuel prices, driven by lingering weather disruptions and strong holiday demand, are expected to push up inflation in December, according to the Bangko Sentral ng Pilipinas (BSP). In its month-ahead inflation forecast, the BSP said the...
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Q4 INFRASPEND TO STAY LOW FROM DPWH RESET
LOWER infrastructure spending will further pull down government disbursements for the remainder of the fourth quarter, as the Department of Public Works and Highways (DPWH) addresses corruption issues and validates projects before construction...
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PHL BOP DEFICITS TO HIT $6.2B IN ’25, $5.9B IN ’26
PERSISTENT trade-in-goods gap and weaker services receipts will push the Philippines’ balance of payments into deficits in 2025 and 2026, reversing last year’s surplus, according to the Bangko Sentral ng Pilipinas (BSP). Based on BSP’S estimates, the...
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BUDGET GAPS SHRINKS 26% TO P157.6B IN NOV
THE national government’s budget deficit tapered to P157.6 billion in November on more careful spending amid the flood control scandal to prevent the risk of corruption. Latest data from the Bureau of the Treasury (BTR) showed the budget gap was...
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9-MONTH EXTERNAL DEBT SERVICE BURDEN DIPS 21%
THE country paid less for its external debt in the first nine months on the back of lower principal repayments, according to the Bangko Sentral ng Pilipinas (BSP). Latest BSP data showed the country’s external debt service burden (DSB) decreased to...
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FROM POWERPOINT TO PRODUCT
PHILIPPINE tourism, long hailed as a pillar of national development, is struggling to regain its footing in the post-pandemic era. Despite robust domestic travel and renewed investor confidence, the sector remains constrained by outdated laws, symbolic...
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BUSINESS IS CONFIDENT,P25.00 PUBLIC NOT SO–BSP
DESPITE business sentiment improving on hopes of higher holiday-driven spending, Filipino consumers turned more pessimistic as concerns over corruption, inflation and income pressures dampened their confidence, according to the Bangko Sentral ng...
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THINK TANK: ECONOMIC GROWTH TO HIT 4.6% IN Q4
LOWER inflation, increased OFW remittances and exports, lower interest rates and a rebound in government spending are seen to propel the Philippine economy by 4.6 percent in the fourth quarter of 2025, according to UA&P’S Market Call report. “We...
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BSP RULES ON FINANCIAL INTERMEDIARIES TWEAKED
GOVERNMENT financial institutions, international lenders and entities operating through agency agreements or managed funds will now be treated as financial intermediaries under new Bangko Sentral ng Pilipinas (BSP) rules. BSP issued Circular No. 1224...
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ILO: PHL MAY MISS GREEN TRANSITION QUALITY JOBS
THE Philippines risks missing out on higher quality jobs from the global just transition as its nickel industry remains largely focused on raw ore exports, according to a new International Labour Organization (ILO) brief on Tuesday. The ILO said the...
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‘YOU CAN CALL ME’
OVERSEAS Filipino workers (OFWS) shoulder the hidden tolls of migration, including cultural displacement, homesickness, exhausting work schedules, and the constant responsibility of supporting their families financially, pressures that can quietly sap...
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DOLE: Rise in jobless rate due to natural disasters
THE Department of Labor and Employment (DOLE) has pinned the rise in October’s unemployment figures on the recent natural calamities that hit the country. In a text message, DOLE Secretary Bienvenido E. Laguesma said the storms and earthquakes that...
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AMID SLOWING GROWTH, JOBLESS RANKS EXPAND
HOLIDAY hiring barely offered a seasonal nudge as October’s jobs data showed the labor market straining to absorb new entrants amid a cooling economy. On Wednesday, the Philippine Statistics Authority (PSA) reported that the labor force expanded by...
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PHL GROWTH LIMITED TO 5.5% TILL 2027—WB
LOWER domestic investment, weak business confidence and a significant decline in foreign direct investments will cause the Philippine economy to post growth of below 5.5 percent until 2027, according to the World Bank. In a media briefing on Tuesday,...
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11-MO BOI INVESTMENTS DOWN BY NEARLY HALF
INVESTMENTS approved by the Board of Investments (BOI) plunged to P817 billion in the January to November 2025 period, nearly 50 percent down from the P1.58 trillion approved in the 11-month period in the same period a year ago. In a statement, the...
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GROSS RESERVES AMPLE FOR 7-MO IMPORTS—BSP
RECORD-HIGH gold holdings pushed the country’s gross international reserves (GIR) to a 13-month high as of end-november, according to the Bangko Sentral ng Pilipinas (BSP). Preliminary BSP data showed the GIR inched up 0.75 percent month-on-month to...
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THE WORK OF ‘MAMA RANGER’ IS NEVER DONE
QUANG NIH PROVINCE, Vietnam—the recent approval of all seven proposals for stronger shark and rays protection by the majority of the parties in the recent 20th Conference of the Parties to the Convention on International Trade in Endangered Species of...
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NOV INFLATION AT 1.5%, 11-MO AVERAGE IS 1.6%
THE slower increase in prices of food and nonalcoholic beverages, particularly vegetables and meat, led to the easing of inflation in the country to 1.5 percent in November 2025. According to the Philippine Statistics Authority (PSA), the inflation...
