BusinessMirror
‘SURPRISES’ PROD BSP TO PULL 50-BPS RATE HIKE
THE Monetary Board decided to raise the key interest rate for the fourth time in a row this year— opting, however, for a larger-thanusual increment this time as it saw the urgency to contain recent “unforeseen” developments on prices, with El Niño’s...
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SC TAGS ’24, ’25 BUDGETS AS UNCONSTITUTIONAL
THE Supreme Court has declared as unconstitutional the national budgets enacted by Congress in 2024 and 2025 as well as certain provisions of the 2026 national budget. In a decision penned by Associate Justice Marvic Leonen, the Court declared that...
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‘RATE HIKE TO DEPEND ON MOVEMENT OF PESO’
BANK analysts expect the Monetary Board to raise interest rates during its October 22 policy meeting amid the buildup of inflationary pressures, with some saying the movement of the peso will have a huge influence on its decision. Commentaries on...
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A WORKING ECONOMY SHAPES THE OTHER SIDE OF BAGUIO
BAGUIO CITY—IT was getting chilly that morning, and Virginia Payakda noted that it was time to prepare for the arrival of tourists in Baguio as the Northeastern Monsoon, locally known as amihan, began to set in. While visitors come to the city for its...
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REMITTANCE FLOWS STAY ‘RESILIENT’ DESPITE WAR
MONEY sent home by overseas Filipinos remained resilient, although moderated, in the first eight months of the year, defying softer deployment and global uncertainties. Cash remittances grew by 2.2 percent to $23.424 billion from $22.909 billion in...
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7-MONTH FDI INFLOWS DOWN 23.9% TO $4.071B
FOREIGN direct investment (FDI) inflows to the Philippines declined to $4.071 billion in the first seven months of the year as global uncertainty and domestic growth concerns kept investors wary. FDI net inflows fell by 23.9 percent to $4.071 billion...
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8-MO DEBT PAYMENTS DOWN 6.36% TO ₱1.443T
THE cost of servicing some of the national government’s debts reached P1.443 trillion in the first eight months of the year, slightly lower than a year earlier, data from the Bureau of the Treasury showed. The government’s debt payments dropped by...
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GHOST IN THE ICE
STANDING at the South Pole is the next-best thing to being on another planet. If you walk a few hundred yards away from the National Science Foundation’s research station, you see a featureless plain of snow and ice, most likely empty of living...
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WITH EL NIÑO, BSP SAYS WILL DO ‘RIGHT THING’
AFTER delivering three consecutive quarter-point interest rate hikes, the central bank said it will do the “unpopular” yet the “right thing” for the economy as it flagged risks to the inflation outlook, with El Niño as its top-tier concern—whether it...
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25-BPS RATE HIKES SEEN IN NEXT 3 MB MEETINGS
THE central bank may raise the key interest rate by 25 basis points at each of its next three meetings through the first quarter of 2027 amid persistent underlying price pressures, the emergence of El Niño-related weather disruptions, and the lingering...
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AMRO CUTS PHL GROWTH FORECAST IN 2026 TO 3.3%
THE Philippines is expected to post the fourth-weakest economic growth in Southeast Asia this year, as the Asean+3 Macroeconomic Research Office (Amro) slashed its 2026 growth forecast for the country to 3.3 percent. Amro on Monday lowered its...
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Q4 INFLATION SEEN EVEN FASTER; NOV PEAK FEARED
INFLATION is likely to accelerate further in the fourth quarter of 2026 and could peak in November as the full impact of transport fare hikes approved last week has yet to be reflected in the data, while El Niño-triggered supply disruptions are likely...
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DUTERTE’S GONE, BUT CIVIC FREEDOMS HE BLOCKED STILL ‘REPRESSED’—REPORT
THE Philippines has failed to make significant progress in protecting civic freedoms under the administration of President Ferdinand Marcos Jr., with activists, journalists, protesters and human-rights defenders continuing to face arrests, harassment,...
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‘FUEL SUBSIDIES MAY TOP $1T AS IRAN WAR DRAGS’
GOVERNMENTS around the world are running out of room to shield consumers from higher energy prices resulting from the Iran war and other crises, with fuel subsidies potentially costing more than $1 trillion this year, a United Nations study...
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‘Phl-china economic ties trump maritime row’
82.6614 BEijing—economic relations between China and the Philippines requires constant “promotion” from both countries to render them “not affected by maritime issues,” according to a senior diplomat from China’s Ministry of Foreign Affairs...
