![\"\"](\"/wp-content/uploads/2026/05/260519Tobacco_Trade.jpg\")
By Katherine K. Chan, Reporter
\nTHE BANGKO SENTRAL ng Pilipinas (BSP) has opened its door to a more aggressive monetary policy path to curb inflation as persistent shocks stemming from the Middle East conflict continue to feed into consumer prices.
\nIn an exclusive interview on One News\u2019 Money Talks with Cathy Yang on Thursday, BSP Governor Eli M. Remolona, Jr. said the Monetary Board is considering a second straight rate hike before its June 18 meeting.
\nAsked about the likelihood of off-cycle tightening, Mr. Remolona said: \u201cI wouldn\u2019t say likely. We\u2019re considering it.\u201d
\nHowever, the central bank chief noted that they may also wait until the May inflation report comes out on June 5 before delivering the next monetary policy decision.
\n\u201cThat\u2019s very close to the next scheduled policy meeting. So, at this point, it\u2019s a toss-up whether we do an off-cycle or we just wait for the regular meeting, which is not that far away anyway,\u201d Mr. Remolona said.
\nMr. Remolona also acknowledged the emerging stagflation risks, with slowing economic growth and accelerating inflation, but said the BSP is banking on fiscal policy to help the economy recover as it seeks to maximize its monetary policy tools for inflation-targeting.
\nThe BSP reversed its policy path at its April 23 meeting, starting a new tightening cycle as it delivered its first 25-basis-point increase in over two years to bring the key policy rate to 4.5%.
\nCentral bank officials have said that their latest move was aimed at preventing broader second-round effects of inflation, keeping inflation expectations anchored and steering it back to their target as the prolonged Middle East war dimmed the growth outlook.\u00a0
\nHowever, despite the preemptive rate hike last month, inflation has accelerated faster than expected, raising the risk that the BSP could fall behind the curve, according to Mr. Remolona.
\n\u201cOrdinarily, a supply shock, you would look through it because it would go away and then you\u2019re back to where you are. But now this is a big supply shock and it\u2019s a persistent supply shock,\u201d he said. \u201cSo, we have to react and we have to react aggressively, I think, in this kind of situation. That\u2019s why we raised rates early.\u201d
\nInflation has breached the BSP\u2019s 2%-4% target and monthly forecasts since the war erupted in late February.
\nIn April, rising costs of food and utilities amid elevated oil prices drove the headline print to an over three-year high of 7.2% from 4.1% in March and 1.4% last year. This was past the BSP\u2019s 5.6%-6.4% estimate for the month.
\nAsked if they are now behind the curve, Mr. Remolona said: \u201cThere\u2019s a risk that we are. It depends on whether the supply shock persists.\u201d
\nHe noted that they fell short of anticipating the rapid impact of the oil supply shock on other items in the consumer basket such as fertilizer and rice, as the cost of those items typically takes time to rise.
\nMr. Remolona said the BSP is closely monitoring transport fares, which he said were \u201cadjusted very quickly,\u201d as well as faster inflation for the bottom 30% of households.
\nThe central bank governor also noted that the slowdown in consumer spending has helped ease inflation but added that they do not want to address increasing price pressures that way.
\n\u201cThe slowdown in consumer spending helps lower inflation. We don\u2019t want to lower inflation that way. We want consumer spending to resume and then it\u2019s our job to keep inflation low,\u201d Mr. Remolona said, adding that they expect consumer spending to recover.
\nThe central bank projects inflation to hover above 5% for most of the year to average 6.3%, faster than its 5.1% forecast before the war. By 2027, it expects inflation to cool down to 4.3%.
\nThe central bank, according to Mr. Remolona, also remains \u201cactive as usual\u201d in the foreign exchange market to smoothen out sharp swings amid recent episodes of the peso plunging to back-to-back historic lows.
\nThe local unit closed at its historic low level of P61.75 against the dollar for two straight trading days this week as lingering market uncertainty from the still-waging war in the Middle East prompted safe-haven demand for the greenback.
\nHowever, it gained 15.90 centavos on Thursday to close at P61.581 per dollar from its P61.74 finish on Wednesday.
\n", "content_text": "By Katherine K. Chan, Reporter\nTHE BANGKO SENTRAL ng Pilipinas (BSP) has opened its door to a more aggressive monetary policy path to curb inflation as persistent shocks stemming from the Middle East conflict continue to feed into consumer prices.\nIn an exclusive interview on One News\u2019 Money Talks with Cathy Yang on Thursday, BSP Governor Eli M. Remolona, Jr. said the Monetary Board is considering a second straight rate hike before its June 18 meeting. \nAsked about the likelihood of off-cycle tightening, Mr. Remolona said: \u201cI wouldn\u2019t say likely. We\u2019re considering it.\u201d\nHowever, the central bank chief noted that they may also wait until the May inflation report comes out on June 5 before delivering the next monetary policy decision.\n\u201cThat\u2019s very close to the next scheduled policy meeting. So, at this point, it\u2019s a toss-up whether we do an off-cycle or we just wait for the regular meeting, which is not that far away anyway,\u201d Mr. Remolona said.\nMr. Remolona also acknowledged the emerging stagflation risks, with slowing economic growth and accelerating inflation, but said the BSP is banking on fiscal policy to help the economy recover as it seeks to maximize its monetary policy tools for inflation-targeting.\nThe BSP reversed its policy path at its April 23 meeting, starting a new tightening cycle as it delivered its first 25-basis-point increase in over two years to bring the key policy rate to 4.5%.\nCentral bank officials have said that their latest move was aimed at preventing broader second-round effects of inflation, keeping inflation expectations anchored and steering it back to their target as the prolonged Middle East war dimmed the growth outlook.\u00a0\nHowever, despite the preemptive rate hike last month, inflation has accelerated faster than expected, raising the risk that the BSP could fall behind the curve, according to Mr. Remolona.\n\u201cOrdinarily, a supply shock, you would look through it because it would go away and then you\u2019re back to where you are. But now this is a big supply shock and it\u2019s a persistent supply shock,\u201d he said. \u201cSo, we have to react and we have to react aggressively, I think, in this kind of situation. That\u2019s why we raised rates early.\u201d\nInflation has breached the BSP\u2019s 2%-4% target and monthly forecasts since the war erupted in late February.\nIn April, rising costs of food and utilities amid elevated oil prices drove the headline print to an over three-year high of 7.2% from 4.1% in March and 1.4% last year. This was past the BSP\u2019s 5.6%-6.4% estimate for the month. \nAsked if they are now behind the curve, Mr. Remolona said: \u201cThere\u2019s a risk that we are. It depends on whether the supply shock persists.\u201d\nHe noted that they fell short of anticipating the rapid impact of the oil supply shock on other items in the consumer basket such as fertilizer and rice, as the cost of those items typically takes time to rise. \nMr. Remolona said the BSP is closely monitoring transport fares, which he said were \u201cadjusted very quickly,\u201d as well as faster inflation for the bottom 30% of households.\nThe central bank governor also noted that the slowdown in consumer spending has helped ease inflation but added that they do not want to address increasing price pressures that way.\n\u201cThe slowdown in consumer spending helps lower inflation. We don\u2019t want to lower inflation that way. We want consumer spending to resume and then it\u2019s our job to keep inflation low,\u201d Mr. Remolona said, adding that they expect consumer spending to recover.\nThe central bank projects inflation to hover above 5% for most of the year to average 6.3%, faster than its 5.1% forecast before the war. By 2027, it expects inflation to cool down to 4.3%.\nThe central bank, according to Mr. Remolona, also remains \u201cactive as usual\u201d in the foreign exchange market to smoothen out sharp swings amid recent episodes of the peso plunging to back-to-back historic lows.\nThe local unit closed at its historic low level of P61.75 against the dollar for two straight trading days this week as lingering market uncertainty from the still-waging war in the Middle East prompted safe-haven demand for the greenback.\nHowever, it gained 15.90 centavos on Thursday to close at P61.581 per dollar from its P61.74 finish on Wednesday.", "date_published": "2026-05-22T00:35:53+08:00", "date_modified": "2026-05-22T08:40:04+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2025/07/Eli-M.-Remolona.jpg", "tags": [ "Katherine K. Chan", "Editors' Picks", "One News", "大象传媒" ] }, { "id": "/?p=751348", "url": "/top-stories/2026/05/22/751348/adb-likely-to-cut-phl-growth-outlook-anew/", "title": "ADB likely to cut PHL growth outlook anew", "content_html": "By Justine Irish D. Tabile, Senior Reporter
\nGROWTH PROJECTIONS for the Philippines are likely to be revised downward again as the prolonged conflict in the Middle East continues to weigh on economic activity, according to Asian Development Bank (ADB) Country Director for the Philippines Andrew Jeffries.
\n\u201cWhen we did the Asian Development Outlook in very early April, it had several scenarios including more downside scenarios, but the main scenario was based on what I would call an early stabilization scenario,\u201d he told 大象传媒 in an interview.
\n\u201cSo that was envisioning if this crisis got resolved and things went back to normal within a few months. That obviously has not happened,\u201d he added.
\nIn April, the Philippine-based multilateral lender cut its Philippine gross domestic product (GDP) growth forecast to 4.4% from 5.3% previously projected in December.
\nThe revised forecast falls below the government\u2019s 5-6% GDP growth target for 2026 and matches the country\u2019s growth pace last year.
\nFor 2027, the ADB expects the Philippine economy to expand by 5.5%, at the low end of the government\u2019s 5.5-6.5% target range.
\nOn April 29, the ADB downgraded its growth outlook and raised inflation forecasts for developing Asia and the Pacific, reflecting the impact of the conflict. The lender now expects the region to grow by 4.7% in 2026 and 4.8% in 2027, lower than its earlier 5.1% forecast for both years.
\nMeanwhile, regional inflation is projected to accelerate to 5.2% this year and 4.1% next year from the earlier forecasts of 3.6% and 3.4%, respectively.
\nMr. Jeffries said inflation in the region could rise as high as 7.4% this year under a severe downside scenario.
\n\u201cNow, the Philippines is being disproportionately negatively affected compared to other countries. In the Philippines we just saw 7.2% (inflation) recently, so the Philippines is unfortunately experiencing that kind of much more downside quicker because of the vulnerability,\u201d he said.
\n\u201cJust given the new numbers that have come out for the quarter that showed lower figure GDP, I guess we will be anticipating lower projections in July, given current trends,\u201d he added.
\nThe Philippine economy expanded by 2.8% in the first quarter, slower than the previous quarter\u2019s 3% growth, reflecting the lingering effects of last year\u2019s corruption scandal and soaring oil prices triggered by the Middle East conflict.
\nMeanwhile, headline inflation accelerated to 7.2% in April, exceeding the Bangko Sentral ng Pilipinas\u2019 (BSP) 5.6%-6.4% forecast and 2%-4% target range.
\nWEAKER PESO
\nJesus Felipe, a professor at Carlos L. Tiu School of Economics at the De La Salle University (DLSU), said the continued depreciation of the peso will further strain the economy.
\u201cThe problem is the type of economy that we have is a very weak economy\u2026 It is an economy that has problems really sustaining production capacity,\u201d he told Money Talks with Cathy Yang on One News on Thursday.
\n\u201cIn the end, what is going to happen is that in the short run, at the very least, the current account deficit is going to deteriorate,\u201d he added.
\nMr. Felipe said he expects the peso to weaken to P63.5 against the dollar by August.
\nThe peso closed at a record low of P61.75 per dollar on Tuesday, unchanged from Monday\u2019s finish.
\nWhile a weaker peso may benefit exporters, Mr. Felipe said this, coupled with soaring fuel prices, would mean more expensive imports which immediately feeds into inflation and lower real incomes.
\nHe said the Philippines should use the crisis as an opportunity to diversify the economy and increase the value-added component of local manufacturing.
\nThe DLSU May economic report projected Philippine GDP growth at 3.11% in 2026, well below the government\u2019s 5-6% target.
\nIt also projected growth at 3.93% in 2027 and 5.71% in 2028, both below the government\u2019s targets of 5.5-6.5% and 6-7%, respectively.
\n\u201cFor the time being, it\u2019s a question of uncertainty. This is not really a deep crisis. We\u2019re not into that. It\u2019s not that growth is negative,\u201d he said.
\nMr. Felipe said the uncertainty stems from a combination of peso depreciation and last year\u2019s corruption scandal.
\n\u201cEverybody\u2019s simply waiting to see what happens. So, consumption is really subdued and investment is really subdued… The recovery will start happening in 2028. It\u2019s very, very important to notice that even with the recovery, we will not reach the targets that the government has been, during this administration, announcing, which is to grow 6.5% to 8%,\u201d he added.
\nMr. Felipe said the government should implement reforms aimed at strengthening local firms and improving export competitiveness. He also cited the need for stronger fiscal policy support to improve productivity.
\nWithout structural reforms, the Philippine economy will remain vulnerable to future crises, he added.
\n\u201cIf the government doesn\u2019t do anything toward the long term, a couple of decades, even up to 2050, what we will see is what we call\u2026 a weak economy that will be shaken by the next crisis, be it domestic or international,\u201d he added.
\nSeparately, Bank of America Global Research said higher oil prices could significantly widen the country\u2019s current account deficit.
\n\u201cOil prices around $90-$100 range would translate into roughly 1-1.3% widening of the current account deficit to 4%,\u201d it said.
\n\u201cWe have previously argued that a sustainable current account deficit for the Philippines is 2-2.5% of GDP which can be financed via foreign direct investment in government funding flows,\u201d it added.
\nBank of America (BofA) said a current account deficit nearing 4% would increase reliance on the BSP\u2019s intervention to limit depreciation pressures on the peso.
\nIt also warned that persistently high oil prices could worsen the country\u2019s fiscal position as the government rolls out measures to cushion the impact of inflation.
\nHowever, BofA said stronger intervention in the foreign exchange market would be difficult to sustain and could raise concerns over the adequacy of foreign exchange reserves.
\nThe bank expects the peso to weaken to P63 per dollar in the second quarter and to P64 per dollar by yearend amid elevated oil prices.
\n\u201cAn oil price spike remains the key external risk for the Philippines. Domestically, political uncertainty may weigh on public spending, sentiment and growth,\u201d it added.
\n", "content_text": "By Justine Irish D. Tabile, Senior Reporter\nGROWTH PROJECTIONS for the Philippines are likely to be revised downward again as the prolonged conflict in the Middle East continues to weigh on economic activity, according to Asian Development Bank (ADB) Country Director for the Philippines Andrew Jeffries.\n\u201cWhen we did the Asian Development Outlook in very early April, it had several scenarios including more downside scenarios, but the main scenario was based on what I would call an early stabilization scenario,\u201d he told 大象传媒 in an interview.\n\u201cSo that was envisioning if this crisis got resolved and things went back to normal within a few months. That obviously has not happened,\u201d he added.\nIn April, the Philippine-based multilateral lender cut its Philippine gross domestic product (GDP) growth forecast to 4.4% from 5.3% previously projected in December.\nThe revised forecast falls below the government\u2019s 5-6% GDP growth target for 2026 and matches the country\u2019s growth pace last year.\nFor 2027, the ADB expects the Philippine economy to expand by 5.5%, at the low end of the government\u2019s 5.5-6.5% target range.\nOn April 29, the ADB downgraded its growth outlook and raised inflation forecasts for developing Asia and the Pacific, reflecting the impact of the conflict. The lender now expects the region to grow by 4.7% in 2026 and 4.8% in 2027, lower than its earlier 5.1% forecast for both years.\nMeanwhile, regional inflation is projected to accelerate to 5.2% this year and 4.1% next year from the earlier forecasts of 3.6% and 3.4%, respectively.\nMr. Jeffries said inflation in the region could rise as high as 7.4% this year under a severe downside scenario.\n\u201cNow, the Philippines is being disproportionately negatively affected compared to other countries. In the Philippines we just saw 7.2% (inflation) recently, so the Philippines is unfortunately experiencing that kind of much more downside quicker because of the vulnerability,\u201d he said.\n\u201cJust given the new numbers that have come out for the quarter that showed lower figure GDP, I guess we will be anticipating lower projections in July, given current trends,\u201d he added.\nThe Philippine economy expanded by 2.8% in the first quarter, slower than the previous quarter\u2019s 3% growth, reflecting the lingering effects of last year\u2019s corruption scandal and soaring oil prices triggered by the Middle East conflict.\nMeanwhile, headline inflation accelerated to 7.2% in April, exceeding the Bangko Sentral ng Pilipinas\u2019 (BSP) 5.6%-6.4% forecast and 2%-4% target range.\nWEAKER PESO\nJesus Felipe, a professor at Carlos L. Tiu School of Economics at the De La Salle University (DLSU), said the continued depreciation of the peso will further strain the economy.\n\u201cThe problem is the type of economy that we have is a very weak economy\u2026 It is an economy that has problems really sustaining production capacity,\u201d he told Money Talks with Cathy Yang on One News on Thursday.\n\u201cIn the end, what is going to happen is that in the short run, at the very least, the current account deficit is going to deteriorate,\u201d he added.\nMr. Felipe said he expects the peso to weaken to P63.5 against the dollar by August.\nThe peso closed at a record low of P61.75 per dollar on Tuesday, unchanged from Monday\u2019s finish.\nWhile a weaker peso may benefit exporters, Mr. Felipe said this, coupled with soaring fuel prices, would mean more expensive imports which immediately feeds into inflation and lower real incomes.\nHe said the Philippines should use the crisis as an opportunity to diversify the economy and increase the value-added component of local manufacturing.\nThe DLSU May economic report projected Philippine GDP growth at 3.11% in 2026, well below the government\u2019s 5-6% target.\nIt also projected growth at 3.93% in 2027 and 5.71% in 2028, both below the government\u2019s targets of 5.5-6.5% and 6-7%, respectively.\n\u201cFor the time being, it\u2019s a question of uncertainty. This is not really a deep crisis. We\u2019re not into that. It\u2019s not that growth is negative,\u201d he said.\nMr. Felipe said the uncertainty stems from a combination of peso depreciation and last year\u2019s corruption scandal.\n\u201cEverybody\u2019s simply waiting to see what happens. So, consumption is really subdued and investment is really subdued… The recovery will start happening in 2028. It\u2019s very, very important to notice that even with the recovery, we will not reach the targets that the government has been, during this administration, announcing, which is to grow 6.5% to 8%,\u201d he added.\nMr. Felipe said the government should implement reforms aimed at strengthening local firms and improving export competitiveness. He also cited the need for stronger fiscal policy support to improve productivity.\nWithout structural reforms, the Philippine economy will remain vulnerable to future crises, he added.\n\u201cIf the government doesn\u2019t do anything toward the long term, a couple of decades, even up to 2050, what we will see is what we call\u2026 a weak economy that will be shaken by the next crisis, be it domestic or international,\u201d he added.\nSeparately, Bank of America Global Research said higher oil prices could significantly widen the country\u2019s current account deficit.\n\u201cOil prices around $90-$100 range would translate into roughly 1-1.3% widening of the current account deficit to 4%,\u201d it said.\n\u201cWe have previously argued that a sustainable current account deficit for the Philippines is 2-2.5% of GDP which can be financed via foreign direct investment in government funding flows,\u201d it added.\nBank of America (BofA) said a current account deficit nearing 4% would increase reliance on the BSP\u2019s intervention to limit depreciation pressures on the peso.\nIt also warned that persistently high oil prices could worsen the country\u2019s fiscal position as the government rolls out measures to cushion the impact of inflation.\nHowever, BofA said stronger intervention in the foreign exchange market would be difficult to sustain and could raise concerns over the adequacy of foreign exchange reserves.\nThe bank expects the peso to weaken to P63 per dollar in the second quarter and to P64 per dollar by yearend amid elevated oil prices.\n\u201cAn oil price spike remains the key external risk for the Philippines. Domestically, political uncertainty may weigh on public spending, sentiment and growth,\u201d it added.", "date_published": "2026-05-22T00:34:52+08:00", "date_modified": "2026-05-21T20:44:21+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2026/05/vegetable-market-wc.jpg", "tags": [ "Justine Irish D. Tabile", "Editors' Picks", "One News", "大象传媒" ], "summary": "GROWTH PROJECTIONS for the Philippines are likely to be revised downward again as the prolonged conflict in the Middle East continues to weigh on economic activity, according to Asian Development Bank (ADB) Country Director for the Philippines Andrew Jeffries." }, { "id": "/?p=751347", "url": "/top-stories/2026/05/22/751347/sec-imposes-10-year-term-limit-for-broker-directors-serving-on-exchange-boards/", "title": "SEC imposes 10-year term limit for broker directors serving on exchange boards", "content_html": "THE SECURITIES and Exchange Commission (SEC) is imposing a cumulative 10-year term limit on broker directors serving on exchange boards, a rule that is being opposed by some market participants.
\nUnder SEC Memorandum Circular No. 17, a broker director may serve a maximum cumulative period of 10 years in the same exchange, whether cumulative or intermittent.