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PESO BREACHES ₱59:US$1 AMID RATE CUT TRACKING
THE Philippine peso once again touched the P59-level per US dollar on Thursday, hitting a two-week low on market expectations of a monetary easing by the Bangko Sentral ng Pilipinas (BSP) and domestic pressures. The peso closed at P59.02 to the US...
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WITH SLOW ’25 GROWTH, DEC RATE CUT HELD LIKELY
THE Bangko Sentral ng Pilipinas (BSP) signaled that a December rate cut is increasingly likely as it expects the economy to slow in 2025 amid waning investor confidence. Speaking to reporters on Wednesday, BSP Governor and Chairman of the Monetary...
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10-MO DEBT HITS ₱17.56T AS PESO KEEPS SLIPPING
THE weaker peso against the US dollar drove the national government’s outstanding debt to P17.562 trillion by the end of October, as currency swings added to its obligations despite a lesser reliance on foreign borrowings. Latest data from the Bureau...
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GROSS BORROWINGS DIP 32.1% TO ₱87.81B IN OCT
THE government’s gross borrowings dropped sharply in October amid a steep decline in external financing, even as domestic debt uptake remained on the rise. Latest data from the Bureau of the Treasury (BTR) showed gross borrowings slumped by 32.07...
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‘NUKE’ IT: PLASTIC WASTE RECYCLING GETS A BOOST
LOCAL scientists are optimistic that radiation-enabled recycling hubs will support Philippine industries in creating circular value chains by converting plastic waste into construction-grade materials for infrastructure projects. Speaking at the...
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S&P AFFIRMS PHL CREDIT RATING, BUT FLAGS RISKS
STANDARD & Poor’s (S&P) Global Ratings affirmed its longterm “BBB+” and “A-2” short-term sovereign investment-grade credit ratings and maintained its positive rating outlook on the Philippines. In a report, S&P Global Ratings affirmed the Philippines’...
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75.9% BUDGET SURPLUS GROWTH A ‘BAD’ SIGNAL
THE national government logged a “bad” kind of budget surplus in October, as both revenue collection and spending declined due to cautious spending by the state—a response to the massive outcry over alleged corruption in flood control projects. Latest...
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DOUBLE BLOW: TARIFFS, FLOOD FUNDS FALLOUT
THE Philippines faces a double blow as the flood control corruption scandal erodes investor confidence while the United States’ reciprocal tariffs begin biting into exports, according to BMI, a unit of Fitch Solutions. In its latest outlook for the...
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‘FOREX TWEAKS ONLY IF MARKET’S GOING CRAZY’
PANGLAO, Bohol—the Bangko Sentral ng Pilipinas (BSP) will only intervene in foreign exchange when the markets behave irrationally or when there is excessive speculation, according to BSP Governor Eli M. Remolona Jr. “We don’t always intervene. We’re...
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PHL PESO HITS ALL-TIME LOW, BUT ‘STILL STABLE’
THE Philippine peso weakened to an all-time low of P59.17 against the US dollar on Wednesday, weighed down by local governance issues and strong global demand for the greenback. The peso lost 18.5 centavos against the dollar when it opened at P58.95....
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BSP EYES 24/7 REAL-TIME RTGS TO SPUR PAYMENTS
THE Bangko Sentral ng Pilipinas (BSP) has urged payment system stakeholders to establish a 24/7 real-time gross settlement (RTGS) system to support round-the-clock financial transactions and cross-border payments. In the 2025 Peso RTGS Forum, BSP...
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8-MO NET FDI INFLOWS PLUNGE 22.5% TO $5.2B
NET foreign direct investments (FDI) inflows have fallen by double digits both in August 2025 and in the first eight months of the year due to a mix of trade uncertainties and local political noise that weighed on investor sentiment. Latest data from...
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10-MO GIR HITS $109.7B AMID CURRENCY WARS
THE country’s dollar reserves climbed to $109.7 billion as of the end of October this year, providing defenses against external shocks and speculative attacks on the local currency. Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed...
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FROM FRUSTRATION TO FRICTIONLESS
MUMBAI, India—scroll through Reddit threads or Facebook rants, and you’ll find a familiar chorus: millennials and Gen Zs venting about “convenience” stores that don’t accept Gcash or Maya, or the irony of paying “convenience fees” just to move money...
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INFRA FIASCO’S IMPACT: Q3 GROWTH A MERE 4%
THE worse-than-expected infrastructure corruption scandal coupled with muted household spending dragged the Philippine economy to its slowest pace since the pandemic. On Friday, the Philippine Statistics Authority (PSA) announced that the Philippine...
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WEATHER-TRIGGERED PRICE HIKES SEEN MILD
DESPITE recent typhoons, the country’s inflation is expected to remain largely steady in the coming months, with weather-related price surges expected to be mild and short-lived, economists said. The Philippine Statistics Authority (PSA) reported on...
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GRADUAL, FLEXI-TARIFF ON RICE STARTS JAN ’26
AMORE gradual and flexible tariff adjustment on rice shall be adopted starting January 1, 2026 depending on the change in international prices, according to the Economy and Development (ED) Council chaired by President Ferdinand R. Marcos Jr., the...
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‘WEAK INDUSTRY, INFRA MESS, JITTERS HURT GDP’
THE performance of the Philippine industry, alongside infrastructure scandals and global uncertainty, may have dragged down the growth of the Philippine economy in the third quarter of 2025, according to Department of Economy, Planning, and Development...
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