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GOVT TO BORROW ₱892B FROM LOCAL INVESTORS
THE Marcos administration plans to borrow up to P892 billion from the domestic debt market in the fourth quarter to meet its fiscal obligations and fund various government programs and projects. In a memorandum to all government securities eligible...
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‘WAGE, FARE HIKES POSE NEW INFLATION RISKS’
THE country’s easing inflation trend is facing twin pressures as higher wages and transport fares hit households within days of each other, economists said. The P60 daily minimum wage increase for workers in the National Capital Region (NCR) took...
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PHL DEBT SEEN RISING AS GROWTH SPUTTERS
WHILE the national government trimmed its borrowings in August, liabilities could rise again in the coming months as it moves to secure its remaining financing needs and ramp up spending to support economic growth, according to experts. Latest data...
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FROM NANAY TO NANNY… TO MADRID F1 MARSHALL She watched Schumacher on TV as a 10-year-old girl in Tabaco, Albay. Forty years later, 18 of which were spent as an OFW, she’s an Fia-certified marshal at the Madrid F1.
MADRID—GELINA Lutaro is 50 years old, a single mother of five, and an Fia-certified intervention marshal at this year’s inaugural Spanish Grand Prix. Getting there took 18 years, most of them spent away from the children she was doing it all...
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IMF TRIMS PHL GROWTH OUTLOOK TO 3.4% IN ’26
THE International Monetary Fund (IMF) has further trimmed its growth outlook for the Philippines as weak domestic investment and the Middle East war weigh on the economy, while calling for greater revenue mobilization to support fiscal...
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S&P, ADB CUT GROWTH FORECAST FOR PHL IN ’26
THE Philippine economy may once again fall short of the Marcos administration’s growth ambitions, as two international organizations cut their 2026 forecasts amid weaker investment and household spending. S&P Global Ratings on Wednesday lowered its...
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PHL LANDS ITS BIGGEST TRADE ACCORD WITH EU
AFTER nearly a decade of onand-off negotiations, the Philippines and the European Union (EU) have reached a substantial agreement on a free trade pact that is set to become the country’s biggest and most comprehensive trade deal. According to the...
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$5.9-B 8-MO BOP DEFICIT EXCEEDS ENTIRE ’25 GAP
THE Philippines’s persistent trade-in-goods deficit and net outflows from foreign portfolio investments widened the country’s balance of payments’ (BOP) eightmonth deficit to a level that exceeded the $5.66-billion gap for the entire 2025. Latest data...
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Hotel101’s Formula 1 bet
A PHILIPPINE condotel chain bought land in Madrid before anyone knew a Grand Prix was coming—turning it into one of the smartest plays at this year’s race. Grand Prix weekends never favored the fan. You landed, fought for a hotel room 40 minutes from...
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DOF ADOPTS IMF-BACKED DEBT FORECAST TOOLS
THE Department of Finance (DOF) is moving to institutionalize new macroeconomic and public-debt forecasting tools developed with the International Monetary Fund (IMF) to improve its capacity to assess economic scenarios and guide fiscal policy. In its...
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‘PHL MUST BRACE FOR SLOWING REMITTANCES’
THE Philippine economy should brace for a period of continued slowdown in cash remittance flows, or the money sent home by Overseas Filipino Workers (OFWS) after its year-todate value grew at the slowest pace in six years as Filipino workers abroad are...
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OIL MAY CAUSE EARLIER PEAKING OF INFLATION
THE central bank expects inflation to peak in the fourth quarter of this year due largely to the impact of El Niño, but a domestic bank pointed out that the resurgence in global oil prices—which recently hovered anew at the $100-per-barrel level—may...
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7-MONTH DEBT SERVICE RISES 55.9% TO ₱1.366T
THE cost of servicing the government’s debt climbed by half in the first seven months of 2026, as principal repayments more than doubled from a year earlier. Total debt service surged by 55.90 percent to P1.366 trillion as of end-july from P876.164...
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THE SHADOW & THE SWARM
SINCE the energy crisis started in March, fuel, shipping, and electricity costs have spiraled, and Philippine companies are scrambling for any margin they can find. Increasingly, many are finding it in artificial intelligence—specifically, in tools...
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AUG INFLATION EASES TO 6.1%, BUT ANALYSTS WARY
THE country’s headline inflation may be easing, but analysts warned that the slowdown remains fragile as elevated rice prices and a weakening peso threaten to keep price pressures high in the coming months. On Friday, the Philippine Statistics...