\nThe circular was signed by SEC Chairperson Francisco Ed. Lim on May 21.
\n\u201cStrong institutions require regular renewal, independent oversight, and broader representation,\u201d Mr. Lim said in a statement on Thursday.
\n\u201cBy setting reasonable term limits for broker directors, the SEC seeks to strengthen market governance, mitigate potential conflicts of interest, level the playing field among the different categories of directors in exchanges, and align our regulatory framework with internationally recognized standards, while ensuring a fair and orderly transition,\u201d he added.
\nThe SEC said the measure is aligned with principles of the International Organization of Securities Commissions, which promote fair representation in the governance of self-regulatory organizations such as exchanges.
\nUnder the circular, a broker director that has served for five cumulative years will be required to undergo a one-year cooling-off period before becoming eligible for re-election.
\nThe five-year term and 10-year term maximum period is reckoned up to the date of the next annual stockholders\u2019 meeting, following the fifth or 10th cumulative annual election.
\nA broker director\u2019s service of more than six months in a year will be counted as one full year for purposes of computing the five-year term and 10-year maximum cumulative service under the circular.
\nFollowing the cooling-off period, the re-elected broker director can serve a fresh term of up to five cumulative years.
\nThe SEC circular also provides for a two-year transition period for incumbent broker directors, allowing them to complete their current terms and remain eligible for the next two annual elections.
\nCovered exchanges that exceed the maximum cumulative term limit for broker directors will be subject to penalties, including a P1-million fine per broker director per year and a P30,000 monthly penalty for each month that the violation continues.
\nThird or succeeding offense for the same violation will be subject to suspension or revocation of the exchange\u2019s secondary or primary license.
\nThe new directive would affect several long-serving broker directors at the Philippine Stock Exchange, including Ma. Vivian Yuchengco (28 years), Eddie T. Gobing (25 years), and Wilson L. Sy (12 years).
\nThe SEC\u2019s term limit proposal had previously drawn opposition from individuals, including Ms. Yuchengco, who argued that it would be \u201cwrong,\u201d noting that brokers are also shareholders of the PSE.
\nCertain business groups expressed support for the changes, saying these would promote board renewal and investor confidence, and committed to working with regulators and stakeholders to help develop a fair capital market.
\nThe SEC circular will take effect 15 days after its full publication in the Official Gazette or in at least two newspapers of general circulation. \u2014 Alexandria Grace C. Magno
\n", "content_text": "THE SECURITIES and Exchange Commission (SEC) is imposing a cumulative 10-year term limit on broker directors serving on exchange boards, a rule that is being opposed by some market participants.\nUnder SEC Memorandum Circular No. 17, a broker director may serve a maximum cumulative period of 10 years in the same exchange, whether cumulative or intermittent.\nThe circular was signed by SEC Chairperson Francisco Ed. Lim on May 21.\n\u201cStrong institutions require regular renewal, independent oversight, and broader representation,\u201d Mr. Lim said in a statement on Thursday.\n\u201cBy setting reasonable term limits for broker directors, the SEC seeks to strengthen market governance, mitigate potential conflicts of interest, level the playing field among the different categories of directors in exchanges, and align our regulatory framework with internationally recognized standards, while ensuring a fair and orderly transition,\u201d he added.\nThe SEC said the measure is aligned with principles of the International Organization of Securities Commissions, which promote fair representation in the governance of self-regulatory organizations such as exchanges.\nUnder the circular, a broker director that has served for five cumulative years will be required to undergo a one-year cooling-off period before becoming eligible for re-election. \nThe five-year term and 10-year term maximum period is reckoned up to the date of the next annual stockholders\u2019 meeting, following the fifth or 10th cumulative annual election.\nA broker director\u2019s service of more than six months in a year will be counted as one full year for purposes of computing the five-year term and 10-year maximum cumulative service under the circular.\nFollowing the cooling-off period, the re-elected broker director can serve a fresh term of up to five cumulative years.\nThe SEC circular also provides for a two-year transition period for incumbent broker directors, allowing them to complete their current terms and remain eligible for the next two annual elections.\nCovered exchanges that exceed the maximum cumulative term limit for broker directors will be subject to penalties, including a P1-million fine per broker director per year and a P30,000 monthly penalty for each month that the violation continues.\nThird or succeeding offense for the same violation will be subject to suspension or revocation of the exchange\u2019s secondary or primary license.\nThe new directive would affect several long-serving broker directors at the Philippine Stock Exchange, including Ma. Vivian Yuchengco (28 years), Eddie T. Gobing (25 years), and Wilson L. Sy (12 years).\nThe SEC\u2019s term limit proposal had previously drawn opposition from individuals, including Ms. Yuchengco, who argued that it would be \u201cwrong,\u201d noting that brokers are also shareholders of the PSE.\nCertain business groups expressed support for the changes, saying these would promote board renewal and investor confidence, and committed to working with regulators and stakeholders to help develop a fair capital market.\nThe SEC circular will take effect 15 days after its full publication in the Official Gazette or in at least two newspapers of general circulation. \u2014 Alexandria Grace C. Magno", "date_published": "2026-05-22T00:33:51+08:00", "date_modified": "2026-05-21T20:43:14+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2024/06/SEC-buillding-3.jpg", "tags": [ "Alexandria Grace C. Magno", "Editors' Picks", "One News", "大象传媒" ] }, { "id": "/?p=751346", "url": "/top-stories/2026/05/22/751346/philippine-financial-system-resources-climb-in-q1/", "title": "Philippine financial system resources climb in Q1", "content_html": "By Katherine K. Chan, Reporter
\nTHE PHILIPPINE financial system\u2019s total resources rose to P37.45 trillion in the first quarter of 2026 as the sector\u2019s assets ballooned despite headwinds stemming from the Middle East war, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.
\nAs of March, banks and nonbank financial institutions\u2019 combined resources grew by 8.61% to P37.45 trillion from P34.481 trillion in the same period last year.
\nMonth on month, it edged up by 1.38% from P36.941 trillion previously.
\nThese include funds and assets such as deposits, capital, and bonds or debt securities, but exclude resources from the central bank.\u00a0 \u00a0
\nBanks alone held P31.103 trillion worth of resources during the period, climbing by 9.19% from the P28.485 trillion seen a year earlier.
\nBroken down, universal and commercial banks\u2019 resources rose by 8.41% year on year to P28.871 trillion at end-March from P26.631 trillion previously. This was the bulk of the sector\u2019s resources in the first quarter.\u00a0
\nResources of thrift banks also jumped by 25.17% to P1.478 trillion at end-March from P1.181 trillion in the comparable year-ago period, while digital banks had 44.82% more resources at end-March with P188.7 billion from P130.3 billion in the prior year.
\nMeanwhile, resources held by rural and cooperative banks stood at P565 billion as of end-December last year, 4.01% higher than the P543.2 billion seen in the first quarter of 2025. There were no data for rural and cooperative banks as of end-March this year.
\nUnion Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion said the higher resources as of end-March came as banks and nonbank financial institutions\u2019 balance sheets remained sound amid the Middle East conflict, with lending activity and deposit inflows likewise boosting their holdings.\u00a0 \u00a0
\n\u201cThe increase underscores the resilience of the domestic financial system, which remains well-positioned to intermediate funds despite external headwinds such as the ongoing Middle East conflict,\u201d he said in a Viber message.\u00a0
\nSeparate central bank data showed that lenders\u2019 assets hit an all-time high of P30.336 trillion as of end-March, the first full month of the Middle East war. This was up by 9.77% year on year from P27.644 trillion.
\nBanks\u2019 loan growth likewise hit its fastest pace in seven months in March, as lending to businesses and consumers climbed 10.7% to P14.603 trillion from P13.192 trillion a year ago.
\nHigher investment holdings and continued savings may have helped sustain the sector\u2019s resource growth despite economic woes during the period, said John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies.
\n\u201c(This) reflects continued expansion in bank lending, deposit growth, and investment holdings, indicating that the financial system remains liquid and broadly resilient despite a more challenging macroeconomic environment,\u201d he noted.
\nThe latest available BSP data also showed nonbanks held P6.347 trillion in resources as of end-2025. This reflects a 7.26% climb from the P5.917-trillion resources logged at end-2024.
\nNonbanks include investment houses, finance companies, security dealers, pawnshops, and lending companies.
\nInstitutions such as nonstock savings and loan associations, credit card companies, private insurance firms, the Social Security System, and the Government Service Insurance System are also considered nonbank financial firms.
\nIn the coming months, analysts noted that tighter financial conditions amid lingering economic uncertainties could dampen the growth of the financial sector\u2019s resources.
\n\u201cLooking ahead, while resources are expected to continue expanding, the pace of growth may moderate amid tighter financial conditions, elevated inflation, and softer economic momentum,\u201d Mr. Asuncion said.
\n\u201cKey factors to watch include BSP policy direction, liquidity conditions, risk sentiment, and the strength of domestic demand, which will collectively shape the trajectory of financial system resources in the coming months,\u201d he added.
\nThe industry should also strive to maintain healthy asset quality and credit conditions, especially as economic risks continue to weigh on them, according to Mr. Rivera.
\n", "content_text": "By Katherine K. Chan, Reporter\nTHE PHILIPPINE financial system\u2019s total resources rose to P37.45 trillion in the first quarter of 2026 as the sector\u2019s assets ballooned despite headwinds stemming from the Middle East war, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.\nAs of March, banks and nonbank financial institutions\u2019 combined resources grew by 8.61% to P37.45 trillion from P34.481 trillion in the same period last year. \nMonth on month, it edged up by 1.38% from P36.941 trillion previously.\nThese include funds and assets such as deposits, capital, and bonds or debt securities, but exclude resources from the central bank.\u00a0 \u00a0\nBanks alone held P31.103 trillion worth of resources during the period, climbing by 9.19% from the P28.485 trillion seen a year earlier.\nBroken down, universal and commercial banks\u2019 resources rose by 8.41% year on year to P28.871 trillion at end-March from P26.631 trillion previously. This was the bulk of the sector\u2019s resources in the first quarter.\u00a0\nResources of thrift banks also jumped by 25.17% to P1.478 trillion at end-March from P1.181 trillion in the comparable year-ago period, while digital banks had 44.82% more resources at end-March with P188.7 billion from P130.3 billion in the prior year. \nMeanwhile, resources held by rural and cooperative banks stood at P565 billion as of end-December last year, 4.01% higher than the P543.2 billion seen in the first quarter of 2025. There were no data for rural and cooperative banks as of end-March this year. \nUnion Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion said the higher resources as of end-March came as banks and nonbank financial institutions\u2019 balance sheets remained sound amid the Middle East conflict, with lending activity and deposit inflows likewise boosting their holdings.\u00a0 \u00a0\n\u201cThe increase underscores the resilience of the domestic financial system, which remains well-positioned to intermediate funds despite external headwinds such as the ongoing Middle East conflict,\u201d he said in a Viber message.\u00a0\nSeparate central bank data showed that lenders\u2019 assets hit an all-time high of P30.336 trillion as of end-March, the first full month of the Middle East war. This was up by 9.77% year on year from P27.644 trillion.\nBanks\u2019 loan growth likewise hit its fastest pace in seven months in March, as lending to businesses and consumers climbed 10.7% to P14.603 trillion from P13.192 trillion a year ago.\nHigher investment holdings and continued savings may have helped sustain the sector\u2019s resource growth despite economic woes during the period, said John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies.\n\u201c(This) reflects continued expansion in bank lending, deposit growth, and investment holdings, indicating that the financial system remains liquid and broadly resilient despite a more challenging macroeconomic environment,\u201d he noted.\nThe latest available BSP data also showed nonbanks held P6.347 trillion in resources as of end-2025. This reflects a 7.26% climb from the P5.917-trillion resources logged at end-2024.\nNonbanks include investment houses, finance companies, security dealers, pawnshops, and lending companies.\nInstitutions such as nonstock savings and loan associations, credit card companies, private insurance firms, the Social Security System, and the Government Service Insurance System are also considered nonbank financial firms. \nIn the coming months, analysts noted that tighter financial conditions amid lingering economic uncertainties could dampen the growth of the financial sector\u2019s resources.\n\u201cLooking ahead, while resources are expected to continue expanding, the pace of growth may moderate amid tighter financial conditions, elevated inflation, and softer economic momentum,\u201d Mr. Asuncion said.\n\u201cKey factors to watch include BSP policy direction, liquidity conditions, risk sentiment, and the strength of domestic demand, which will collectively shape the trajectory of financial system resources in the coming months,\u201d he added.\nThe industry should also strive to maintain healthy asset quality and credit conditions, especially as economic risks continue to weigh on them, according to Mr. Rivera.", "date_published": "2026-05-22T00:32:50+08:00", "date_modified": "2026-05-21T20:42:49+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2023/08/Peso-currency-1.jpg", "tags": [ "Katherine K. Chan", "Editors' Picks", "One News", "大象传媒" ], "summary": "THE PHILIPPINE financial system\u2019s total resources rose to P37.45 trillion in the first quarter of 2026 as the sector\u2019s assets ballooned despite headwinds stemming from the Middle East war, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed." }, { "id": "/?p=751345", "url": "/top-stories/2026/05/22/751345/instapay-pesonet-transactions-top-p10-trillion-at-end-april/", "title": "InstaPay, PESONet transactions top P10 trillion at end-April", "content_html": "DIGITAL PAYMENTS continued to expand in the Philippines as transactions made via InstaPay and PESONet reached a total value of over P10 trillion as of April, data from the Bangko Sentral ng Pilipinas (BSP) showed.
\nIn the first four months of the year, the combined value of InstaPay and PESONet transfers amounted to P10.388 trillion, up 45.38% from the P7.145 trillion seen in the year-ago period.
\nMeanwhile, more users turned cashless as the volume of transactions made through the two payment gateways more than tripled (225.1%) year on year to 2.721 billion as of April from 837.118 million previously.
\nBroken down, the value of InstaPay transactions jumped by 62.71% to P5.093 trillion from P3.13 trillion a year ago.
\nThis came as the clearing house recorded a surge in the volume of transactions during the period, which soared by 234.95% to 2.68 billion from 799.971 million in the prior year.
\nOn the other hand, transfers done via PESONet stood at a total value of P5.295 trillion at end-April, 31.88% higher than the P4.015 trillion posted in the same period last year.
\nThe volume of PESONet transactions also went up by an annual 12.89% to 41.938 million in the four-month period from 37.148 million previously.
\nInstaPay and PESONet are automated clearing houses under the central bank\u2019s National Retail Payment System framework.
\nInstaPay is a real-time, low-value electronic fund transfer facility for transactions up to P50,000 and is mostly used for remittances and e-commerce.
\nMeanwhile, PESONet is mainly used for high-value transactions and may be considered as an electronic alternative to paper-based checks.
\nAs of April, there are 94 InstaPay participants, most of which are nonbank electronic money issuers. PESONet has a total of 124 participants, with the bulk being universal and commercial banks.
\nThe BSP wants digital payments to make up 60%-70% of the total volume of retail payments by 2028 in line with the Philippine Development Plan.
\nIn 2024, online payments made up 57.4% of the volume and 59% of the value of the country\u2019s total monthly retail transactions, according to the BSP\u2019s 2024 Status of Digital Payments in the Philippines report. \u2014 Katherine K. Chan
\n", "content_text": "DIGITAL PAYMENTS continued to expand in the Philippines as transactions made via InstaPay and PESONet reached a total value of over P10 trillion as of April, data from the Bangko Sentral ng Pilipinas (BSP) showed.\nIn the first four months of the year, the combined value of InstaPay and PESONet transfers amounted to P10.388 trillion, up 45.38% from the P7.145 trillion seen in the year-ago period.\nMeanwhile, more users turned cashless as the volume of transactions made through the two payment gateways more than tripled (225.1%) year on year to 2.721 billion as of April from 837.118 million previously.\nBroken down, the value of InstaPay transactions jumped by 62.71% to P5.093 trillion from P3.13 trillion a year ago.\nThis came as the clearing house recorded a surge in the volume of transactions during the period, which soared by 234.95% to 2.68 billion from 799.971 million in the prior year.\nOn the other hand, transfers done via PESONet stood at a total value of P5.295 trillion at end-April, 31.88% higher than the P4.015 trillion posted in the same period last year. \nThe volume of PESONet transactions also went up by an annual 12.89% to 41.938 million in the four-month period from 37.148 million previously.\nInstaPay and PESONet are automated clearing houses under the central bank\u2019s National Retail Payment System framework.\nInstaPay is a real-time, low-value electronic fund transfer facility for transactions up to P50,000 and is mostly used for remittances and e-commerce.\nMeanwhile, PESONet is mainly used for high-value transactions and may be considered as an electronic alternative to paper-based checks.\nAs of April, there are 94 InstaPay participants, most of which are nonbank electronic money issuers. PESONet has a total of 124 participants, with the bulk being universal and commercial banks.\nThe BSP wants digital payments to make up 60%-70% of the total volume of retail payments by 2028 in line with the Philippine Development Plan.\nIn 2024, online payments made up 57.4% of the volume and 59% of the value of the country\u2019s total monthly retail transactions, according to the BSP\u2019s 2024 Status of Digital Payments in the Philippines report. \u2014 Katherine K. Chan", "date_published": "2026-05-22T00:31:50+08:00", "date_modified": "2026-05-21T20:41:26+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2024/04/photo-1571867424488-4565932edb41-e1714070119866.jpg", "tags": [ "Katherine K. Chan", "One News", "大象传媒" ] }, { "id": "/?p=751322", "url": "/banking-finance/2026/05/22/751322/peso-strengthens-as-markets-stay-hopeful-on-us-iran-deal/", "title": "Peso strengthens as markets stay hopeful on US-Iran deal", "content_html": "THE PESO appreciated against the dollar on Thursday after the United States again signaled a possible end to the Middle East conflict.
\nThe currency closed at P61.581 versus the dollar, gaining 15.9 centavos from its P61.74 finish on Wednesday, according to Bankers Association of the Philippines data posted on its website.
\nThe local unit opened Thursday\u2019s session sharply stronger at P61.50 per dollar. Its intraday best was at P61.45 against the greenback, while its weakest showing was at P61.665.
\nDollars traded increased to $1.58 billion from $1.54 billion in the previous session.
\n\u201cThe peso appreciated after US President [Donald J.] Trump hinted about an impending end to the US-Iran conflict following his favorable remarks on the Iranian authorities in relation to their diplomatic talks,\u201d a trader said in an e-mail.
\nThe currency was also supported by the downward correction in global crude oil prices following Mr. Trump\u2019s remarks, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
\nFor Friday, the trader said the peso could continue to strengthen amid market optimism over an eventual resumption of oil trade along the Strait of Hormuz.
\nThe trader sees the peso moving between P61.45 and P61.70 against the dollar on Friday, while Mr. Ricafort expects it to move between P61.45 and P61.65.
\nThe US dollar firmed on Thursday but stayed below a six-week peak as hopes that Washington was nearing a deal with Tehran to end the war in the Middle East capped further rises, Reuters reported.
\nMr. Trump on Wednesday said negotiations with Tehran were in the final stages, while also warning of further attacks if Iran does not agree to a deal.
\nThe dollar, often a safe haven for investors, firmed 0.1% against the yen to \u00a5159.060 after falling for the first time in eight sessions against the yen on Wednesday.
\nBank of Japan policy board member Junko Koeda added a measure of support for the yen with hawkish comments on Thursday, saying in a speech that the central bank needs to continue to raise rates with underlying inflation already around a 2% target.
\nThe euro was 0.2% down at $1.160050, after dipping on Wednesday to its weakest level since April 7 at $1.1583 before bouncing back.
\nThe dollar index, which measures the currency against the euro, yen and four other rivals, rose 0.2% to 99.295, down from a peak of 99.472 on Wednesday, the strongest level since April 7.
\n\u201cThe \u2018safe haven\u2019 flows reversed because of positive news about the Iran war,\u201d wrote Joseph Capurso, head of FX at Commonwealth Bank of Australia, in a client note.
\nAt the same time, \u201cwhile the US has domestic political incentives to seek peace, we would not be surprised if President Trump chooses military escalation to gain leverage in negotiations,\u201d he said.
\nMarket focus has been on the potential inflationary impact of higher energy prices as the Strait of Hormuz remains largely closed to shipping.
\nIn a note, Commerzbank FX analysts said many central banks may label the inflation shock as transitory should the Strait open in the next few days, but this would be incorrect as it does not take into account loss of purchasing power.
\n\u201cConsequently, currencies are likely to benefit in countries where the central bank is slower to speak of transitory price spikes but may nevertheless tighten monetary policy,\u201d they wrote.
\nNotes from the Federal Reserve\u2019s April meeting, published on Wednesday, revealed officials\u2019 intensifying concerns about inflation, with a growing number open to the possibility that they may need to raise interest rates.
\nElsewhere, the Australian dollar declined following a surprise rise in the unemployment rate to the highest since 2021, which reduced the case for higher interest rates.
\nBitcoin softened a fraction to around $77,603.16. \u2014 Aaron Michael C. Sy with Reuters
\n", "content_text": "THE PESO appreciated against the dollar on Thursday after the United States again signaled a possible end to the Middle East conflict.\nThe currency closed at P61.581 versus the dollar, gaining 15.9 centavos from its P61.74 finish on Wednesday, according to Bankers Association of the Philippines data posted on its website.\nThe local unit opened Thursday\u2019s session sharply stronger at P61.50 per dollar. Its intraday best was at P61.45 against the greenback, while its weakest showing was at P61.665.\nDollars traded increased to $1.58 billion from $1.54 billion in the previous session.\n\u201cThe peso appreciated after US President [Donald J.] Trump hinted about an impending end to the US-Iran conflict following his favorable remarks on the Iranian authorities in relation to their diplomatic talks,\u201d a trader said in an e-mail.\nThe currency was also supported by the downward correction in global crude oil prices following Mr. Trump\u2019s remarks, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.\nFor Friday, the trader said the peso could continue to strengthen amid market optimism over an eventual resumption of oil trade along the Strait of Hormuz.\nThe trader sees the peso moving between P61.45 and P61.70 against the dollar on Friday, while Mr. Ricafort expects it to move between P61.45 and P61.65.\nThe US dollar firmed on Thursday but stayed below a six-week peak as hopes that Washington was nearing a deal with Tehran to end the war in the Middle East capped further rises, Reuters reported.\nMr. Trump on Wednesday said negotiations with Tehran were in the final stages, while also warning of further attacks if Iran does not agree to a deal.\nThe dollar, often a safe haven for investors, firmed 0.1% against the yen to \u00a5159.060 after falling for the first time in eight sessions against the yen on Wednesday.\nBank of Japan policy board member Junko Koeda added a measure of support for the yen with hawkish comments on Thursday, saying in a speech that the central bank needs to continue to raise rates with underlying inflation already around a 2% target.\nThe euro was 0.2% down at $1.160050, after dipping on Wednesday to its weakest level since April 7 at $1.1583 before bouncing back.\nThe dollar index, which measures the currency against the euro, yen and four other rivals, rose 0.2% to 99.295, down from a peak of 99.472 on Wednesday, the strongest level since April 7.\n\u201cThe \u2018safe haven\u2019 flows reversed because of positive news about the Iran war,\u201d wrote Joseph Capurso, head of FX at Commonwealth Bank of Australia, in a client note.\nAt the same time, \u201cwhile the US has domestic political incentives to seek peace, we would not be surprised if President Trump chooses military escalation to gain leverage in negotiations,\u201d he said.\nMarket focus has been on the potential inflationary impact of higher energy prices as the Strait of Hormuz remains largely closed to shipping.\nIn a note, Commerzbank FX analysts said many central banks may label the inflation shock as transitory should the Strait open in the next few days, but this would be incorrect as it does not take into account loss of purchasing power.\n\u201cConsequently, currencies are likely to benefit in countries where the central bank is slower to speak of transitory price spikes but may nevertheless tighten monetary policy,\u201d they wrote.\nNotes from the Federal Reserve\u2019s April meeting, published on Wednesday, revealed officials\u2019 intensifying concerns about inflation, with a growing number open to the possibility that they may need to raise interest rates.\nElsewhere, the Australian dollar declined following a surprise rise in the unemployment rate to the highest since 2021, which reduced the case for higher interest rates.\nBitcoin softened a fraction to around $77,603.16. \u2014 Aaron Michael C. Sy with Reuters", "date_published": "2026-05-22T00:03:23+08:00", "date_modified": "2026-05-21T19:25:05+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2024/04/Peso-currency.jpg", "tags": [ "Aaron Michael C. Sy", "Banking & Finance", "One News", "大象传媒" ] }, { "id": "/?p=751278", "url": "/stock-market/2026/05/21/751278/psei-halts-losing-streak-on-iran-peace-deal-hopes/", "title": "PSEi halts losing streak on Iran peace deal hopes", "content_html": "THE benchmark index bounced back from a four-day losing run on bargain hunting and also lifted by renewed optimism over peace talks between the United States and Iran.
\nThe Philippine Stock Exchange index (PSEi) rose by 0.46% or 27.3 points to close at 5,920.70 on Thursday, while the broader all shares index fell by 0.12% or 4.03 points to end at 3,335.85.
\n\u201cThe local market ended higher after four straight days of decline as selective bargain hunting emerged among investors. However, market participants still looked to remain engaged in short-term positions amid cautious sentiment. Gains were trimmed in the afternoon session as selling pressure resurfaced, limiting the market\u2019s upside,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
\n\u201cThe local market rose taking cues from Wall Street\u2019s rally overnight. US President Donald J. Trump\u2019s statement saying that the US and Iran are already on the final stages of negotiation sparked hopes that a peace deal would be coming soon,\u201d Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.
\nIran said on Thursday it was reviewing Washington\u2019s latest position on ending the war after Mr. Trump suggested he was prepared to wait a few days to \u201cget the right answers\u201d from Tehran but warned of renewed attacks if it did not agree to a deal, Reuters reported.
\nSix weeks since a fragile ceasefire came into force, talks to end the war have shown little progress, while soaring oil prices have raised concern over inflation and the impact on the global economy.
\nIran submitted its latest offer to the US this week. Tehran\u2019s descriptions suggest it largely repeats terms Mr. Trump previously rejected, including demands for control of the Strait of Hormuz, compensation for war damage, lifting of sanctions, release of frozen assets and the withdrawal of US troops.
\nBack home, most sector counters closed higher on Thursday. Services jumped by 1.22% or 36.68 points to 3,027.05; mining and oil increased by 0.56% or 99.86 points to 17,658.63; holding firms went up by 0.41% or 17.99 points to 4,390.3; property climbed by 0.2% or 3.89 points to 1,915.02; and financials rose by 0.2% or 3.51 points to 1,762.14.
\nMeanwhile, industrials fell by 0.61% or 52.61 points to 8,524.78.
\nDecliners beat advancers, 99 to 69, while 65 names were unchanged.
\n\u201cBank of the Philippine Islands was the day\u2019s index leader, climbing 2.76% to P89.50. Monde Nissin Corp. was the main index laggard, falling 3.66% to P6.84,\u201d Mr. Tantiangco said.
\nValue turnover went up to P6.58 billion on Thursday with 1.03 billion shares traded from the P5.67 billion with 1.24 billion issues that changed hands on Wednesday.
\nNet foreign selling increased to P190.76 million from P115.32 million in the previous session. \u2014 Alexandria Grace C. Magno with Reuters
\n", "content_text": "THE benchmark index bounced back from a four-day losing run on bargain hunting and also lifted by renewed optimism over peace talks between the United States and Iran.\nThe Philippine Stock Exchange index (PSEi) rose by 0.46% or 27.3 points to close at 5,920.70 on Thursday, while the broader all shares index fell by 0.12% or 4.03 points to end at 3,335.85.\n\u201cThe local market ended higher after four straight days of decline as selective bargain hunting emerged among investors. However, market participants still looked to remain engaged in short-term positions amid cautious sentiment. Gains were trimmed in the afternoon session as selling pressure resurfaced, limiting the market\u2019s upside,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.\n\u201cThe local market rose taking cues from Wall Street\u2019s rally overnight. US President Donald J. Trump\u2019s statement saying that the US and Iran are already on the final stages of negotiation sparked hopes that a peace deal would be coming soon,\u201d Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.\nIran said on Thursday it was reviewing Washington\u2019s latest position on ending the war after Mr. Trump suggested he was prepared to wait a few days to \u201cget the right answers\u201d from Tehran but warned of renewed attacks if it did not agree to a deal, Reuters reported.\nSix weeks since a fragile ceasefire came into force, talks to end the war have shown little progress, while soaring oil prices have raised concern over inflation and the impact on the global economy.\nIran submitted its latest offer to the US this week. Tehran\u2019s descriptions suggest it largely repeats terms Mr. Trump previously rejected, including demands for control of the Strait of Hormuz, compensation for war damage, lifting of sanctions, release of frozen assets and the withdrawal of US troops.\nBack home, most sector counters closed higher on Thursday. Services jumped by 1.22% or 36.68 points to 3,027.05; mining and oil increased by 0.56% or 99.86 points to 17,658.63; holding firms went up by 0.41% or 17.99 points to 4,390.3; property climbed by 0.2% or 3.89 points to 1,915.02; and financials rose by 0.2% or 3.51 points to 1,762.14.\nMeanwhile, industrials fell by 0.61% or 52.61 points to 8,524.78.\nDecliners beat advancers, 99 to 69, while 65 names were unchanged.\n\u201cBank of the Philippine Islands was the day\u2019s index leader, climbing 2.76% to P89.50. Monde Nissin Corp. was the main index laggard, falling 3.66% to P6.84,\u201d Mr. Tantiangco said.\nValue turnover went up to P6.58 billion on Thursday with 1.03 billion shares traded from the P5.67 billion with 1.24 billion issues that changed hands on Wednesday.\nNet foreign selling increased to P190.76 million from P115.32 million in the previous session. \u2014 Alexandria Grace C. Magno with Reuters", "date_published": "2026-05-21T21:00:21+08:00", "date_modified": "2026-05-21T18:36:08+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2023/09/PSE.jpg", "tags": [ "Alexandria Grace C. Magno", "Editors' Picks", "One News", "Stock Market", "大象传媒" ] }, { "id": "/?p=751048", "url": "/top-stories/2026/05/21/751048/adb-urges-phl-to-maximize-ppps/", "title": "ADB urges PHL to maximize PPPs", "content_html": "By Justine Irish D. Tabile, Senior Reporter
\nTHE PHILIPPINE government should maximize public-private partnerships (PPP) to help narrow the country\u2019s infrastructure gap while easing fiscal pressure from rising debt levels, the Asian Development Bank (ADB) said.
\nDespite the government\u2019s infrastructure catch-up programs, gaps remain as rapid urbanization and economic growth continue to drive demand, ADB Country Director for the Philippines Andrew Jeffries told 大象传媒 on Wednesday.
\n\u201cThere is an infrastructure gap in the Philippines\u2026 The population of Metro Manila has grown so much over a few decades, so investment in urban transport needs to catch up,\u201d he said.
\nMr. Jeffries said both the current administration\u2019s \u201cBuild Better More\u201d program and the previous administration\u2019s \u201cBuild Build Build\u201d initiative were aimed at addressing years of underinvestment.
\n\u201cAs the Philippines grows, population-wise, gross domestic product (GDP)-wise, transport needs to keep growing as well,\u201d he said.
\n\u201cAnd with what\u2019s happening now with diesel fuel prices and all, alternatives for public transport become part of that longer-term solution,\u201d he added.
\nHowever, Mr. Jeffries said infrastructure catch-up efforts are facing challenges from fiscal pressures and budget constraints.
\n\u201cThe government is keeping a very close eye on public debt levels, so how to bring the private sector into some of these investments as opposed to just government budget and borrowing, I know, is very important to this government,\u201d he said.
\nThe country\u2019s debt-to-GDP ratio reached 65.2% in the first quarter, the highest level since 2005. This comes as the National Government\u2019s outstanding debt climbed by 1.8% to P18.49 trillion as of end-March from P18.16 trillion at the end of February.
\nMr. Jeffries said that bringing in private investment ensures that \u201cpublic debt levels can be maintained or reduced over time as opposed to that being the only funding source.\u201d
\n\u201cThere is a lot of private infrastructure already in this country. And the key is how to make sure it\u2019s done well so that the government and the people are getting the best value for money,\u201d he added.
\nAccording to the PPP Center, the PPP pipeline as of May 19 consists of 250 projects valued at P3.13 trillion.\u00a0 The railway sector accounted for P1.97 trillion of the project pipeline, followed by land transport (P277.26 billion) and property development (P221.46 billion).
\nTRANSPORT PROJECTS
\nMeanwhile, Mr. Jeffries said transport projects will continue to account for a significant share of ADB\u2019s financing portfolio in the Philippines in the near term.
The multilateral lender\u2019s portfolio of projects under construction and implementation in the Philippines is valued at $12.5 billion.
\n\u201cOur transport portfolio exceeds $7 billion, so that\u2019s obviously a nice large percentage of our overall portfolio in the Philippines,\u201d he said.
\n\u201cThat is really because of some extremely large projects we are funding\u2026 From a dollar point of view, transport is clearly our largest in our portfolio here in the Philippines,\u201d he added.
\nThese projects include the North-South Commuter Railway, Bataan-Cavite Interlink Bridge, Laguna Lakeshore Road Network Project, and Davao Public Transport Modernization Project.
\nAsked if ADB is considering additional transport projects, Mr. Jeffries said that \u201cbecause they (the projects) are so large and it takes considerable time, we\u2019re funding those in time-sliced tranches.\u201d
\n\u201cSo, we have a robust pipeline going forward, just seeing those projects through to completion… We are focusing a lot on implementing what we already have,\u201d he added.
\nMr. Jeffries said the government is exploring ways to attract more private investment into the transport sector amid fiscal pressures stemming from the Middle East crisis.
\n\u201cWith the fiscal issues with this Middle East crisis and so on, the government is also looking actually at how to bring more private sector investment into this sector,\u201d he said.
\n\u201cSo, we don\u2019t have new big projects specifically in our pipeline at this time,\u201d he added.
\nMr. Jeffries said transport projects are likely to remain a major part of ADB\u2019s Philippine portfolio over the next few years as the government prioritizes completing existing projects.
\n\u201cI think that proportion will stay more or less the same for the next few years, especially now that the government is very worried about the trade-offs and the fiscal and the public debt levels,\u201d he said.
\n\u201cThey want to focus on implementation and reaching completion of what is already ongoing because until they are done and in operation, they are not benefiting the people,\u201d he added.
\nFINANCING GAP
\nThe infrastructure and investment gap is not unique to the Philippines. In its Asian Transport 2035 Outlook, the Asian Transport Observatory (ATO) said annual investment demand for transport infrastructure in Asia and the Pacific is expected to more than triple over the next decade.
\u201cAnnual investment needs across all transport modes will climb from roughly $800 billion per year during 2000-2025 to approximately $2.6 trillion per year between 2025 and 2035,\u201d the ATO said.
\n\u201cThat is equivalent to 2.3% of LMIC (lower- and middle-income countries\u2019) GDP per year,\u201d it added, referring to those in Asia and the Pacific.
\nHowever, the ATO said the projection remains conservative as it only reflects current trends and existing project pipelines.
\n\u201cActual needs, accounting for the full cost of the energy transition, the climate adaptation backlog, and the SDG (Sustainable Development Goals) access deficit, are likely to be considerably higher,\u201d it added.
\nDespite this, the ATO said the region still faces a large financing gap.
\n\u201cDevelopment banks can do things commercial investors cannot \u2014 blend concessional and market-rate lending, absorb early project risk, and attach technical assistance to pipelines that would otherwise stall at the feasibility stage,\u201d it said.
\n\u201cBut there is a limit to what external finance can do. The long-run answer to Asia\u2019s transport financing gap is stronger revenue systems and public finance reform. We are not just facing an infrastructure gap, but also an investment and governance gap,\u201d it added.
\n", "content_text": "By Justine Irish D. Tabile, Senior Reporter \nTHE PHILIPPINE government should maximize public-private partnerships (PPP) to help narrow the country\u2019s infrastructure gap while easing fiscal pressure from rising debt levels, the Asian Development Bank (ADB) said.\nDespite the government\u2019s infrastructure catch-up programs, gaps remain as rapid urbanization and economic growth continue to drive demand, ADB Country Director for the Philippines Andrew Jeffries told 大象传媒 on Wednesday.\n\u201cThere is an infrastructure gap in the Philippines\u2026 The population of Metro Manila has grown so much over a few decades, so investment in urban transport needs to catch up,\u201d he said.\nMr. Jeffries said both the current administration\u2019s \u201cBuild Better More\u201d program and the previous administration\u2019s \u201cBuild Build Build\u201d initiative were aimed at addressing years of underinvestment.\n\u201cAs the Philippines grows, population-wise, gross domestic product (GDP)-wise, transport needs to keep growing as well,\u201d he said.\n\u201cAnd with what\u2019s happening now with diesel fuel prices and all, alternatives for public transport become part of that longer-term solution,\u201d he added.\nHowever, Mr. Jeffries said infrastructure catch-up efforts are facing challenges from fiscal pressures and budget constraints.\n\u201cThe government is keeping a very close eye on public debt levels, so how to bring the private sector into some of these investments as opposed to just government budget and borrowing, I know, is very important to this government,\u201d he said.\nThe country\u2019s debt-to-GDP ratio reached 65.2% in the first quarter, the highest level since 2005. This comes as the National Government\u2019s outstanding debt climbed by 1.8% to P18.49 trillion as of end-March from P18.16 trillion at the end of February.\nMr. Jeffries said that bringing in private investment ensures that \u201cpublic debt levels can be maintained or reduced over time as opposed to that being the only funding source.\u201d\n\u201cThere is a lot of private infrastructure already in this country. And the key is how to make sure it\u2019s done well so that the government and the people are getting the best value for money,\u201d he added.\nAccording to the PPP Center, the PPP pipeline as of May 19 consists of 250 projects valued at P3.13 trillion.\u00a0 The railway sector accounted for P1.97 trillion of the project pipeline, followed by land transport (P277.26 billion) and property development (P221.46 billion). \nTRANSPORT PROJECTS\nMeanwhile, Mr. Jeffries said transport projects will continue to account for a significant share of ADB\u2019s financing portfolio in the Philippines in the near term.\nThe multilateral lender\u2019s portfolio of projects under construction and implementation in the Philippines is valued at $12.5 billion.\n\u201cOur transport portfolio exceeds $7 billion, so that\u2019s obviously a nice large percentage of our overall portfolio in the Philippines,\u201d he said.\n\u201cThat is really because of some extremely large projects we are funding\u2026 From a dollar point of view, transport is clearly our largest in our portfolio here in the Philippines,\u201d he added.\nThese projects include the North-South Commuter Railway, Bataan-Cavite Interlink Bridge, Laguna Lakeshore Road Network Project, and Davao Public Transport Modernization Project.\nAsked if ADB is considering additional transport projects, Mr. Jeffries said that \u201cbecause they (the projects) are so large and it takes considerable time, we\u2019re funding those in time-sliced tranches.\u201d \n\u201cSo, we have a robust pipeline going forward, just seeing those projects through to completion… We are focusing a lot on implementing what we already have,\u201d he added.\nMr. Jeffries said the government is exploring ways to attract more private investment into the transport sector amid fiscal pressures stemming from the Middle East crisis.\n\u201cWith the fiscal issues with this Middle East crisis and so on, the government is also looking actually at how to bring more private sector investment into this sector,\u201d he said.\n\u201cSo, we don\u2019t have new big projects specifically in our pipeline at this time,\u201d he added.\nMr. Jeffries said transport projects are likely to remain a major part of ADB\u2019s Philippine portfolio over the next few years as the government prioritizes completing existing projects.\n\u201cI think that proportion will stay more or less the same for the next few years, especially now that the government is very worried about the trade-offs and the fiscal and the public debt levels,\u201d he said.\n\u201cThey want to focus on implementation and reaching completion of what is already ongoing because until they are done and in operation, they are not benefiting the people,\u201d he added.\nFINANCING GAP\nThe infrastructure and investment gap is not unique to the Philippines. In its Asian Transport 2035 Outlook, the Asian Transport Observatory (ATO) said annual investment demand for transport infrastructure in Asia and the Pacific is expected to more than triple over the next decade.\n\u201cAnnual investment needs across all transport modes will climb from roughly $800 billion per year during 2000-2025 to approximately $2.6 trillion per year between 2025 and 2035,\u201d the ATO said. \n\u201cThat is equivalent to 2.3% of LMIC (lower- and middle-income countries\u2019) GDP per year,\u201d it added, referring to those in Asia and the Pacific.\nHowever, the ATO said the projection remains conservative as it only reflects current trends and existing project pipelines.\n\u201cActual needs, accounting for the full cost of the energy transition, the climate adaptation backlog, and the SDG (Sustainable Development Goals) access deficit, are likely to be considerably higher,\u201d it added.\nDespite this, the ATO said the region still faces a large financing gap.\n\u201cDevelopment banks can do things commercial investors cannot \u2014 blend concessional and market-rate lending, absorb early project risk, and attach technical assistance to pipelines that would otherwise stall at the feasibility stage,\u201d it said.\n\u201cBut there is a limit to what external finance can do. The long-run answer to Asia\u2019s transport financing gap is stronger revenue systems and public finance reform. We are not just facing an infrastructure gap, but also an investment and governance gap,\u201d it added.", "date_published": "2026-05-21T00:34:31+08:00", "date_modified": "2026-05-20T20:34:22+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2026/05/mrt-7-1.jpg", "tags": [ "Justine Irish D. Tabile", "Editors' Picks", "One News", "大象传媒" ], "summary": "THE PHILIPPINE government should maximize public-private partnerships (PPP) to help narrow the country\u2019s infrastructure gap while easing fiscal pressure from rising debt levels, the Asian Development Bank (ADB) said." }, { "id": "/?p=751047", "url": "/top-stories/2026/05/21/751047/el-nino-rising-costs-to-weigh-on-rice-production/", "title": "El Ni\u00f1o, rising costs to weigh on rice production", "content_html": "By Beatriz Marie D. Cruz, Senior Reporter
\nSINGAPORE \u2014 Soaring fuel and fertilizer costs linked to the Middle East conflict, coupled with drier-than-usual conditions, are putting increasing pressure on domestic rice production and threatening the Philippines\u2019 food security, according to the International Rice Research Institute (IRRI).