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A DREAM, IN FULL FRAME
Alexandra “Alex” Eala reacts with delighted surprise as a fan presents an oversized cutout of her childhood self for an autograph following her 6-1, 6-2 first-round victory over American Mary Stoiana at Louis Armstrong Stadium in Flushing Meadows, New...
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PESO HITS NEW ALL-TIME LOW ON GLOBAL JITTERS
GROWING expectations of a Federal Reserve rate hike combined with higher oil prices amid renewed tensions in the Middle East put further pressure on the Philippine peso, which fell to a new all-time low of P62.4 against the dollar on Tuesday. Analysts...
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PHL MAY SHIFT TO LONG RATE PAUSE—NOMURA
THE central bank may go on a “prolonged pause” from raising its policy rate while uncertainty remains high as the combined inflationary impact of a severe El Niño and wage hikes is “historically difficult” to estimate, according to Japan-based Nomura...
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‘P62 PER DOLLAR ISN’T THE WINDFALL IT SEEMS’
THE peso’s record slide past P62 to the dollar may boost the peso value of export earnings, but manufacturers say the gain is being offset by the higher cost of imported materials, machinery and fuel needed to produce those exports. The peso closed at...
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FARM TOURISM COMES OF AGE
THERE is a sanctuary of peace and beauty in Alno, La Trinidad, called the Living Gifts Nursery. It is reached following a winding road that begins to feel off track from modern civilization as the seemingly endless trip stretches to empty roadways and...
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BSP FORECASTS 5.5-6.5% INFLATION FOR AUGUST
THE Central Bank is looking at a 5.5 to 6.5 percent inflation forecast range for August as it gauges how recent weather disturbances alongside the elevated fuel costs weighed on the prices of food. In a statement on Friday, the Bangko Sentral ng...
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‘RATE HIKE PHL SHIELD VS. EL NIÑO, INFLATION’
THE Monetary Board raised its key interest rate by 25 basis points for the third time in a row, this time as a “preemptive move” against the threat of El Niño which could worsen in the fourth quarter and drive up food prices. Aside from the El Niño...
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‘DELIBERATE TRADEOFF’ IN RATE MOVE ASSESSED
ADAY ahead of the Monetary Board’s policy meeting, a former deputy governor of the central bank explained how a potential third straight hike in the key interest rate would influence the behavior of households, manufacturers and businesses in the...
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‘POLITICAL NOISE COULD STALL FISCAL REFORMS’
THE ongoing impeachment proceedings involving Vice President Sara Duterte and the run-up to the 2028 presidential elections could weigh on confidence, reform implementation and the passage of planned revenue measures, Moody’s Ratings warned. Despite...
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Stablecoin pushed to cut cross-border fees
44.1248 THE cost of sending money back home could be slashed by using stablecoin settlement rails, Finance Secretary Frederick D. Go said, as the government backs efforts to make cross-border payments cheaper for overseas Filipinos. In his...
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MOST EXPERTS EXPECT 25-BPS POLICY RATE HIKE
AQUARTER-POINT rate hike is “widely” expected at the Monetary Board’s August 27 rate-setting meeting amid lingering upside inflation risks from oil, food prices, and currency weakness. While they presented different views, majority of the banks and...
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SHARED RISK: CATTLE, HUMANS CAN GIVE EACH OTHER ‘TB’
KORONADAL CITY, South Cotabato—the Philippines’s fight against tuberculosis should not stop with humans, a veterinarian said, urging the government to establish the country’s first national bovine tuberculosis eradication program to prevent the disease...
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‘SINGLE-DIGIT POVERTY RATE MASKING GAPS’
THE Marcos administration may have reached a single-digit poverty rate ahead of its 2028 target, but economists cautioned that the headline improvement may be masking gaps in how poverty and living standards are measured. On Friday, the Philippine...
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JULY BOP POSTS $1.47-B GAP FROM $3.4-B SURPLUS
THE Philippines’s balance of payments (BOP), which captures its transactions with the rest of the world, swung to a deficit in July after staying in surplus for two straight months, due to the renewed pressure from a “large” merchandise trade gap,...
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RISK FACTORS TRACKED FOR INFLATION FORECAST
THE central bank said it will take into account in upcoming inflation forecasts the global oil prices and the potential impact of El Niño which may peak in the final quarter of 2026 until the first half of 2027. During the Development Budget...