\n\u201cRising fuel and fertilizer costs driven by Middle East tensions, along with the emerging threat of El Ni\u00f1o, weigh heavily on agricultural production and rice farmers,\u201d IRRI Director-General Yvonne Pinto told 大象传媒 on the sidelines of the Philanthropy Asia Summit on Tuesday.
\n\u201cThe prospects for food security in the Philippines in two, three years from now are going to be much worse, unless we support and enable farmers to generate income from the rice they are producing,\u201d she said.
\nFilipino farmers are now grappling with rising costs and unstable supply of fuel and fertilizer, which are essential to rice production, Ms. Pinto said.
\nThe closure of the Strait of Hormuz has affected global supply of fertilizer and caused prices to spike. The Middle East is a hub for fertilizer production. In particular, the supply of urea from the world\u2019s largest production facility in Qatar has been stopped due to the conflict.
\nFor instance, the cost of urea, a nitrogen-based fertilizer, is 33% higher today, she noted.
\nUrea (prilled) prices averaged P2,607.42 per 50-kilogram (kg) bag between May 11 and May 15, significantly higher than the P1,686.03 per 50-kg bag in the same period last year, according to data from the Fertilizer and Pesticide Authority.\u00a0
\n\u201cSo, these geopolitical tensions really escalate the costs,\u201d Ms. Pinto said. \u201cWhat the government may have to do is provide safety nets to farmers so that they can afford them.\u201d
\nBefore the Iran war, the Philippine Department of Agriculture (DA) projected palay (unmilled rice) output to reach 20.28 million metric tons (MT) this year, under favorable weather conditions. This has been lowered to 19.87 million MT due to the Middle East conflict and the looming El Ni\u00f1o.
\nMs. Pinto said the El Ni\u00f1o phenomenon threatens to disrupt the country\u2019s rice production in the next few months.
\nThe Philippine Atmospheric, Geophysical and Astronomical Services Administration recently warned of the possibility of a moderate to severe dry spell from June until early next year.\u00a0 \u00a0
\nThe DA also estimated that agricultural output could be slashed by as much as 30% under a \u201cSuper El Ni\u00f1o\u201d scenario.
\nIn 2024, total damage to agriculture due to El Ni\u00f1o reached P15.3 billion, affecting 333,195 farmers and fisherfolk nationwide.
\nMs. Pinto said there is a need to focus on reducing labor costs for rice production through better seed distribution, mechanization, and fertilizer supply.
\nIn the medium and long terms, she called for capacity-building for fertilizer production and nature-based solutions like composting to improve affordability for farmers.
\n\u201cOur analysis tells us we only need to raise yields by one ton per hectare,\u201d Ms. Pinto said. \u201cFrom all of the strategies I mentioned, it is achievable.\u201d
\nShe also emphasized better coordination between national and local governments to ensure farmers benefit from agricultural policies.
\nThe country\u2019s rice self-sufficiency ratio, which measures the capacity of local production, dropped to 71.7% in 2024, according to the Philippine Statistics Authority. The ratio was the lowest in 37 years, or since the data series began in 1988.
\nWith the Philippines facing another El Ni\u00f1o this year, farmers should have increased access to early warning systems, alternative wetting and drying solutions, and irrigation equipment, Ms. Pinto said.
\n\u201cThese shocks are going to continue, so we\u2019ve got to develop architecture that supports farmers to stay in farming to enable the Philippines to be food secure,\u201d Ms. Pinto said.\u00a0 \u00a0
\nFor the past 65 years, IRRI has worked closely with the Philippine government through science-based innovations to help reduce hunger and poverty through rice. Headquartered in Laguna, the organization promotes sustainable agricultural production, improved nutrition, and stronger livelihoods for farmers.
\n", "content_text": "By Beatriz Marie D. Cruz, Senior Reporter \nSINGAPORE \u2014 Soaring fuel and fertilizer costs linked to the Middle East conflict, coupled with drier-than-usual conditions, are putting increasing pressure on domestic rice production and threatening the Philippines\u2019 food security, according to the International Rice Research Institute (IRRI). \n\u201cRising fuel and fertilizer costs driven by Middle East tensions, along with the emerging threat of El Ni\u00f1o, weigh heavily on agricultural production and rice farmers,\u201d IRRI Director-General Yvonne Pinto told 大象传媒 on the sidelines of the Philanthropy Asia Summit on Tuesday. \n\u201cThe prospects for food security in the Philippines in two, three years from now are going to be much worse, unless we support and enable farmers to generate income from the rice they are producing,\u201d she said.\nFilipino farmers are now grappling with rising costs and unstable supply of fuel and fertilizer, which are essential to rice production, Ms. Pinto said.\nThe closure of the Strait of Hormuz has affected global supply of fertilizer and caused prices to spike. The Middle East is a hub for fertilizer production. In particular, the supply of urea from the world\u2019s largest production facility in Qatar has been stopped due to the conflict.\nFor instance, the cost of urea, a nitrogen-based fertilizer, is 33% higher today, she noted.\nUrea (prilled) prices averaged P2,607.42 per 50-kilogram (kg) bag between May 11 and May 15, significantly higher than the P1,686.03 per 50-kg bag in the same period last year, according to data from the Fertilizer and Pesticide Authority.\u00a0\n\u201cSo, these geopolitical tensions really escalate the costs,\u201d Ms. Pinto said. \u201cWhat the government may have to do is provide safety nets to farmers so that they can afford them.\u201d\nBefore the Iran war, the Philippine Department of Agriculture (DA) projected palay (unmilled rice) output to reach 20.28 million metric tons (MT) this year, under favorable weather conditions. This has been lowered to 19.87 million MT due to the Middle East conflict and the looming El Ni\u00f1o.\nMs. Pinto said the El Ni\u00f1o phenomenon threatens to disrupt the country\u2019s rice production in the next few months.\nThe Philippine Atmospheric, Geophysical and Astronomical Services Administration recently warned of the possibility of a moderate to severe dry spell from June until early next year.\u00a0 \u00a0\nThe DA also estimated that agricultural output could be slashed by as much as 30% under a \u201cSuper El Ni\u00f1o\u201d scenario.\nIn 2024, total damage to agriculture due to El Ni\u00f1o reached P15.3 billion, affecting 333,195 farmers and fisherfolk nationwide.\nMs. Pinto said there is a need to focus on reducing labor costs for rice production through better seed distribution, mechanization, and fertilizer supply. \nIn the medium and long terms, she called for capacity-building for fertilizer production and nature-based solutions like composting to improve affordability for farmers.\n\u201cOur analysis tells us we only need to raise yields by one ton per hectare,\u201d Ms. Pinto said. \u201cFrom all of the strategies I mentioned, it is achievable.\u201d\nShe also emphasized better coordination between national and local governments to ensure farmers benefit from agricultural policies.\nThe country\u2019s rice self-sufficiency ratio, which measures the capacity of local production, dropped to 71.7% in 2024, according to the Philippine Statistics Authority. The ratio was the lowest in 37 years, or since the data series began in 1988.\nWith the Philippines facing another El Ni\u00f1o this year, farmers should have increased access to early warning systems, alternative wetting and drying solutions, and irrigation equipment, Ms. Pinto said.\n\u201cThese shocks are going to continue, so we\u2019ve got to develop architecture that supports farmers to stay in farming to enable the Philippines to be food secure,\u201d Ms. Pinto said.\u00a0 \u00a0\nFor the past 65 years, IRRI has worked closely with the Philippine government through science-based innovations to help reduce hunger and poverty through rice. Headquartered in Laguna, the organization promotes sustainable agricultural production, improved nutrition, and stronger livelihoods for farmers.", "date_published": "2026-05-21T00:33:30+08:00", "date_modified": "2026-05-20T20:29:53+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2026/05/Drought-El-Nino-farmer-philstar.jpg", "tags": [ "Beatriz Marie D. Cruz", "Editors' Picks", "One News", "大象传媒" ], "summary": "SINGAPORE \u2014 Soaring fuel and fertilizer costs linked to the Middle East conflict, coupled with drier-than-usual conditions, are putting increasing pressure on domestic rice production and threatening the Philippines\u2019 food security, according to the International Rice Research Institute (IRRI)." }, { "id": "/?p=751046", "url": "/top-stories/2026/05/21/751046/erc-yet-to-decide-on-extension-of-gea-all-suspension/", "title": "ERC yet to decide on extension of GEA-All suspension", "content_html": "ELECTRICITY CONSUMERS may face higher power costs, as the Energy Regulatory Commission (ERC) has yet to decide whether to extend the suspension of the green energy auction allowance (GEA-All) collection.
\nSharon O. Monta\u00f1er, ERC\u2019s director for market operations service, said the extension of the suspension will depend on the status of the GEA-All fund.
\n\u201cSo next month, we\u2019re going to assess again if there are (enough) funds. If we see that there\u2019s still difficulty in the payment of the bills, or electricity rates are quite high compared with previous months, and if there is sufficient balance in the fund to suspend, we can extend the suspension,\u201d she told reporters on the sidelines of the 大象传媒 Economic Forum on May 18.
\nEarlier this month, the ERC ordered to temporarily halt the collection of GEA-All from May to June to ease the financial burden on consumers amid rising inflation and global economic pressures.
\nGEA-All is a uniform charge amounting to P0.0371 per kilowatt-hour (kWh) that is passed on to on-grid consumers. It is a separate line item in the bills of consumers that started in January 2026.
\nThe amount collected is used to fund the incentives of new renewable energy (RE) projects being awarded under the green energy auction program (GEAP).
\nAs of May 5, GEA-All Fund maintains a balance of approximately P466.49 million, which is sufficient to cover the projected payment requirements of eligible RE developers during the suspension period, according to the ERC.
\n\u201cIf the crisis extends again, then, definitely, the commission will look into that (extension of the suspension) as it has always been one of the tools to relieve customers,\u201d Ms. Monta\u00f1er said.
\nMeanwhile, Ms. Monta\u00f1er said the ERC is not looking to suspend the feed-in tariff allowance (FIT-All). She noted there are no excess funds as the funds are only enough to cover payments to RE developers.
\n\u201cThere\u2019s no sufficient buffer for FIT-All. It\u2019s only enough to pay for the RE developers,\u201d she said.
\nFIT-All is another RE charge amounting to P0.2011 per kWh that is separate from GEA-All which is being paid by consumers to support emerging RE technologies.
\nNic Satur, Jr., chief advocate officer of consumer group Partners for Affordable and Reliable Energy, argued that GEA-All should be permanently removed, as consumers have been shouldering expensive power rates.
\n\u201cI believe that GEA-All has no legal basis and it should not be collected from consumers,\u201d Mr. Satur told 大象传媒. \u201cWe support our move towards clean energy but not at the expense of consumers.\u201d
\nMr. Satur said that consumers have suffered \u201clong hours of brownout, expensive electricity rate and poor service\u201d but are continuously burdened by pass-through charges, including GEA-All and FIT-All.
\nThe crisis in the Middle East has pushed global oil prices higher, increasing power generation costs in the Philippines and driving up electricity rates.
\nTo provide relief to consumers, the regulator directed distribution utilities to suspend electricity service disconnections and to implement staggered or deferred payment schemes.
\nThe suspension covers unpaid electricity bills for both residential and nonresidential consumers covering the May-to-July billing periods.
\nCustomers with a monthly consumption not exceeding 200 kWh may defer payment of their bills and settle them on a staggered basis over three months from receipt of the bill. \u2014 Sheldeen Joy Talavera
\n", "content_text": "ELECTRICITY CONSUMERS may face higher power costs, as the Energy Regulatory Commission (ERC) has yet to decide whether to extend the suspension of the green energy auction allowance (GEA-All) collection.\nSharon O. Monta\u00f1er, ERC\u2019s director for market operations service, said the extension of the suspension will depend on the status of the GEA-All fund.\n\u201cSo next month, we\u2019re going to assess again if there are (enough) funds. If we see that there\u2019s still difficulty in the payment of the bills, or electricity rates are quite high compared with previous months, and if there is sufficient balance in the fund to suspend, we can extend the suspension,\u201d she told reporters on the sidelines of the 大象传媒 Economic Forum on May 18.\nEarlier this month, the ERC ordered to temporarily halt the collection of GEA-All from May to June to ease the financial burden on consumers amid rising inflation and global economic pressures.\nGEA-All is a uniform charge amounting to P0.0371 per kilowatt-hour (kWh) that is passed on to on-grid consumers. It is a separate line item in the bills of consumers that started in January 2026.\nThe amount collected is used to fund the incentives of new renewable energy (RE) projects being awarded under the green energy auction program (GEAP).\nAs of May 5, GEA-All Fund maintains a balance of approximately P466.49 million, which is sufficient to cover the projected payment requirements of eligible RE developers during the suspension period, according to the ERC.\n\u201cIf the crisis extends again, then, definitely, the commission will look into that (extension of the suspension) as it has always been one of the tools to relieve customers,\u201d Ms. Monta\u00f1er said.\nMeanwhile, Ms. Monta\u00f1er said the ERC is not looking to suspend the feed-in tariff allowance (FIT-All). She noted there are no excess funds as the funds are only enough to cover payments to RE developers.\n\u201cThere\u2019s no sufficient buffer for FIT-All. It\u2019s only enough to pay for the RE developers,\u201d she said.\nFIT-All is another RE charge amounting to P0.2011 per kWh that is separate from GEA-All which is being paid by consumers to support emerging RE technologies.\nNic Satur, Jr., chief advocate officer of consumer group Partners for Affordable and Reliable Energy, argued that GEA-All should be permanently removed, as consumers have been shouldering expensive power rates.\n\u201cI believe that GEA-All has no legal basis and it should not be collected from consumers,\u201d Mr. Satur told 大象传媒. \u201cWe support our move towards clean energy but not at the expense of consumers.\u201d\nMr. Satur said that consumers have suffered \u201clong hours of brownout, expensive electricity rate and poor service\u201d but are continuously burdened by pass-through charges, including GEA-All and FIT-All.\nThe crisis in the Middle East has pushed global oil prices higher, increasing power generation costs in the Philippines and driving up electricity rates.\nTo provide relief to consumers, the regulator directed distribution utilities to suspend electricity service disconnections and to implement staggered or deferred payment schemes.\nThe suspension covers unpaid electricity bills for both residential and nonresidential consumers covering the May-to-July billing periods.\nCustomers with a monthly consumption not exceeding 200 kWh may defer payment of their bills and settle them on a staggered basis over three months from receipt of the bill. \u2014 Sheldeen Joy Talavera", "date_published": "2026-05-21T00:32:30+08:00", "date_modified": "2026-05-20T20:29:01+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2026/05/solar-panel-1.jpg", "tags": [ "Sheldeen Joy Talavera", "Editors' Picks", "One News", "大象传媒" ] }, { "id": "/?p=750964", "url": "/banking-finance/2026/05/21/750964/peso-edges-up-as-mideast-caution-lingers/", "title": "Peso edges up as Mideast caution lingers", "content_html": "THE PESO inched higher versus the dollar on Wednesday after moving in a tight range as the market stayed on edge while waiting for developments in the Middle East.
\nThe currency closed at P61.74 a dollar, gaining a centavo from Tuesday\u2019s record-low finish of P61.75, according to Bankers Association of the Philippines data posted on its website.
\nThe local unit opened Wednesday\u2019s session stronger at P61.73 per dollar. It traded within a narrow range as its intraday best was at just P61.67 against the greenback, while its weakest showing was at P61.75.
\nDollars traded rose to $1.54 billion from $1.21 billion in the previous session.
\nThe peso rose a tad as the market was on wait-and-see mode about developments in the Middle East, a trader said by phone.
\n\u2018Market players traded generally cautiously awaiting FOMC (Federal Open Market Committee) meeting minutes that will be released overnight,\u201d the trader added.
\nThe peso was broadly steady following the downward correction in global crude oil prices, Rizal Commercial Banking Corp, Chief Economist Michael L. Ricafort said in a Viber message.
\nHe added that the central bank may have intervened during the session again to support the currency.
\nFor Thursday, the trader said the peso may stay rangebound between P61.50 and P61.75 amid a lack of leads, while Mr. Ricafort sees it ranging from P61.55 to P61.75.
\nThe US dollar hit a six-week high on Wednesday as investors came to terms with the possible need for higher interest rates to tackle inflation resulting from the Iran war, Reuters reported.
\nThe uncertainty over when the conflict may end has fanned inflation fears and triggered a global bond sell-off, with the yield on the US 30-year Treasury bond hitting its highest level since 2007.
\nPresident Donald J. Trump said the United States may need to strike Iran again but suggested Tehran wants a deal to end the war that has all but closed the key Strait of Hormuz, sending energy prices soaring and roiling markets.
\nThe dollar index, which tracks the currency against six peers, rose 0.1% to its highest since April 7 at 99.47. The index is up more than 1.3% in May due to safe-haven demand and markets pricing in chances of the Federal Reserve hiking interest rates by the end of the year.
\nBrent crude futures were down 1.1% to $110 per barrel, but remained more than 50% higher than in late February before the war began. \u2014 Aaron Michael C. Sy with Reuters
\n", "content_text": "THE PESO inched higher versus the dollar on Wednesday after moving in a tight range as the market stayed on edge while waiting for developments in the Middle East.\nThe currency closed at P61.74 a dollar, gaining a centavo from Tuesday\u2019s record-low finish of P61.75, according to Bankers Association of the Philippines data posted on its website.\nThe local unit opened Wednesday\u2019s session stronger at P61.73 per dollar. It traded within a narrow range as its intraday best was at just P61.67 against the greenback, while its weakest showing was at P61.75.\nDollars traded rose to $1.54 billion from $1.21 billion in the previous session.\nThe peso rose a tad as the market was on wait-and-see mode about developments in the Middle East, a trader said by phone.\n\u2018Market players traded generally cautiously awaiting FOMC (Federal Open Market Committee) meeting minutes that will be released overnight,\u201d the trader added.\nThe peso was broadly steady following the downward correction in global crude oil prices, Rizal Commercial Banking Corp, Chief Economist Michael L. Ricafort said in a Viber message.\nHe added that the central bank may have intervened during the session again to support the currency.\nFor Thursday, the trader said the peso may stay rangebound between P61.50 and P61.75 amid a lack of leads, while Mr. Ricafort sees it ranging from P61.55 to P61.75.\nThe US dollar hit a six-week high on Wednesday as investors came to terms with the possible need for higher interest rates to tackle inflation resulting from the Iran war, Reuters reported.\nThe uncertainty over when the conflict may end has fanned inflation fears and triggered a global bond sell-off, with the yield on the US 30-year Treasury bond hitting its highest level since 2007.\nPresident Donald J. Trump said the United States may need to strike Iran again but suggested Tehran wants a deal to end the war that has all but closed the key Strait of Hormuz, sending energy prices soaring and roiling markets.\nThe dollar index, which tracks the currency against six peers, rose 0.1% to its highest since April 7 at 99.47. The index is up more than 1.3% in May due to safe-haven demand and markets pricing in chances of the Federal Reserve hiking interest rates by the end of the year.\nBrent crude futures were down 1.1% to $110 per barrel, but remained more than 50% higher than in late February before the war began. \u2014 Aaron Michael C. Sy with Reuters", "date_published": "2026-05-21T00:03:56+08:00", "date_modified": "2026-05-20T18:38:32+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2026/03/peso-dollar-currency-philstar.jpg", "tags": [ "Aaron Michael C. Sy", "Banking & Finance", "Editors' Picks", "One News", "大象传媒" ] }, { "id": "/?p=750992", "url": "/stock-market/2026/05/20/750992/stocks-extend-losses-as-market-weighs-war-risks/", "title": "Stocks extend losses as market weighs war risks", "content_html": "PHILIPPINE STOCKS declined for the fourth straight day on Wednesday as concerns over the economic impact of the Middle East war kept investors gloomy.
\nThe Philippine Stock Exchange index (PSEi) slipped by 0.05% or 3.4 points to close at 5,893.40, while the broader all shares index fell by 0.22% or 7.67 points to end at 3,339.88.
\nThis was the PSEi\u2019s lowest finish in nearly three weeks or since it closed at 5,833.64 on April 30.
\n\u201cThe local market ended flat as investors stayed cautious after President Marcos flagged risks of stagflation amid lingering economic pressures. Concerns over higher oil prices caused by global supply chain disruptions continued to weigh on sentiment, raising worries about sustained inflation and slower growth,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
\n\u201cThe local market\u2019s sideways movement ended in the negative territory, taking cues from Wall Street\u2019s overnight decline. This comes following the rise in the US long term treasury yields. Lingering concerns including the elevated global oil prices, weak local currency, and stagflation risks also weighed on investor sentiment,\u201d Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.
\nPresident Ferdinand R. Marcos, Jr. on Monday said the country could face stagflation due to the prolonged Iran conflict as it slows economic growth and pushes up inflation.
\nHeadline inflation quickened to a near three-year high of 7.2% in April from 4.1% in March due to soaring fuel prices. This was the fastest print since 7.6% in March 2023.
\nMeanwhile, gross domestic product (GDP) grew by just 2.8% in the first quarter, slowing from the 5.4% expansion in the same quarter last year and the revised 3% GDP growth in the fourth quarter of 2025. The government blamed the slump on the economic fallout from a corruption scandal and the situation in the Middle East.
\nSectoral indices closed mixed on Wednesday. Services rose by 0.32% or 9.72 points to 2,990.37; property increased by 0.17% or 3.36 points to 1,911.13; and holding firms went up by 0.09% or 4.05 points to 4,372.31.
\nMeanwhile, industrials declined by 0.79% or 68.70 points to 8,577.39; financials dropped by 0.56% or 9.99 points to 1,758.63; and mining and oil went down by 0.32% or 58.04 points to 17,558.77.
\nDecliners outnumbered advancers, 111 to 74, while 59 names were unchanged.
\n\u201cAyala Land, Inc. was the day\u2019s top index gainer, climbing 1.76% to P15. ACEN Corp. was the main index laggard, falling 4.62% to P3.10,\u201d Mr. Tantiangco said.
\nValue turnover went up to P5.67 billion on Wednesday with 1.24 billion shares traded from the P5.36 billion with 1.21 billion issues that changed hands on Tuesday.
\n\u201cTrading remained subdued as investors held back ahead of clearer policy direction and upcoming economic data,\u201d Mr. Limlingan said.
\nNet foreign selling decreased to P115.32 million from P680.04 million in the previous session. \u2014 Alexandria Grace C. Magno
\n", "content_text": "PHILIPPINE STOCKS declined for the fourth straight day on Wednesday as concerns over the economic impact of the Middle East war kept investors gloomy.\nThe Philippine Stock Exchange index (PSEi) slipped by 0.05% or 3.4 points to close at 5,893.40, while the broader all shares index fell by 0.22% or 7.67 points to end at 3,339.88.\nThis was the PSEi\u2019s lowest finish in nearly three weeks or since it closed at 5,833.64 on April 30.\n\u201cThe local market ended flat as investors stayed cautious after President Marcos flagged risks of stagflation amid lingering economic pressures. Concerns over higher oil prices caused by global supply chain disruptions continued to weigh on sentiment, raising worries about sustained inflation and slower growth,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.\n\u201cThe local market\u2019s sideways movement ended in the negative territory, taking cues from Wall Street\u2019s overnight decline. This comes following the rise in the US long term treasury yields. Lingering concerns including the elevated global oil prices, weak local currency, and stagflation risks also weighed on investor sentiment,\u201d Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message. \nPresident Ferdinand R. Marcos, Jr. on Monday said the country could face stagflation due to the prolonged Iran conflict as it slows economic growth and pushes up inflation.\nHeadline inflation quickened to a near three-year high of 7.2% in April from 4.1% in March due to soaring fuel prices. This was the fastest print since 7.6% in March 2023.\nMeanwhile, gross domestic product (GDP) grew by just 2.8% in the first quarter, slowing from the 5.4% expansion in the same quarter last year and the revised 3% GDP growth in the fourth quarter of 2025. The government blamed the slump on the economic fallout from a corruption scandal and the situation in the Middle East.\nSectoral indices closed mixed on Wednesday. Services rose by 0.32% or 9.72 points to 2,990.37; property increased by 0.17% or 3.36 points to 1,911.13; and holding firms went up by 0.09% or 4.05 points to 4,372.31.\nMeanwhile, industrials declined by 0.79% or 68.70 points to 8,577.39; financials dropped by 0.56% or 9.99 points to 1,758.63; and mining and oil went down by 0.32% or 58.04 points to 17,558.77.\nDecliners outnumbered advancers, 111 to 74, while 59 names were unchanged.\n\u201cAyala Land, Inc. was the day\u2019s top index gainer, climbing 1.76% to P15. ACEN Corp. was the main index laggard, falling 4.62% to P3.10,\u201d Mr. Tantiangco said.\nValue turnover went up to P5.67 billion on Wednesday with 1.24 billion shares traded from the P5.36 billion with 1.21 billion issues that changed hands on Tuesday.\n\u201cTrading remained subdued as investors held back ahead of clearer policy direction and upcoming economic data,\u201d Mr. Limlingan said.\nNet foreign selling decreased to P115.32 million from P680.04 million in the previous session. \u2014 Alexandria Grace C. Magno", "date_published": "2026-05-20T21:00:20+08:00", "date_modified": "2026-05-20T18:53:27+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2022/07/PSE-trading-floor-traders.jpg", "tags": [ "Alexandria Grace C. Magno", "Editors' Picks", "One News", "Stock Market", "大象传媒" ] }, { "id": "/?p=750740", "url": "/top-stories/2026/05/20/750740/bop-deficit-narrows-to-2-1b-in-april/", "title": "BoP deficit narrows to $2.1B in April", "content_html": "By Katherine K. Chan, Reporter
\nSTEADY INFLOWS from remittances and the services sector despite emerging external pressures helped narrow the Philippines\u2019 balance of payments (BoP) gap to a three-month low in April, Bangko Sentral ng Pilipinas (BSP) data showed.
\nBased on central bank data released on Tuesday, the country\u2019s BoP gap narrowed to $2.124 billion last month from the $2.637-billion deficit in March and $2.558-billion shortfall in April last year.
\nThis was the narrowest deficit recorded since the $373 million seen in January. It also marked the sixth consecutive month that the country\u2019s BoP position settled at a shortfall.
\nIn the four months to April, the Philippines\u2019 BoP deficit widened to $7.411 billion from $5.516 billion in the same period a year ago.
\nBoP refers to the country\u2019s economic transactions with other nations. A deficit shows that the country spent more than it received, while a surplus indicates more funds entered the country.
\nStable dollar inflows from remittances and business process outsourcing, slightly better capital flows and softer import bill may have helped narrow the country\u2019s BoP deficit in April, Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., said via Viber.
\nHowever, Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion said the wider four-month deficit was likely due to lingering external pressures considering the country\u2019s large trade gap.
\n\u201cThe narrower BoP deficit in April reflects some normalization after earlier outflows, but the wider year-to-date gap highlights persistent external pressures, particularly from the country\u2019s large trade deficit amid strong import demand and softer exports,\u201d he said in a Viber message.
\n\u201cWhile remittances and services continue to provide support, these have not been enough to offset the current account shortfall, with capital flows remaining sensitive to global conditions,\u201d Mr. Asuncion added.
\nSeparate BSP data showed remittances from Filipinos abroad rose by 2.3% year on year to $2.874 billion in March, the highest in two months.
\nLatest available data showed the country\u2019s trade-in-goods deficit widened to a six-month high of $4.512 billion in March from $4.015 billion in February and $4.509 billion a year ago.
\nDOLLAR RESERVES
\nMeanwhile, revised BSP data showed the Philippines\u2019 dollar reserves fell to its lowest level in over a year, which analysts said was likely due to the central bank\u2019s recent intervention in the foreign exchange market.
As of end-April, the country had $104.328 billion in gross international reserves (GIR), slightly higher than the $104.128 billion earlier reported.
\nHowever, it was still a 2.16% decline from the $106.636-billion foreign reserves in March and a 0.93% dip from the $105.308 billion in April 2025.
\nThe end-April tally was the lowest GIR level in 15 months or since the $103.271 billion logged in January last year.
\n\u201cThe decline in GIR indicates that the BSP may have used part of its reserves to smooth peso volatility and meet external obligations,\u201d John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said in a Viber message.
\nThe central bank earlier said it remains present in the foreign exchange market to prevent sharp swings that could stoke inflation as the Middle East war continues to weigh on the currency.
\nOn Tuesday, the peso closed at P61.75 against the dollar, unchanged from its record-low finish on Monday, Bankers Association of the Philippines data showed.
\nStill, according to the BSP, the country\u2019s latest GIR level \u201cprovides a robust external liquidity buffer.\u201d
\nThe end-April reserves translated to 6.9 months\u2019 worth of imports of goods and payments of services and primary income, exceeding the three-month standard.
\nIt can also cover about 3.8 times the country\u2019s short-term external debt based on residual maturity.
\nGIR comprises foreign-denominated securities, foreign exchange, and other assets such as gold. It enables a country to finance imports and foreign debts, maintain the stability of its currency, and safeguard itself against global economic disruptions.
\nFor Mr. Ravelas, the country\u2019s BoP position will likely remain in a deficit in the coming months considering the economy\u2019s heavy reliance on imports.
\n\u201cThe key message here is not elimination, but manageability \u2014 our external position remains \u2018deficit but resilient,\u2019 supported by strong fundamentals like remittances, services exports, and adequate reserves,\u201d he added. \u201cSo, going forward, it\u2019s about watching global conditions and capital flows closely, while ensuring we sustain these stable sources of FX (foreign exchange).\u201d
\nSM Investments Corp. Group Economist Robert Dan J. Roces likewise projects a continued deficit in the near term as \u201chigh oil prices, elevated global uncertainty, and a still-strong dollar continue to pressure the trade balance and keep demand for dollars firm.\u201d
\nHowever, the deficit may be \u201csmaller and more manageable\u201d as the country continues to hold ample GIR and due to steady flows from remittances and services exports, he added.
\n\u201cThe BoP may stay in deficit in the near term, though a smaller and more manageable one,\u201d Mr. Roces said. \u201cThe good news is that the country still has ample buffers through GIR, steady remittances, and recurring inflows from services exports, which help prevent external pressures from becoming destabilizing.\u201d
\nThe central bank expects the country\u2019s BoP position to end at a $7.8-billion deficit or -1.5% of its gross domestic product (GDP) this year, wider than the $5.661-billion gap or -1.2% of GDP in 2025.
\nIt also projects the GIR level to reach $111 billion by yearend, higher than the $110.8 billion recorded last year.
\n", "content_text": "By Katherine K. Chan, Reporter\nSTEADY INFLOWS from remittances and the services sector despite emerging external pressures helped narrow the Philippines\u2019 balance of payments (BoP) gap to a three-month low in April, Bangko Sentral ng Pilipinas (BSP) data showed.\nBased on central bank data released on Tuesday, the country\u2019s BoP gap narrowed to $2.124 billion last month from the $2.637-billion deficit in March and $2.558-billion shortfall in April last year.\nThis was the narrowest deficit recorded since the $373 million seen in January. It also marked the sixth consecutive month that the country\u2019s BoP position settled at a shortfall.\nIn the four months to April, the Philippines\u2019 BoP deficit widened to $7.411 billion from $5.516 billion in the same period a year ago. \nBoP refers to the country\u2019s economic transactions with other nations. A deficit shows that the country spent more than it received, while a surplus indicates more funds entered the country.\nStable dollar inflows from remittances and business process outsourcing, slightly better capital flows and softer import bill may have helped narrow the country\u2019s BoP deficit in April, Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., said via Viber. \nHowever, Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion said the wider four-month deficit was likely due to lingering external pressures considering the country\u2019s large trade gap.\n\u201cThe narrower BoP deficit in April reflects some normalization after earlier outflows, but the wider year-to-date gap highlights persistent external pressures, particularly from the country\u2019s large trade deficit amid strong import demand and softer exports,\u201d he said in a Viber message.\n\u201cWhile remittances and services continue to provide support, these have not been enough to offset the current account shortfall, with capital flows remaining sensitive to global conditions,\u201d Mr. Asuncion added.\nSeparate BSP data showed remittances from Filipinos abroad rose by 2.3% year on year to $2.874 billion in March, the highest in two months.\nLatest available data showed the country\u2019s trade-in-goods deficit widened to a six-month high of $4.512 billion in March from $4.015 billion in February and $4.509 billion a year ago.\nDOLLAR RESERVES\nMeanwhile, revised BSP data showed the Philippines\u2019 dollar reserves fell to its lowest level in over a year, which analysts said was likely due to the central bank\u2019s recent intervention in the foreign exchange market.\nAs of end-April, the country had $104.328 billion in gross international reserves (GIR), slightly higher than the $104.128 billion earlier reported.\nHowever, it was still a 2.16% decline from the $106.636-billion foreign reserves in March and a 0.93% dip from the $105.308 billion in April 2025.\nThe end-April tally was the lowest GIR level in 15 months or since the $103.271 billion logged in January last year.\n\u201cThe decline in GIR indicates that the BSP may have used part of its reserves to smooth peso volatility and meet external obligations,\u201d John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said in a Viber message.\nThe central bank earlier said it remains present in the foreign exchange market to prevent sharp swings that could stoke inflation as the Middle East war continues to weigh on the currency.\nOn Tuesday, the peso closed at P61.75 against the dollar, unchanged from its record-low finish on Monday, Bankers Association of the Philippines data showed.\nStill, according to the BSP, the country\u2019s latest GIR level \u201cprovides a robust external liquidity buffer.\u201d\nThe end-April reserves translated to 6.9 months\u2019 worth of imports of goods and payments of services and primary income, exceeding the three-month standard.\nIt can also cover about 3.8 times the country\u2019s short-term external debt based on residual maturity.\nGIR comprises foreign-denominated securities, foreign exchange, and other assets such as gold. It enables a country to finance imports and foreign debts, maintain the stability of its currency, and safeguard itself against global economic disruptions.\nFor Mr. Ravelas, the country\u2019s BoP position will likely remain in a deficit in the coming months considering the economy\u2019s heavy reliance on imports.\n\u201cThe key message here is not elimination, but manageability \u2014 our external position remains \u2018deficit but resilient,\u2019 supported by strong fundamentals like remittances, services exports, and adequate reserves,\u201d he added. \u201cSo, going forward, it\u2019s about watching global conditions and capital flows closely, while ensuring we sustain these stable sources of FX (foreign exchange).\u201d\nSM Investments Corp. Group Economist Robert Dan J. Roces likewise projects a continued deficit in the near term as \u201chigh oil prices, elevated global uncertainty, and a still-strong dollar continue to pressure the trade balance and keep demand for dollars firm.\u201d\nHowever, the deficit may be \u201csmaller and more manageable\u201d as the country continues to hold ample GIR and due to steady flows from remittances and services exports, he added.\n\u201cThe BoP may stay in deficit in the near term, though a smaller and more manageable one,\u201d Mr. Roces said. \u201cThe good news is that the country still has ample buffers through GIR, steady remittances, and recurring inflows from services exports, which help prevent external pressures from becoming destabilizing.\u201d\nThe central bank expects the country\u2019s BoP position to end at a $7.8-billion deficit or -1.5% of its gross domestic product (GDP) this year, wider than the $5.661-billion gap or -1.2% of GDP in 2025.\nIt also projects the GIR level to reach $111 billion by yearend, higher than the $110.8 billion recorded last year.", "date_published": "2026-05-20T00:34:12+08:00", "date_modified": "2026-05-19T20:53:03+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2024/01/dollar-currency.jpg", "tags": [ "Katherine K. Chan", "Editors' Picks", "One News", "大象传媒" ], "summary": "STEADY INFLOWS from remittances and the services sector despite emerging external pressures helped narrow the Philippines\u2019 balance of payments (BoP) gap to a three-month low in April, Bangko Sentral ng Pilipinas (BSP) data showed.\u00a0" }, { "id": "/?p=750739", "url": "/top-stories/2026/05/20/750739/peso-still-asias-weakest-link-despite-bsp-policy-tightening/", "title": "Peso still Asia\u2019s \u2018weakest link\u2019 despite BSP policy tightening", "content_html": "By Katherine K. Chan, Reporter
\nTHE PHILIPPINE PESO will likely remain the weakest Asian currency despite further monetary policy tightening by the central bank as the economy remains vulnerable to volatile global oil prices amid the ongoing Middle East war, analysts said.
\nThis as the peso on Tuesday closed at the record-low level of P61.75 versus the greenback, the same finish logged on Monday, Bankers Association of the Philippines data showed.
\nIn a report published late on Monday, ING Think economists noted that the impact of oil price swings on the local unit could offset the expected support of additional policy rate hikes by the Bangko Sentral ng Pilipinas (BSP). (See related story)
\n\u201cWe continue to expect a frontloaded but measured tightening cycle, worth 75 bps (basis points) in 2026,\u201d said ING Regional Head of Research for Asia Pacific Deepali Bhargava, Senior Economist for South Korea and Japan Min Joo Kang, and Chief Economist for Greater China Lynn Song.
\n\u201cWhile this could provide some near-term support to the PHP (Philippine peso), the currency\u2019s trajectory will remain closely tied to oil price dynamics,\u201d they added.
\nA separate report from MUFG Bank, Ltd. on Tuesday showed that the peso suffered the sharpest depreciation among currencies in emerging markets in Asia since the Middle East war erupted on Feb. 28.
\nBased on the report penned by MUFG Senior Currency Analyst Michael Wan, the local unit declined by 6.6% against the dollar from Feb. 28 to May 18.
\nThis was followed by the Indian rupee, which went down by 5.6%, Indonesian rupiah (5%), Thai baht (4.8%), South Korean won (4%), Malaysian ringgit (2.1%), Japanese yen (1.8%), Singapore dollar (1.1%), Vietnamese dong (1.1%), and Taiwan dollar (1%).
\nThe peso has traded around the P60- to P61-a-dollar handle for about a month or since late April, even plunging to back-to-back historic lows versus the greenback.
\nThis came even after markets anticipated some relief for the peso following the BSP\u2019s move to lift the benchmark borrowing cost during its April 23 meeting.
\nThe key interest rate now stands at 4.5% after the Monetary Board delivered its first 25-bp hike last month as it sought to temper second-round price effects and keep inflation expectations anchored amid rising risks from the energy crisis.
\nING analysts said the BSP may deliver its second-straight hike at its June 18 review as inflation risks prove more urgent than growth concerns.
\n\u201cThe latest data points suggest inflation risks are now outweighing growth concerns,\u201d they said. \u201cIn this context, we do not see the weak GDP (gross domestic product) print deterring Bangko Sentral ng Pilipinas from hiking in June.\u201d
\nInflation breached the central bank\u2019s 2%-4% target and market projections for the second month in a row as soaring oil prices spilled over to other key commodities.
\nIn April, high food and utility prices amid still elevated energy costs led the headline print to accelerate to an over three-year high of 7.2%.
\nOn the other hand, the economy faltered in the first quarter, with growth easing to 2.8% from 3% in the previous quarter and 5.4% a year ago as oil shocks added to the lingering effects of last year\u2019s flood control mess.
\nFor ING analysts, however, the economy could remain under pressure amid growing political uncertainty surrounding Vice-President Sara Duterte-Carpio\u2019s impeachment.
\n\u201cHigher political uncertainty with the impeachment of the vice-president can further push out reforms and growth recovery,\u201d Ms. Bhargava, Ms. Kang, and Mr. Song said.
\nMeanwhile, Metropolitan Bank and Trust Co. (Metrobank) also sees further BSP tightening as still elevated oil prices and uncertainties over Iran and the US\u2019 peace talks are expected to stoke inflation in the coming months.
\n\u201cMetrobank still sees elevated risk and volatility in the near term while a peace deal has not been struck,\u201d it said in a note on Monday. \u201cOil prices are poised to stay high, as global supply remains constricted due to the war\u2019s impact on Middle East oil facilities. Consequently, domestic inflation is expected to quicken in the coming months.\u201d
\nHowever, it noted that increased demand for the US dollar will continue to drag the peso, with global dollar flows, not domestic factors, likely driving foreign exchange movements.
\nStill, the peso\u2019s depreciation may be capped at P62 against the dollar, according to the bank.
\n\u201cUSD/PHP strategy remains range-bound with a slight USD-positive bias, as strong dollar fundamentals and steady corporate demand continue to support the pair, particularly on dips,\u201d Metrobank said.
\n\u201cHowever, the upside remains capped near the P61.75-P62.00 resistance zone due to strong supply and positioning. The pair is likely to remain driven by external USD flows rather than domestic catalysts, reinforcing a tactical trading approach,\u201d it added.
\nOn the other hand, ING said global oil prices potentially averaging around $100 per barrel in the quarter will continue to weigh on the country\u2019s current account deficit.