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DOUBLE-DIGIT GROWTH SEEN FOR INFRA SPEND
INFRASTRUCTURE spending is seen to rebound and post double-digit growth in the second half of 2026, while the government increasingly turns to public-private partnerships to sustain infrastructure investment. The government could finally snap its...
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DESPITE SLOW GROWTH, 2026 INFRA SPEND CUT
THE Marcos Jr. administration cut infrastructure spending to P1.272 trillion this year and plans only a modest increase in 2027, tempering a key source of economic stimulus in its bid to weed out corruption as the country tries to regain growth...
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FLOOD-CONTROL FUNDS RESTORED IN ’27 BUDGET
THE government has restored funding for flood-control projects in the proposed 2027 national budget, allocating P107.4 billion to continue, repair and improve existing infrastructure amid persistent flooding during the rainy season. The restoration of...
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DESPITE LOW GROWTH, BSP SEEN TO HIKE RATES
DESPITE the latest growth print disappointment, the central bank will be forced to continue hiking rates as the Philippine economy’s fight against inflation is far from over, according to analysts. “The Q2 GDP disappointment will unlikely derail...
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AUSTRALIA RULING COULD IMPACT PHL GIG WORKERS
EVERY weekday for nearly two years, Joanna Pascua worked from her home in the Philippines at “times that matched business hours in Australia.” She logged into a company “pbx phone unit which made it appear when she used her phone that she was in...
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GROWTH AT 2.3% IN Q2, RECOVERY DIMS IN ’26
THE Philippine economy may be running out of room for a comeback this year after growth slowed further to 2.3 percent in the second quarter, economists said. On Friday, the Philippine Statistics Authority (PSA) reported that the second quarter growth...
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NOT ENOUGH JOBS FOR NEW ENTRANTS IN JUNE
ALTHOUGH more Filipinos were employed in June, economists warned that the country still faces a two-front challenge: the economy is struggling to absorb new entrants, while millions of those with jobs continue to seek longer hours or additional...
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4-MO-HIGH HOT MONEY, BUT VOLATILITY SEEN
THE movement of money into and out of the Philippine financial markets is likely to remain volatile as markets continue to assess the implications of the Middle East conflict, trade uncertainties, and commodity price movements. Analysts said this even...
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FASTER JULY INFLATION DRIVERS: OIL, WEAK PESO
INFLATION likely accelerated in July, marking the end of the temporary downtrend path as the latest oil price rallies, coupled with a weak peso, strengthened second-round effects, according to analysts. For one, Jonathan L. Ravelas, senior adviser at...
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FOUR YEARS FROM A DEADLINE, THE U.N. CONFRONTS A SOBERING TRUTH
At this year’s closing session on global development goals, diplomats fought fiercely over a single reference to fossil fuels, even as a starker number, just 36 percent of targets on track, and the voices missing from the room told a harder story about...
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BSP SEES JULY INFLATION AT WIDER 5.6-6.6% RANGE
AS it navigates a time of heightened uncertainty, the Central Bank is staring anew at a wider-than-usual inflation forecast range for the month of July. In a statement, the BSP said: “At a time of heightened uncertainty, the BSP projects July 2026...
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‘TRIPLE THREAT’ RISKS 7%+ INFLATION ANEW
THE country may be headed back to above7-percent inflation in the third quarter as a “triple threat” threatens to reverse the recent easing in consumer prices, according to the University of Asia and the Pacific (UA&P). In its latest The Market Call...
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REFORMS IN TAX, POWER, GOVERNANCE TOP SONA
ACCELERATING the momentum of his comprehensive reforms including the anti-corruption campaign of his administration, President Ferdinand Marcos Jr. delivered his fifth State of the Nation Address (Sona) on Monday with several bombshell announcements...
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‘PROGRESS BILL’ OF TAX REFORMS, PBBM LEGACY
THE Marcos Jr. administration is crafting a new tax reform package that seeks to recalibrate personal income taxes and provide relief measures to micro enterprises, targeted for passage before President Ferdinand R. Marcos Jr. leaves office in...
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‘WHITE’ HYDROGEN IS WAY TO GO IN ZAMBALES’ CLEAN ENERGY QUEST
IBA, Zambales — Government officials in Zambales have expressed optimism over natural hydrogen gas reserves found in the province and urged immediate preparations to explore and manage the two hydrogen seeps that could provide abundant clean energy and...
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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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