\nThe BSP earlier said the Philippines may see a wider current account gap of $20.3 billion or -4% of GDP this year as the Middle East war could strain the country\u2019s external position.
\nIn 2025, the country had a current account deficit of $16.291 billion or -3.3% of GDP.
\n", "content_text": "By Katherine K. Chan, Reporter \nTHE PHILIPPINE PESO will likely remain the weakest Asian currency despite further monetary policy tightening by the central bank as the economy remains vulnerable to volatile global oil prices amid the ongoing Middle East war, analysts said.\nThis as the peso on Tuesday closed at the record-low level of P61.75 versus the greenback, the same finish logged on Monday, Bankers Association of the Philippines data showed.\nIn a report published late on Monday, ING Think economists noted that the impact of oil price swings on the local unit could offset the expected support of additional policy rate hikes by the Bangko Sentral ng Pilipinas (BSP). (See related story)\n\u201cWe continue to expect a frontloaded but measured tightening cycle, worth 75 bps (basis points) in 2026,\u201d said ING Regional Head of Research for Asia Pacific Deepali Bhargava, Senior Economist for South Korea and Japan Min Joo Kang, and Chief Economist for Greater China Lynn Song. \n\u201cWhile this could provide some near-term support to the PHP (Philippine peso), the currency\u2019s trajectory will remain closely tied to oil price dynamics,\u201d they added.\nA separate report from MUFG Bank, Ltd. on Tuesday showed that the peso suffered the sharpest depreciation among currencies in emerging markets in Asia since the Middle East war erupted on Feb. 28. \nBased on the report penned by MUFG Senior Currency Analyst Michael Wan, the local unit declined by 6.6% against the dollar from Feb. 28 to May 18.\nThis was followed by the Indian rupee, which went down by 5.6%, Indonesian rupiah (5%), Thai baht (4.8%), South Korean won (4%), Malaysian ringgit (2.1%), Japanese yen (1.8%), Singapore dollar (1.1%), Vietnamese dong (1.1%), and Taiwan dollar (1%). \nThe peso has traded around the P60- to P61-a-dollar handle for about a month or since late April, even plunging to back-to-back historic lows versus the greenback.\nThis came even after markets anticipated some relief for the peso following the BSP\u2019s move to lift the benchmark borrowing cost during its April 23 meeting.\nThe key interest rate now stands at 4.5% after the Monetary Board delivered its first 25-bp hike last month as it sought to temper second-round price effects and keep inflation expectations anchored amid rising risks from the energy crisis. \nING analysts said the BSP may deliver its second-straight hike at its June 18 review as inflation risks prove more urgent than growth concerns.\n\u201cThe latest data points suggest inflation risks are now outweighing growth concerns,\u201d they said. \u201cIn this context, we do not see the weak GDP (gross domestic product) print deterring Bangko Sentral ng Pilipinas from hiking in June.\u201d\nInflation breached the central bank\u2019s 2%-4% target and market projections for the second month in a row as soaring oil prices spilled over to other key commodities.\nIn April, high food and utility prices amid still elevated energy costs led the headline print to accelerate to an over three-year high of 7.2%. \nOn the other hand, the economy faltered in the first quarter, with growth easing to 2.8% from 3% in the previous quarter and 5.4% a year ago as oil shocks added to the lingering effects of last year\u2019s flood control mess.\nFor ING analysts, however, the economy could remain under pressure amid growing political uncertainty surrounding Vice-President Sara Duterte-Carpio\u2019s impeachment. \n\u201cHigher political uncertainty with the impeachment of the vice-president can further push out reforms and growth recovery,\u201d Ms. Bhargava, Ms. Kang, and Mr. Song said.\nMeanwhile, Metropolitan Bank and Trust Co. (Metrobank) also sees further BSP tightening as still elevated oil prices and uncertainties over Iran and the US\u2019 peace talks are expected to stoke inflation in the coming months.\n\u201cMetrobank still sees elevated risk and volatility in the near term while a peace deal has not been struck,\u201d it said in a note on Monday. \u201cOil prices are poised to stay high, as global supply remains constricted due to the war\u2019s impact on Middle East oil facilities. Consequently, domestic inflation is expected to quicken in the coming months.\u201d\nHowever, it noted that increased demand for the US dollar will continue to drag the peso, with global dollar flows, not domestic factors, likely driving foreign exchange movements.\nStill, the peso\u2019s depreciation may be capped at P62 against the dollar, according to the bank.\n\u201cUSD/PHP strategy remains range-bound with a slight USD-positive bias, as strong dollar fundamentals and steady corporate demand continue to support the pair, particularly on dips,\u201d Metrobank said.\n\u201cHowever, the upside remains capped near the P61.75-P62.00 resistance zone due to strong supply and positioning. The pair is likely to remain driven by external USD flows rather than domestic catalysts, reinforcing a tactical trading approach,\u201d it added.\nOn the other hand, ING said global oil prices potentially averaging around $100 per barrel in the quarter will continue to weigh on the country\u2019s current account deficit.\nThe BSP earlier said the Philippines may see a wider current account gap of $20.3 billion or -4% of GDP this year as the Middle East war could strain the country\u2019s external position.\nIn 2025, the country had a current account deficit of $16.291 billion or -3.3% of GDP.", "date_published": "2026-05-20T00:33:11+08:00", "date_modified": "2026-05-19T20:52:34+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2024/11/Peso-currency.jpg", "tags": [ "Katherine K. Chan", "Editors' Picks", "One News", "大象传媒" ], "summary": "THE PHILIPPINE PESO will likely remain the weakest Asian currency despite further monetary policy tightening by the central bank as the economy remains vulnerable to volatile global oil prices amid the ongoing Middle East war, analysts said." }, { "id": "/?p=750738", "url": "/top-stories/2026/05/20/750738/marcos-raises-concern-over-stagflation-risk/", "title": "Marcos raises concern over stagflation risk", "content_html": "PRESIDENT Ferdinand R. Marcos, Jr. warned of a possible stagflation scenario, citing the threat of slowing economic growth alongside persistent inflation, while signaling that his government may tolerate higher prices for certain nonessential food items.
\n\u201cWe were able to keep food prices stable, but supplies are feeling the pinch,\u201d Mr. Marcos said during a roundtable discussion with Japanese media in Malaca\u00f1ang on Monday. A video and transcript were provided to Palace reporters.
\nMr. Marcos said some producers and suppliers had sought government permission to increase the prices of \u201cnon-critical\u201d food products.
\nThe Philippines, which relies heavily on imported fuel, has been hit hard by the ongoing Iran conflict. This has prompted the government to declare a year-long energy emergency amid threats to oil supply and rising inflation.
\n\u201cTo the economy, the concern that we have is the concern about stagflation\u2026 so this is what we have been trying to control,\u201d Mr. Marcos said.
\nStagflation refers to a period of weak economic growth combined with persistently high inflation.
\nSome analysts have earlier flagged stagflation risks after inflation quickened to a near three-year high of 7.2% in April from 4.1% in March due to soaring gas prices. This was the fastest headline print since the 7.6% seen in March 2023, and also well-above the central bank\u2019s 5.6%-6.4% estimate for the month.\u00a0 \u00a0
\nIn the first quarter, gross domestic product (GDP) grew by 2.8%, slowing from the 5.4% expansion in the same quarter last year and the revised 3% GDP growth in the fourth quarter of 2025.
\nThe President said the government will make efforts to slow down rising food costs. Last week, he imposed a P50 price cap on rice.
\nMr. Marcos added that public spending has been accelerated to support growth, following earlier delays in budget execution this year.
\n\u201cPublic spending has been accelerated so that the GDP (gross domestic product) growth is still being assisted. We had a delay in public spending in the beginning of this year, basically in the first quarter,\u201d he added, according to a separate statement from his office.
\nMr. Marcos remains optimistic that public spending will fuel economic growth within the next quarter and next year.
\n\u201cLuckily, I suppose, or at least we are still continuing to see marked interest in investment in the Philippines,\u201d he said.
\n\u201cPerhaps this is because of the policies that we adopted, the incentives that we have put out for investors. So, slowly, we can see the way through this, where we will recover through this.\u201d
\nMr. Marcos said spending is increasingly being directed toward \u201cdirect spending\u201d to ensure that assistance is felt more immediately by households, including subsidies and transport-related fuel discounts.
\nHe also said the government is seeking ways to encourage investment and support for micro, small and medium enterprises.
\n\u201cLet us keep the economic machine running… Let us continue to invest,\u201d he said. \u201cWe have a total economic mandate that, as much as possible, let us find that money wherever and in other places, such as in the government\u2019s operating expenses.\u201d
\nMeanwhile, the Philippines is already in a \u201cstagflationary episode,\u201d according to Leonardo A. Lanzona, Jr., an economics professor at the Ateneo de Manila University.
\n\u201cFor a high-growth economy like the Philippines, sub-4% GDP expansion already constitutes stagflationary conditions \u2014 the Philippines is experiencing a combination of slowing, very weak/stagnant GDP growth and high and rising inflation, placing the Bangko Sentral ng Pilipinas (BSP) in an unenviable position,\u201d he said via Facebook Messenger.
\nWhether this stagflationary episode is sustained would depend on \u201cwhether the oil shock proves durable (high probability) and whether fiscal catch-up (in infrastructure) materializes (uncertain, given the Department of Public Works and Highways\u2019 track record),\u201d Mr. Lanzona said.
\nHe noted that downgraded growth forecasts by several firms could put Philippine economic growth on track for its weakest performance in 18 years outside of the pandemic period.
\n\u201cThe Marcos signal on food price relief for nonessential items is almost certainly a political pressure valve, not a structural fix \u2014 and risks entrenching expectations that the government will accommodate rather than absorb the shock,\u201d he said. \u2014 C.M.A. Hufana
\n", "content_text": "PRESIDENT Ferdinand R. Marcos, Jr. warned of a possible stagflation scenario, citing the threat of slowing economic growth alongside persistent inflation, while signaling that his government may tolerate higher prices for certain nonessential food items.\n\u201cWe were able to keep food prices stable, but supplies are feeling the pinch,\u201d Mr. Marcos said during a roundtable discussion with Japanese media in Malaca\u00f1ang on Monday. A video and transcript were provided to Palace reporters.\nMr. Marcos said some producers and suppliers had sought government permission to increase the prices of \u201cnon-critical\u201d food products.\nThe Philippines, which relies heavily on imported fuel, has been hit hard by the ongoing Iran conflict. This has prompted the government to declare a year-long energy emergency amid threats to oil supply and rising inflation.\n\u201cTo the economy, the concern that we have is the concern about stagflation\u2026 so this is what we have been trying to control,\u201d Mr. Marcos said.\nStagflation refers to a period of weak economic growth combined with persistently high inflation.\nSome analysts have earlier flagged stagflation risks after inflation quickened to a near three-year high of 7.2% in April from 4.1% in March due to soaring gas prices. This was the fastest headline print since the 7.6% seen in March 2023, and also well-above the central bank\u2019s 5.6%-6.4% estimate for the month.\u00a0 \u00a0\nIn the first quarter, gross domestic product (GDP) grew by 2.8%, slowing from the 5.4% expansion in the same quarter last year and the revised 3% GDP growth in the fourth quarter of 2025. \nThe President said the government will make efforts to slow down rising food costs. Last week, he imposed a P50 price cap on rice.\nMr. Marcos added that public spending has been accelerated to support growth, following earlier delays in budget execution this year.\n\u201cPublic spending has been accelerated so that the GDP (gross domestic product) growth is still being assisted. We had a delay in public spending in the beginning of this year, basically in the first quarter,\u201d he added, according to a separate statement from his office. \nMr. Marcos remains optimistic that public spending will fuel economic growth within the next quarter and next year.\n\u201cLuckily, I suppose, or at least we are still continuing to see marked interest in investment in the Philippines,\u201d he said.\n\u201cPerhaps this is because of the policies that we adopted, the incentives that we have put out for investors. So, slowly, we can see the way through this, where we will recover through this.\u201d\nMr. Marcos said spending is increasingly being directed toward \u201cdirect spending\u201d to ensure that assistance is felt more immediately by households, including subsidies and transport-related fuel discounts.\nHe also said the government is seeking ways to encourage investment and support for micro, small and medium enterprises.\n\u201cLet us keep the economic machine running… Let us continue to invest,\u201d he said. \u201cWe have a total economic mandate that, as much as possible, let us find that money wherever and in other places, such as in the government\u2019s operating expenses.\u201d\nMeanwhile, the Philippines is already in a \u201cstagflationary episode,\u201d according to Leonardo A. Lanzona, Jr., an economics professor at the Ateneo de Manila University.\n\u201cFor a high-growth economy like the Philippines, sub-4% GDP expansion already constitutes stagflationary conditions \u2014 the Philippines is experiencing a combination of slowing, very weak/stagnant GDP growth and high and rising inflation, placing the Bangko Sentral ng Pilipinas (BSP) in an unenviable position,\u201d he said via Facebook Messenger.\nWhether this stagflationary episode is sustained would depend on \u201cwhether the oil shock proves durable (high probability) and whether fiscal catch-up (in infrastructure) materializes (uncertain, given the Department of Public Works and Highways\u2019 track record),\u201d Mr. Lanzona said.\nHe noted that downgraded growth forecasts by several firms could put Philippine economic growth on track for its weakest performance in 18 years outside of the pandemic period.\n\u201cThe Marcos signal on food price relief for nonessential items is almost certainly a political pressure valve, not a structural fix \u2014 and risks entrenching expectations that the government will accommodate rather than absorb the shock,\u201d he said. \u2014 C.M.A. Hufana", "date_published": "2026-05-20T00:32:11+08:00", "date_modified": "2026-05-19T20:50:04+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2026/05/meat-market.jpg", "tags": [ "Chloe Mari A. Hufana", "Editors' Picks", "One News", "大象传媒" ] }, { "id": "/?p=750737", "url": "/top-stories/2026/05/20/750737/political-violence-possible-if-duterte-removed-geoquant/", "title": "Political violence possible if Duterte removed \u2014 GeoQuant", "content_html": "By Chloe Mari A. Hufana, Reporter and Justine Irish D. Tabile, Senior Reporter
\nTHE IMPEACHMENT proceedings against Vice-President Sara Duterte-Carpio have raised the possibility of further instability and political violence in the country, according to an assessment by a unit of Fitch Solutions.
\n\u201cPublic impeachment hearings against VP Sara Duterte have sharply increased Social Polarization and Government Risks by intensifying the Marcos-Duterte power struggle, with the potential for further instability and political violence if she is removed from contention for the 2028 presidency,\u201d GeoQuant said in a report released on Tuesday.
\nThe Senate on Monday convened as an impeachment court for the trial of Ms. Duterte who faces charges of corruption, misuse of public funds, betrayal of public trust, and an alleged plot to assassinate President Ferdinand R. Marcos, Jr.
\nMs. Duterte\u2019s trial is expected to start by the first week of June.
\nGeoQuant noted that social polarization risk and government risk began to increase when the House Committee on Justice began hearings on the impeachment complaint against Ms. Duterte on March 25.
\n\u201cThe case pits two of the country\u2019s most powerful political families against one another, Marcos and Duterte, who ran as a team in the 2022 general elections but have fallen out over differing constituency and policy agendas,\u201d it said.
\n\u201cWith Marcos\u2019 tenure up in May 2028, Duterte is his likely successor, but impeachment would prohibit her from running. Marcos claims not to be behind the investigation, but his allies control the House of Representatives and her removal from the field of potential candidates would allow Marcos to find an ally as successor.\u201d
\nIf convicted, Ms. Duterte would be barred from running for public office.
\n\u201cExpect both Government and Social Polarization Risks to continue to rise as long as the process continues, with the potential for political violence rising [if] Duterte is sidelined,\u201d GeoQuant said.
\nHansley A. Juliano, a political science lecturer at the Ateneo de Manila University, said political polarization ratings typically rise when rival political camps become sharply divided, and businesses begin seeing risks to operational continuity.
\n\u201cIt\u2019s bad for business because usually, shifts in regimes or non-peaceful transitions mean business continuity is compromised or insurances/preparations kick in, which impact operational costs,\u201d he said via Facebook Messenger, adding that firms often face higher insurance and contingency costs during periods of instability.
\nMr. Juliano noted the recent turmoil in the Senate likely contributed to concerns flagged by GeoQuant, pointing to leadership upheavals and controversy surrounding efforts to shield Senator Ronald \u201cBato\u201d M. dela Rosa from accountability.
\nMr. Juliano said the unfolding events bear similarities to the political tensions that preceded the impeachment trial of former President Joseph Ejercito Estrada and the subsequent EDSA Dos and Tres (EDSA II and III) protests.
\n\u201cWhether it ends the same, we have yet to see,\u201d he said. \u201cBut it looks unstable nonetheless.\u201d
\nPOLITICAL CIRCUS
\nMeanwhile, businesses are hoping for an end to the political turmoil hounding the Senate, saying stability is needed to help firms thrive and support faster economic growth, according to Association of Southeast Asian Nations (ASEAN) Business Advisory Council Chairman Jose Ma. \u201cJoey\u201d A. Concepcion III.
\u201cThe Philippines has to continue to get its GDP (gross domestic product) going higher,\u201d he told 大象传媒 on the sidelines of the 大象传媒 Economic Forum on Monday.
\n\u201cFor that to happen, the business sector must be doing well. Hopefully our legislators will support this and that the circus happening there will end,\u201d he added.
\nMr. Concepcion said that as the Philippines is the chair of the ASEAN this year, there is a responsibility to present the country favorably to foreign investors.
\n\u201cWe have to be able to present a more pleasant picture to our foreign investors. It is very important because Philippines hosting the ASEAN only happens once every 10 to 12 years,\u201d he said.
\n\u201cSo, we are putting every effort, especially from the private sector, to ensure that many investors, business owners from all over the world, will come to the Philippines,\u201d he added.
\nMr. Concepcion said the goal is to show that the Philippines is open for business.
\n\u201cWe need Congress and our legislators to bring things back to normal from their point,\u201d he said. \u201cWe hope they will be able to really help create an open economy.\u201d
\n\u201cIf you look at very successful countries in ASEAN, they are very focused and they are always straight to the point,\u201d he added.
\nAside from political uncertainty, Mr. Concepcion said businesses are also dealing with the impact of the Middle East conflict.
\n\u201cBut let us remain optimistic. One good sign is that it comes when we are the host of ASEAN and when all the leaders come here, the rest of the world will see what the Philippines is all about,\u201d he added.
\n", "content_text": "By Chloe Mari A. Hufana, Reporter and Justine Irish D. Tabile, Senior Reporter \nTHE IMPEACHMENT proceedings against Vice-President Sara Duterte-Carpio have raised the possibility of further instability and political violence in the country, according to an assessment by a unit of Fitch Solutions.\n\u201cPublic impeachment hearings against VP Sara Duterte have sharply increased Social Polarization and Government Risks by intensifying the Marcos-Duterte power struggle, with the potential for further instability and political violence if she is removed from contention for the 2028 presidency,\u201d GeoQuant said in a report released on Tuesday.\nThe Senate on Monday convened as an impeachment court for the trial of Ms. Duterte who faces charges of corruption, misuse of public funds, betrayal of public trust, and an alleged plot to assassinate President Ferdinand R. Marcos, Jr.\nMs. Duterte\u2019s trial is expected to start by the first week of June.\nGeoQuant noted that social polarization risk and government risk began to increase when the House Committee on Justice began hearings on the impeachment complaint against Ms. Duterte on March 25.\n\u201cThe case pits two of the country\u2019s most powerful political families against one another, Marcos and Duterte, who ran as a team in the 2022 general elections but have fallen out over differing constituency and policy agendas,\u201d it said.\n\u201cWith Marcos\u2019 tenure up in May 2028, Duterte is his likely successor, but impeachment would prohibit her from running. Marcos claims not to be behind the investigation, but his allies control the House of Representatives and her removal from the field of potential candidates would allow Marcos to find an ally as successor.\u201d\nIf convicted, Ms. Duterte would be barred from running for public office.\n\u201cExpect both Government and Social Polarization Risks to continue to rise as long as the process continues, with the potential for political violence rising [if] Duterte is sidelined,\u201d GeoQuant said.\nHansley A. Juliano, a political science lecturer at the Ateneo de Manila University, said political polarization ratings typically rise when rival political camps become sharply divided, and businesses begin seeing risks to operational continuity.\n\u201cIt\u2019s bad for business because usually, shifts in regimes or non-peaceful transitions mean business continuity is compromised or insurances/preparations kick in, which impact operational costs,\u201d he said via Facebook Messenger, adding that firms often face higher insurance and contingency costs during periods of instability.\nMr. Juliano noted the recent turmoil in the Senate likely contributed to concerns flagged by GeoQuant, pointing to leadership upheavals and controversy surrounding efforts to shield Senator Ronald \u201cBato\u201d M. dela Rosa from accountability.\nMr. Juliano said the unfolding events bear similarities to the political tensions that preceded the impeachment trial of former President Joseph Ejercito Estrada and the subsequent EDSA Dos and Tres (EDSA II and III) protests.\n\u201cWhether it ends the same, we have yet to see,\u201d he said. \u201cBut it looks unstable nonetheless.\u201d\nPOLITICAL CIRCUS\nMeanwhile, businesses are hoping for an end to the political turmoil hounding the Senate, saying stability is needed to help firms thrive and support faster economic growth, according to Association of Southeast Asian Nations (ASEAN) Business Advisory Council Chairman Jose Ma. \u201cJoey\u201d A. Concepcion III.\n\u201cThe Philippines has to continue to get its GDP (gross domestic product) going higher,\u201d he told 大象传媒 on the sidelines of the 大象传媒 Economic Forum on Monday.\n\u201cFor that to happen, the business sector must be doing well. Hopefully our legislators will support this and that the circus happening there will end,\u201d he added.\nMr. Concepcion said that as the Philippines is the chair of the ASEAN this year, there is a responsibility to present the country favorably to foreign investors.\n\u201cWe have to be able to present a more pleasant picture to our foreign investors. It is very important because Philippines hosting the ASEAN only happens once every 10 to 12 years,\u201d he said.\n\u201cSo, we are putting every effort, especially from the private sector, to ensure that many investors, business owners from all over the world, will come to the Philippines,\u201d he added.\nMr. Concepcion said the goal is to show that the Philippines is open for business.\n\u201cWe need Congress and our legislators to bring things back to normal from their point,\u201d he said. \u201cWe hope they will be able to really help create an open economy.\u201d\n\u201cIf you look at very successful countries in ASEAN, they are very focused and they are always straight to the point,\u201d he added.\nAside from political uncertainty, Mr. Concepcion said businesses are also dealing with the impact of the Middle East conflict.\n\u201cBut let us remain optimistic. One good sign is that it comes when we are the host of ASEAN and when all the leaders come here, the rest of the world will see what the Philippines is all about,\u201d he added.", "date_published": "2026-05-20T00:31:10+08:00", "date_modified": "2026-05-19T20:49:15+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2026/05/sara-impeach.jpg", "tags": [ "Chloe Mari A. Hufana", "Justine Irish D. Tabile", "One News", "大象传媒" ], "summary": "THE IMPEACHMENT proceedings against Vice-President Sara Duterte-Carpio have raised the possibility of further instability and political violence in the country, according to an assessment by a unit of Fitch Solutions." }, { "id": "/?p=750729", "url": "/banking-finance/2026/05/20/750729/peso-stays-at-record-low-as-war-keeps-market-guarded/", "title": "Peso stays at record low as war keeps market guarded\u00a0", "content_html": "THE PESO closed flat at its all-time low against the dollar on Tuesday as uncertainty over the Middle East war kept the market cautious.
\nThe currency ended at its record low of P61.75, unchanged from Monday\u2019s finish, according to Bankers Association of the Philippines data posted on its website.
\nThe local unit opened Tuesday\u2019s session stronger at P61.60 per dollar. Its intraday best was at P61.55 against the greenback, while its low was its closing value of P61.75.
\nDollars traded rose to $1.21 billion from $1.001 billion in the previous session.
\nThe peso was steady as it was supported by possible intervention from the Bangko Sentral ng Pilipinas (BSP), Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
\nThe BSP has said that it intervenes in the foreign exchange market to prevent sharp swings but does not have a target level for the currency.
\n\u201cThe peso closed unchanged amid lingering uncertainty over a potential US-Iran deal,\u201d a trader said in a Viber message.
\nFor Wednesday, the trader said the peso could recover against the greenback on potential profit taking.
\nThe trader sees the local unit moving between 61.50 and 61.75 per dollar on Wednesday, while Mr. Ricafort expects it to range from P61.60 to P61.80. \u2014 A.M.C. Sy
\n", "content_text": "THE PESO closed flat at its all-time low against the dollar on Tuesday as uncertainty over the Middle East war kept the market cautious.\nThe currency ended at its record low of P61.75, unchanged from Monday\u2019s finish, according to Bankers Association of the Philippines data posted on its website.\nThe local unit opened Tuesday\u2019s session stronger at P61.60 per dollar. Its intraday best was at P61.55 against the greenback, while its low was its closing value of P61.75.\nDollars traded rose to $1.21 billion from $1.001 billion in the previous session.\nThe peso was steady as it was supported by possible intervention from the Bangko Sentral ng Pilipinas (BSP), Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.\nThe BSP has said that it intervenes in the foreign exchange market to prevent sharp swings but does not have a target level for the currency.\n\u201cThe peso closed unchanged amid lingering uncertainty over a potential US-Iran deal,\u201d a trader said in a Viber message.\nFor Wednesday, the trader said the peso could recover against the greenback on potential profit taking.\nThe trader sees the local unit moving between 61.50 and 61.75 per dollar on Wednesday, while Mr. Ricafort expects it to range from P61.60 to P61.80. \u2014 A.M.C. Sy", "date_published": "2026-05-20T00:03:42+08:00", "date_modified": "2026-05-19T19:13:12+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2026/05/peso-currency-philstar.jpg", "tags": [ "Aaron Michael C. Sy", "Banking & Finance", "Editors' Picks", "One News", "大象传媒" ] }, { "id": "/?p=750666", "url": "/stock-market/2026/05/19/750666/pse-index-sinks-to-5800-range-on-oil-peso-woes/", "title": "PSE index sinks to 5,800 range on oil, peso woes", "content_html": "PHILIPPINE SHARES slid further on Tuesday as elevated oil prices and a weak peso continued to cloud market sentiment.
\nThe Philippine Stock Exchange index (PSEi) dropped by 0.75% or 44.72 points to close at 5,896.80, while the broader all shares index fell by 0.19% or 6.58 points to end at 3,347.55.
\nThis was the PSEi\u2019s worst finish in over two weeks or since it closed at 5,833.64 on April 30.
\n\u201cElevated global oil prices, with Brent crude testing the $110-per-barrel level, and the peso\u2019s weak position, testing record lows, weighed on the local bourse,\u201d Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.
\n\u201cThe local bourse ended below 5,900 level as trading activity remained thin amid persistent uncertainty over economic conditions, elevated oil prices, and the maintained depreciation of the local currency. Investor sentiment stayed cautious, with market participants largely adopting a wait-and-see stance due to concerns over inflationary pressures and their impact on the broader economy,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message. \u201cAs a result, subdued participation kept overall market volume muted throughout the session.\u201d
\nOil prices fell on Tuesday, with global benchmark Brent crude dropping 1.5%, after US President Donald J. Trump said he had paused a planned attack on Iran to allow for negotiations to end the war in the Middle East, Reuters reported.
\nMr. Trump posted on social media on Monday that he was holding off a military attack on Iran scheduled for Tuesday while efforts to reach a deal continued, adding that the US was ready to resume attacking if a deal is not reached.
\nBrent futures for July were down $1.73 or 1.5% at $110.37 a barrel at 0825 GMT, while US West Texas Intermediate crude for June delivery, which expires on Tuesday, slipped 63 cents or 0.6% to $108.03. The more active July contract fell 82 cents or 0.8% to $103.56. In the previous session, the benchmarks hit their highest \u200blevels since May 5 and April 30.
\nMeanwhile, the peso closed unchanged at its record low of P61.75 per dollar on Tuesday, data from the Bankers Association of the Philippines showed.
\nAll sectoral indices closed in the red. Property slid by 1.33% or 25.73 points to 1,907.77; industrials sank by 0.91% or 79.60 points to 8,646.09; financials dropped by 0.62% or 11.10 points to 1,768.62; services fell by 0.51% or 15.54 points to 2,980.65; holding firms retreated by 0.41% or 18.38 points to 4,368.26; and mining and oil slipped by 0.07% or 12.52 points to 17,616.81.
\nDecliners outnumbered advancers, 107 to 63, while 74 names were unchanged.
\nValue turnover rose to P5.36 billion on Tuesday with 1.21 billion shares traded from the P4.05 billion with 572.41 million issues that changed hands on Monday.
\nNet foreign selling increased to P680.04 million from P225.76 million in the previous session. \u2014 Alexandria Grace C. Magno with Reuters
\n", "content_text": "PHILIPPINE SHARES slid further on Tuesday as elevated oil prices and a weak peso continued to cloud market sentiment.\nThe Philippine Stock Exchange index (PSEi) dropped by 0.75% or 44.72 points to close at 5,896.80, while the broader all shares index fell by 0.19% or 6.58 points to end at 3,347.55.\nThis was the PSEi\u2019s worst finish in over two weeks or since it closed at 5,833.64 on April 30.\n\u201cElevated global oil prices, with Brent crude testing the $110-per-barrel level, and the peso\u2019s weak position, testing record lows, weighed on the local bourse,\u201d Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.\n\u201cThe local bourse ended below 5,900 level as trading activity remained thin amid persistent uncertainty over economic conditions, elevated oil prices, and the maintained depreciation of the local currency. Investor sentiment stayed cautious, with market participants largely adopting a wait-and-see stance due to concerns over inflationary pressures and their impact on the broader economy,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message. \u201cAs a result, subdued participation kept overall market volume muted throughout the session.\u201d\nOil prices fell on Tuesday, with global benchmark Brent crude dropping 1.5%, after US President Donald J. Trump said he had paused a planned attack on Iran to allow for negotiations to end the war in the Middle East, Reuters reported.\nMr. Trump posted on social media on Monday that he was holding off a military attack on Iran scheduled for Tuesday while efforts to reach a deal continued, adding that the US was ready to resume attacking if a deal is not reached.\nBrent futures for July were down $1.73 or 1.5% at $110.37 a barrel at 0825 GMT, while US West Texas Intermediate crude for June delivery, which expires on Tuesday, slipped 63 cents or 0.6% to $108.03. The more active July contract fell 82 cents or 0.8% to $103.56. In the previous session, the benchmarks hit their highest \u200blevels since May 5 and April 30.\nMeanwhile, the peso closed unchanged at its record low of P61.75 per dollar on Tuesday, data from the Bankers Association of the Philippines showed.\nAll sectoral indices closed in the red. Property slid by 1.33% or 25.73 points to 1,907.77; industrials sank by 0.91% or 79.60 points to 8,646.09; financials dropped by 0.62% or 11.10 points to 1,768.62; services fell by 0.51% or 15.54 points to 2,980.65; holding firms retreated by 0.41% or 18.38 points to 4,368.26; and mining and oil slipped by 0.07% or 12.52 points to 17,616.81.\nDecliners outnumbered advancers, 107 to 63, while 74 names were unchanged.\nValue turnover rose to P5.36 billion on Tuesday with 1.21 billion shares traded from the P4.05 billion with 572.41 million issues that changed hands on Monday.\nNet foreign selling increased to P680.04 million from P225.76 million in the previous session. \u2014 Alexandria Grace C. Magno with Reuters", "date_published": "2026-05-19T21:00:00+08:00", "date_modified": "2026-05-19T18:37:37+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2021/08/PSE-bell-1.jpg", "tags": [ "Alexandria Grace C. Magno", "Editors' Picks", "One News", "Stock Market", "大象传媒" ] }, { "id": "/?p=750477", "url": "/top-stories/2026/05/19/750477/phl-loses-p141b-to-illicit-tobacco-trade/", "title": "PHL loses P141B to illicit tobacco trade", "content_html": "By Isa Jane D. Acabal, Researcher
\nTHE PHILIPPINES lost about P141 billion in government revenue to illicit tobacco trade in 2024 and 2025, with illegal vape products emerging as a major source of tax leakages, according to a report by the EU-ASEAN Business Council (EU-ABC) and Euromonitor International Ltd.
\nThe Philippines posted the third-highest revenue loss among six Southeast Asian countries covered by the study, after Indonesia and Malaysia, according to the report released on Monday.
\nPhilippine government revenue losses reached about $2.46 billion during the two-year period, composed of about $2.06 billion from illicit cigarettes and $400 million from illegal e-vapor products.
\n
\u201cThe continued rise in illicit tobacco trade in ASEAN (Association of Southeast Asian Nations) and the broader Asia-Pacific region signals displacement of the legitimate market, while amplifying challenges for regulation, enforcement and diminishing fiscal contribution,\u201d the council said in the 43-page report.
\nThe study covered the Philippines, Indonesia, Malaysia, Singapore, Thailand and Vietnam, collectively referred to as ASEAN-6. It assessed the scale of illicit trade involving cigarettes and e-vapors, including contraband, counterfeit, illicit whites, untaxed products and unbranded tobacco.
\nAmong the countries surveyed, the Philippines posted the highest revenue loss tied to illicit e-vapes. It also had the highest incidence of illegal vape products among markets where e-vapors are legal.
\nThe report estimated that 85.6% of e-vapes sold in the Philippines last year were illicit products.
\nMeanwhile, illicit cigarettes accounted for 25.3% of the local market, significantly higher than the ASEAN-6 average of 16.1%.
\nAcross Southeast Asia, governments were estimated to have lost a combined $13.07 billion in revenues in 2024 and 2025 due to illicit tobacco trade.
\nThe report expects the illicit tobacco market in ASEAN-6 to expand further, with illicit trade incidence expected to rise to 27.8% by 2028 from 23.6% in 2025.
\nResearchers warned that the growth of illicit tobacco trade could weaken government revenues, hurt legitimate businesses and increase risks to consumers.
\nThis affects government revenues and social welfare programs, drives down the profitability of legal businesses, supports illicit activities in the markets and poses health risks to consumers, EU-ABC said.
\nEU-ABC Executive Director Chris Humphrey said illicit tobacco trade diverts money away from the formal economy and reduces the region\u2019s attractiveness to investors.
\n\u201cHere in the Philippines, the National Calamity Fund could easily be funded if we could stop the illicit trade in tobacco and [collect the proper taxes] from it,\u201d he separately told a news briefing
\nHe added that the problem extends beyond the tobacco industry because widespread illicit trade creates unfair competition and discourages investment across sectors.
\n\u201cIt diminishes the region\u2019s attractiveness for investments not just in tobacco, [but]\u2026 in other sectors as well,\u201d he said.
\n\u2018GOOD ENFORCEMENT\u2019
\nFirdaus Muhamad, head of consulting for the Asia-Pacific region at Euromonitor, said rising tobacco taxes, affordability pressures and widening price gaps between legal and illicit products continue to fuel demand for illegal products.
\u201cThe common trap in this story that we\u2019re telling is affordability pressures,\u201d he told the briefing. \u201cAnnual tax increases and the legal-illicit price gap create room for some illicit products to compete.\u201d
\nHe added that illicit operators could still raise prices while remaining cheaper than legal products, allowing illegal sellers to preserve or even expand profit margins.
\nThe EU-ABC estimated illicit tobacco operators in the Philippines earned about $2.2 billion from illegal trade in 2024 and 2025.
\nTo address the problem, Mr. Humphrey called for stronger regional coordination, especially among ASEAN countries with porous land borders.
\nHe said governments should strengthen cooperation on Customs enforcement and improve digital track-and-trace systems to better monitor tobacco products across borders.
\nFilomeno S. Sta. Ana III, coordinator of Action for Economic Reforms, said stronger enforcement remains the most effective way to combat illicit trade.
\n\u201cThe key measure is good enforcement,\u201d he said by telephone, noting that the Bureau of Internal Revenue, Bureau of Customs and local governments should continue intensifying anti-smuggling operations.
\nThe report also noted that outright bans on e-cigarettes and vape products have not eliminated illicit trade in countries where such restrictions are imposed.
\nMr. Sta. Ana noted that while bans could reduce legal sales, they could also expand underground markets if enforcement remains weak.
\n", "content_text": "By Isa Jane D. Acabal, Researcher\nTHE PHILIPPINES lost about P141 billion in government revenue to illicit tobacco trade in 2024 and 2025, with illegal vape products emerging as a major source of tax leakages, according to a report by the EU-ASEAN Business Council (EU-ABC) and Euromonitor International Ltd.\nThe Philippines posted the third-highest revenue loss among six Southeast Asian countries covered by the study, after Indonesia and Malaysia, according to the report released on Monday.\nPhilippine government revenue losses reached about $2.46 billion during the two-year period, composed of about $2.06 billion from illicit cigarettes and $400 million from illegal e-vapor products.\n\n\u201cThe continued rise in illicit tobacco trade in ASEAN (Association of Southeast Asian Nations) and the broader Asia-Pacific region signals displacement of the legitimate market, while amplifying challenges for regulation, enforcement and diminishing fiscal contribution,\u201d the council said in the 43-page report.\nThe study covered the Philippines, Indonesia, Malaysia, Singapore, Thailand and Vietnam, collectively referred to as ASEAN-6. It assessed the scale of illicit trade involving cigarettes and e-vapors, including contraband, counterfeit, illicit whites, untaxed products and unbranded tobacco.\nAmong the countries surveyed, the Philippines posted the highest revenue loss tied to illicit e-vapes. It also had the highest incidence of illegal vape products among markets where e-vapors are legal.\nThe report estimated that 85.6% of e-vapes sold in the Philippines last year were illicit products.\nMeanwhile, illicit cigarettes accounted for 25.3% of the local market, significantly higher than the ASEAN-6 average of 16.1%.\nAcross Southeast Asia, governments were estimated to have lost a combined $13.07 billion in revenues in 2024 and 2025 due to illicit tobacco trade.\nThe report expects the illicit tobacco market in ASEAN-6 to expand further, with illicit trade incidence expected to rise to 27.8% by 2028 from 23.6% in 2025.\nResearchers warned that the growth of illicit tobacco trade could weaken government revenues, hurt legitimate businesses and increase risks to consumers.\nThis affects government revenues and social welfare programs, drives down the profitability of legal businesses, supports illicit activities in the markets and poses health risks to consumers, EU-ABC said.\nEU-ABC Executive Director Chris Humphrey said illicit tobacco trade diverts money away from the formal economy and reduces the region\u2019s attractiveness to investors.\n\u201cHere in the Philippines, the National Calamity Fund could easily be funded if we could stop the illicit trade in tobacco and [collect the proper taxes] from it,\u201d he separately told a news briefing\nHe added that the problem extends beyond the tobacco industry because widespread illicit trade creates unfair competition and discourages investment across sectors.\n\u201cIt diminishes the region\u2019s attractiveness for investments not just in tobacco, [but]\u2026 in other sectors as well,\u201d he said.\n\u2018GOOD ENFORCEMENT\u2019\nFirdaus Muhamad, head of consulting for the Asia-Pacific region at Euromonitor, said rising tobacco taxes, affordability pressures and widening price gaps between legal and illicit products continue to fuel demand for illegal products.\n\u201cThe common trap in this story that we\u2019re telling is affordability pressures,\u201d he told the briefing. \u201cAnnual tax increases and the legal-illicit price gap create room for some illicit products to compete.\u201d\nHe added that illicit operators could still raise prices while remaining cheaper than legal products, allowing illegal sellers to preserve or even expand profit margins.\nThe EU-ABC estimated illicit tobacco operators in the Philippines earned about $2.2 billion from illegal trade in 2024 and 2025.\nTo address the problem, Mr. Humphrey called for stronger regional coordination, especially among ASEAN countries with porous land borders.\nHe said governments should strengthen cooperation on Customs enforcement and improve digital track-and-trace systems to better monitor tobacco products across borders.\nFilomeno S. Sta. Ana III, coordinator of Action for Economic Reforms, said stronger enforcement remains the most effective way to combat illicit trade.\n\u201cThe key measure is good enforcement,\u201d he said by telephone, noting that the Bureau of Internal Revenue, Bureau of Customs and local governments should continue intensifying anti-smuggling operations.\nThe report also noted that outright bans on e-cigarettes and vape products have not eliminated illicit trade in countries where such restrictions are imposed.\nMr. Sta. Ana noted that while bans could reduce legal sales, they could also expand underground markets if enforcement remains weak.", "date_published": "2026-05-19T00:34:58+08:00", "date_modified": "2026-05-18T21:05:46+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2021/08/cigarettes.jpg", "tags": [ "Isa Jane D. Acabal", "Editors' Picks", "One News", "大象传媒" ], "summary": "THE PHILIPPINES lost about P141 billion in government revenue to illicit tobacco trade in 2024 and 2025, with illegal vape products emerging as a major source of tax leakages, according to a report by the EU-ASEAN Business Council (EU-ABC) and Euromonitor International Ltd." }, { "id": "/?p=750476", "url": "/top-stories/2026/05/19/750476/wb-businesses-key-to-phl-becoming-asean-growth-engine/", "title": "WB: Businesses key to PHL becoming ASEAN growth engine", "content_html": "\r\n \r\n\r\nBy Justine Irish D. Tabile, Senior Reporter
\nTHE PHILIPPINES\u2019 ambition to become Southeast Asia\u2019s next economic growth engine depends on the private sector\u2019s ability to invest, expand and innovate with confidence, the World Bank (WB) said.
\nThe message today is this: better jobs and prosperity for Filipinos require better conditions for firms to invest, grow, upgrade and become ASEAN\u2019s (Association of Southeast Asian Nations) next growth engine,\u201d Zafer Mustafao\u011flu, World Bank country director for the Philippines, told the 大象传媒 Economic Forum on Monday.
\n![\"\"](\"/wp-content/uploads/2026/05/BWEF-MAY2026-WHITE-BG.jpg\")
He warned that the US-Israel war on Iran, which has pushed up oil prices, is slowing economic activity and lifting inflation pressures.
The Philippine economy grew by a weaker-than-expected 2.8% in the first quarter, as surging oil prices and the lingering fallout from past domestic scandals weighed on activity.
\nInflation accelerated to 7.2% in April, above the Philippine central bank\u2019s forecast and target for a second straight month.
\nMr. Mustafao\u011flu in his keynote said investment weakness is the key concern because it signals fewer expansions, upgrades and productivity improvements that ultimately limit job creation.
\nGross capital formation contracted 3.3% in the first quarter, reversing a 4.5% gain a year earlier but improving from the previous quarter\u2019s decline.
\n大象传媒 President and Chief Executive Officer Miguel G. Belmonte said the Philippines\u2019 ASEAN chairmanship highlights both opportunity and the need to address domestic competitiveness gaps.
\n\u201cASEAN has no shortage of frameworks and roadmaps, from economic blueprints to sector-specific agreements,\u201d he told the forum. \u201cThe region has outlined its vision to become one of the world\u2019s biggest economic blocs by the end of the decade.\u201d
\nHe said ASEAN integration goals are well defined, but the Philippines must fix infrastructure bottlenecks and productivity constraints to benefit fully.
\nJamil Paolo S. Francisco, executive director of the Asian Institute of Management – Rizalino S. Navarro Center for Competitiveness, said the Philippines has stagnated in global rankings despite earlier gains.
\nHe said productivity gaps remain wide, with the country producing significantly less output per worker compared with regional peers such as Thailand.
\n\u201cCompetitiveness can be tricky because it\u2019s a race,\u201d he pointed out. \u201cDevelopment is a marathon, not a sprint. But here\u2019s the thing \u2014 in this marathon, we are getting left behind.\u201d
\nAnthony Oundjian, Boston Consulting Group Philippines managing director, said the Philippines lags behind its ASEAN peers in terms of output.
\n\u201cEven though we have the demographics and the consumer market, we really lack scale in productivity per worker,\u201d he said. \u201cWe are at around one-fourth of Thailand\u2019s productivity per worker.\u201d
\nHe added that predictability in policy implementation is critical for long-term investment decisions.
\nGrab Philippines Managing Director Ronald Roda said fragmented local requirements slow business expansion across cities and municipalities nationwide.
\nMr. Mustafao\u011flu said the Philippines could still attract more foreign investment and move up the artificial intelligence (AI) value chain if reforms accelerate.
\nHe said delays in permits, port congestion and complex paperwork continue to raise costs and discourage firms from expanding.
\nHe urged reforms in business registration, border management and trade agreements to improve competitiveness and reduce transaction costs.
\nHe said business registration in the Philippines takes about 78 days versus one day in Singapore and two in Malaysia.
\nHe also said inefficient border processes act like a hidden tariff that raises costs and slows global supply chain integration.
\nHe added that maximizing free trade agreements could boost productivity through cheaper inputs and stronger competition.
\n\u201cThe country already has a foothold,\u201d Mr. Mustafao\u011flu said. \u201cThrough semiconductors and intermediate inputs, the Philippines is already connected to the hardware side of AI. But the country is not yet capturing the full opportunity.\u201d
\nHe said the Philippines must move beyond assembly operations into higher value-added activities such as design support, testing and AI-enabled services to remain competitive in the region.
\n", "content_text": "1 of 2\r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n THE 大象传媒 Economic Forum on Monday gathered the business community at the Grand Hyatt Manila to discuss how businesses can align their strategies with the ASEAN 2026 agenda. \u2014 PHILIPPINE STAR/WALTER BOLLOZOS\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n THE 大象传媒 Economic Forum on Monday gathered the business community at the Grand Hyatt Manila to discuss how businesses can align their strategies with the ASEAN 2026 agenda. \u2014 PHILIPPINE STAR/WALTER BOLLOZOS\r\n \r\n \r\n \r\n \r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\n \r\n\r\n \r\n \nBy Justine Irish D. Tabile, Senior Reporter\nTHE PHILIPPINES\u2019 ambition to become Southeast Asia\u2019s next economic growth engine depends on the private sector\u2019s ability to invest, expand and innovate with confidence, the World Bank (WB) said.\nThe message today is this: better jobs and prosperity for Filipinos require better conditions for firms to invest, grow, upgrade and become ASEAN\u2019s (Association of Southeast Asian Nations) next growth engine,\u201d Zafer Mustafao\u011flu, World Bank country director for the Philippines, told the 大象传媒 Economic Forum on Monday.\nHe warned that the US-Israel war on Iran, which has pushed up oil prices, is slowing economic activity and lifting inflation pressures.\nThe Philippine economy grew by a weaker-than-expected 2.8% in the first quarter, as surging oil prices and the lingering fallout from past domestic scandals weighed on activity.\nInflation accelerated to 7.2% in April, above the Philippine central bank\u2019s forecast and target for a second straight month.\nMr. Mustafao\u011flu in his keynote said investment weakness is the key concern because it signals fewer expansions, upgrades and productivity improvements that ultimately limit job creation.\nGross capital formation contracted 3.3% in the first quarter, reversing a 4.5% gain a year earlier but improving from the previous quarter\u2019s decline.\n大象传媒 President and Chief Executive Officer Miguel G. Belmonte said the Philippines\u2019 ASEAN chairmanship highlights both opportunity and the need to address domestic competitiveness gaps.\n\u201cASEAN has no shortage of frameworks and roadmaps, from economic blueprints to sector-specific agreements,\u201d he told the forum. \u201cThe region has outlined its vision to become one of the world\u2019s biggest economic blocs by the end of the decade.\u201d\nHe said ASEAN integration goals are well defined, but the Philippines must fix infrastructure bottlenecks and productivity constraints to benefit fully.\nJamil Paolo S. Francisco, executive director of the Asian Institute of Management – Rizalino S. Navarro Center for Competitiveness, said the Philippines has stagnated in global rankings despite earlier gains.\nHe said productivity gaps remain wide, with the country producing significantly less output per worker compared with regional peers such as Thailand.\n\u201cCompetitiveness can be tricky because it\u2019s a race,\u201d he pointed out. \u201cDevelopment is a marathon, not a sprint. But here\u2019s the thing \u2014 in this marathon, we are getting left behind.\u201d\nAnthony Oundjian, Boston Consulting Group Philippines managing director, said the Philippines lags behind its ASEAN peers in terms of output.\n\u201cEven though we have the demographics and the consumer market, we really lack scale in productivity per worker,\u201d he said. \u201cWe are at around one-fourth of Thailand\u2019s productivity per worker.\u201d\nHe added that predictability in policy implementation is critical for long-term investment decisions.\nGrab Philippines Managing Director Ronald Roda said fragmented local requirements slow business expansion across cities and municipalities nationwide.\nMr. Mustafao\u011flu said the Philippines could still attract more foreign investment and move up the artificial intelligence (AI) value chain if reforms accelerate.\nHe said delays in permits, port congestion and complex paperwork continue to raise costs and discourage firms from expanding.\nHe urged reforms in business registration, border management and trade agreements to improve competitiveness and reduce transaction costs.\nHe said business registration in the Philippines takes about 78 days versus one day in Singapore and two in Malaysia.\nHe also said inefficient border processes act like a hidden tariff that raises costs and slows global supply chain integration.\nHe added that maximizing free trade agreements could boost productivity through cheaper inputs and stronger competition.\n\u201cThe country already has a foothold,\u201d Mr. Mustafao\u011flu said. \u201cThrough semiconductors and intermediate inputs, the Philippines is already connected to the hardware side of AI. But the country is not yet capturing the full opportunity.\u201d\nHe said the Philippines must move beyond assembly operations into higher value-added activities such as design support, testing and AI-enabled services to remain competitive in the region.", "date_published": "2026-05-19T00:33:58+08:00", "date_modified": "2026-05-18T21:06:31+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2026/05/Brunei-Zafer-Mustafaoglu.jpg", "tags": [ "Justine Irish D. Tabile", "Editors' Picks", "One News", "大象传媒" ], "summary": "THE PHILIPPINES\u2019 ambition to become Southeast Asia\u2019s next economic growth engine depends on the private sector\u2019s ability to invest, expand and innovate with confidence, the World Bank (WB) said." }, { "id": "/?p=750474", "url": "/top-stories/2026/05/19/750474/philippines-among-most-exposed-to-gulf-labor-slowdown-ilo/", "title": "Philippines among most exposed to Gulf labor slowdown \u2014 ILO", "content_html": "By Erika Mae P. Sinaking, Reporter
\nTHE MIDDLE EAST WAR is rippling through Asian labor markets, cutting overseas deployments from the Philippines, weakening remittances and adding inflation pressure at home, the International Labour Organization (ILO) said.
\n\u201cThe Philippines illustrates the risks for labor-sending economies,\u201d the Geneva-based agency said in a report released on Monday, after thousands of Filipino workers were repatriated from Gulf countries and overseas deployments dropped amid transport disruptions and weaker regional hiring.
\nIt said close to 5,000 Filipino workers were repatriated from Gulf countries between early March and late April, while deployments to the region fell sharply compared with a year earlier.
\nMigrant worker outflows to the Gulf dropped to about 16,000 in March from more than 72,000 a year earlier, a decline of roughly 78%, according to the ILO report.
\nThe ILO said the war is no longer confined to the Middle East, as higher oil prices, disrupted shipping routes and weaker business confidence feed inflation and labor market stress across Asia and the Pacific.
\nIt estimated hours worked in the region could fall by 0.7% this year and 1.5% in 2027 under an oil shock scenario tied to a sharp rise in crude prices.
\nReal labor income in Asia and the Pacific may decline by 1.5% this year and 4.3% next year, equivalent to hundreds of billions of dollars in lost purchasing power, the ILO said.
\nThe unemployment rate in the region could rise by 0.2 percentage point (ppt) this year and 0.8 ppt in 2027.
\nFor the Philippines, the risks extend beyond overseas employment as remittances, a key driver of consumption, begin to soften.
\nThe ILO said remittance inflows to the Philippines slipped from earlier months, raising concern that prolonged Gulf disruptions could weigh on household spending and growth.
\nInflation accelerated to 7.2% in April from 4.1% in March, the fastest in more than three years and exceeding the central bank\u2019s 2%-4% target, as higher energy and transport costs fed through the economy.
\nThe ILO said higher prices increase pressure on household purchasing power as overseas income weakens.
\nIt added that if sustained, these trends could weigh on domestic demand and labor markets in the Philippines.
\nThe agency said Asia\u2019s exposure is broad because many economies depend on imported fuel and Gulf-linked migration and trade.
\nAbout 22% of workers in the region are in high-exposure sectors including agriculture, manufacturing, construction and transport services.
\nTransport services were among the most vulnerable industries globally, with more than half of workers in high-exposure roles due to fuel reliance.
\nManufacturing and construction also face rising costs and weaker demand as energy prices remain elevated.
\nThe ILO said informal workers are likely to bear a disproportionate share of the shock due to weak income protection.
\nIn Asia and the Pacific, about 24% of informal workers are in high-exposure activities compared with 17% of formal workers.
\nLabor migration is a key transmission channel for the crisis in South and Southeast Asia, the ILO said.
\nEarly evidence from the Philippines and other South Asian countries shows sharp declines in Gulf deployments and rising repatriations.
\nGlobally, the ILO warned that the conflict could erase the equivalent of millions of full-time jobs this year and in 2027 if oil prices stay elevated.
\nReal labor income worldwide could decline sharply, the ILO added, reflecting higher energy costs and weaker demand.
\nBenjamin B. Velasco, an assistant professor at the University of the Philippines Diliman School of Labor and Industrial Relations, said the impact might be temporary and unlikely to fundamentally alter migration patterns.
\n\u201cThe Gulf states are wealthy and have labor supply deficits so will be needing migrant workers in the foreseeable future,\u201d he said via Facebook Messenger.
\nMigration to the Middle East has remained resilient for decades despite wars and recessions, he pointed out.
\nThe ILO said governments across Asia are rolling out emergency measures including subsidies, tax relief and migrant worker assistance.
\nThe Philippines has introduced repatriation support, monitoring systems and reintegration programs for returning workers.
\nThe ILO warned fiscal constraints might limit support if the conflict persists and energy prices remain high.
\n", "content_text": "By Erika Mae P. Sinaking, Reporter\nTHE MIDDLE EAST WAR is rippling through Asian labor markets, cutting overseas deployments from the Philippines, weakening remittances and adding inflation pressure at home, the International Labour Organization (ILO) said.\n\u201cThe Philippines illustrates the risks for labor-sending economies,\u201d the Geneva-based agency said in a report released on Monday, after thousands of Filipino workers were repatriated from Gulf countries and overseas deployments dropped amid transport disruptions and weaker regional hiring.\nIt said close to 5,000 Filipino workers were repatriated from Gulf countries between early March and late April, while deployments to the region fell sharply compared with a year earlier.\nMigrant worker outflows to the Gulf dropped to about 16,000 in March from more than 72,000 a year earlier, a decline of roughly 78%, according to the ILO report.\nThe ILO said the war is no longer confined to the Middle East, as higher oil prices, disrupted shipping routes and weaker business confidence feed inflation and labor market stress across Asia and the Pacific.\nIt estimated hours worked in the region could fall by 0.7% this year and 1.5% in 2027 under an oil shock scenario tied to a sharp rise in crude prices.\nReal labor income in Asia and the Pacific may decline by 1.5% this year and 4.3% next year, equivalent to hundreds of billions of dollars in lost purchasing power, the ILO said.\nThe unemployment rate in the region could rise by 0.2 percentage point (ppt) this year and 0.8 ppt in 2027.\nFor the Philippines, the risks extend beyond overseas employment as remittances, a key driver of consumption, begin to soften.\nThe ILO said remittance inflows to the Philippines slipped from earlier months, raising concern that prolonged Gulf disruptions could weigh on household spending and growth.\nInflation accelerated to 7.2% in April from 4.1% in March, the fastest in more than three years and exceeding the central bank\u2019s 2%-4% target, as higher energy and transport costs fed through the economy.\nThe ILO said higher prices increase pressure on household purchasing power as overseas income weakens.\nIt added that if sustained, these trends could weigh on domestic demand and labor markets in the Philippines.\nThe agency said Asia\u2019s exposure is broad because many economies depend on imported fuel and Gulf-linked migration and trade.\nAbout 22% of workers in the region are in high-exposure sectors including agriculture, manufacturing, construction and transport services.\nTransport services were among the most vulnerable industries globally, with more than half of workers in high-exposure roles due to fuel reliance.\nManufacturing and construction also face rising costs and weaker demand as energy prices remain elevated.\nThe ILO said informal workers are likely to bear a disproportionate share of the shock due to weak income protection.\nIn Asia and the Pacific, about 24% of informal workers are in high-exposure activities compared with 17% of formal workers.\nLabor migration is a key transmission channel for the crisis in South and Southeast Asia, the ILO said.\nEarly evidence from the Philippines and other South Asian countries shows sharp declines in Gulf deployments and rising repatriations.\nGlobally, the ILO warned that the conflict could erase the equivalent of millions of full-time jobs this year and in 2027 if oil prices stay elevated.\nReal labor income worldwide could decline sharply, the ILO added, reflecting higher energy costs and weaker demand.\nBenjamin B. Velasco, an assistant professor at the University of the Philippines Diliman School of Labor and Industrial Relations, said the impact might be temporary and unlikely to fundamentally alter migration patterns.\n\u201cThe Gulf states are wealthy and have labor supply deficits so will be needing migrant workers in the foreseeable future,\u201d he said via Facebook Messenger.\nMigration to the Middle East has remained resilient for decades despite wars and recessions, he pointed out.\nThe ILO said governments across Asia are rolling out emergency measures including subsidies, tax relief and migrant worker assistance.\nThe Philippines has introduced repatriation support, monitoring systems and reintegration programs for returning workers.\nThe ILO warned fiscal constraints might limit support if the conflict persists and energy prices remain high.", "date_published": "2026-05-19T00:32:58+08:00", "date_modified": "2026-05-18T21:04:55+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2026/03/IRAN-CRISIS-GULF-BAHRAIN.jpg", "tags": [ "Erika Mae P. Sinaking", "Editors' Picks", "One News", "大象传媒" ], "summary": "THE MIDDLE EAST WAR is rippling through Asian labor markets, cutting overseas deployments from the Philippines, weakening remittances and adding inflation pressure at home, the International Labour Organization (ILO) said." }, { "id": "/?p=750473", "url": "/top-stories/2026/05/19/750473/ai-adoption-urgency-rises-as-philippines-risks-missing-growth-gains-dict-chief/", "title": "AI adoption urgency rises as Philippines risks missing growth gains \u2014 DICT chief", "content_html": "By Ashley Erika O. Jose, Reporter
\nTHE PHILIPPINES should accelerate artificial intelligence (AI) adoption by upgrading infrastructure and boosting regulation, as slow uptake could prevent the country from fully capturing productivity gains, government and industry leaders said.
\nInformation and Communications Technology Secretary Henry Rhoel R. Aguda said AI governance should balance innovation with safeguards, stressing that trust is central to wider adoption.
\n\u201cAI governance can\u2019t be about choosing between innovation and protection,\u201d he said at the 大象传媒 Economic Forum on Monday. \u201cWe need both. And what we really need to protect is trust. Because without trust, adoption slows down, and the benefits won\u2019t reach the people who need them most.\u201d
Mr. Aguda said his agency is prioritizing data protection and cybersecurity as AI tools become more embedded in business and public services, while also increasing the sophistication of cyberthreats.
\n\u201cAI is not coming; it\u2019s already here,\u201d he said. \u201cIt\u2019s already part of how we work, learn and deliver services.\u201d
\nDeloitte Philippines Country Head Ramon Chito Ramos said AI adoption among companies is expanding, but human capability gaps are slowing effective use.
\n\u201cThere are big changes that need to be done on the human side,\u201d he told the forum. \u201cAdoption is surprisingly slow, but the pace of change is not,\u201d he added, noting that organizations struggle most with workforce readiness.
\nHe said the country must upgrade digital infrastructure to support AI workloads, noting that policy progress has not been matched by execution speed.
\nPhilippine companies could unlock as much as P2.8 trillion in economic value by 2030 through generative AI adoption, according to global tech advisory firm Access Partnership.
\n\u201cWe\u2019re definitely behind and it\u2019s something we need to recognize,\u201d Mr. Ramos said. \u201cWe have progressed around governance and policy. AI infrastructure is our focus now.\u201d
\nMr. Aguda said data center capacity in the Philippines is expected to reach about 1.5 gigawatts by 2028, supporting increased AI processing demand and cloud-based services.
\nUNEVEN READINESS
\nJonathan Cristobal, director of Globe Business, the enterprise arm of Globe Telecom, Inc., said AI adoption among companies is broadly positive, but uneven readiness remains a key constraint.
\u201cAdoption rates have been good, but readiness remains uneven,\u201d he said. \u201cInfrastructure, workforce capability remains challenged, together with governance and digital maturity. All of these continue to vary organization per organization.\u201d
\nHe said companies are increasingly willing to integrate AI into operations but struggle with execution and scaling strategies. He also called for stronger incentives to encourage early adoption.
\n\u201cOne thing really is the incentivization of companies \u2014 tax incentives where possible, especially for companies who are owning upskilling and training,\u201d he told 大象传媒 on the forum sidelines. \u201cThe government should incentivize retraining.\u201d
\nUnited Nations Development Programme Philippines economist Mohamed Shahudh said AI adoption challenges are compounded by high internet costs, limited digital literacy and fragmented governance.
\nHe said the Philippines should address widening gaps between technological capability and vulnerability across people, the economy and institutions.
\n\u201cAI\u2019s benefits to humanity will be realized through a much more complex interaction of two widening gaps: capability and vulnerability; across three pillars of human development: people, economy and governance,\u201d he said.
\nHe added that a unified policy framework is needed to clarify institutional roles, as businesses seek clearer guidance on implementation responsibilities.
\nMel Migrino, country head of software firm Gogolook Philippines, said public-private partnerships (PPP) could help accelerate adoption, especially as companies independently develop AI systems and cybersecurity frameworks.
\n\u201cThe technology and cybersecurity industry is oversaturated,\u201d she said. \u201cIt is ironic to see that there are cybersecurity attacks. We are in a transition phase, but still vulnerable. There is still a lot of work to do. We\u2019re lagging behind ASEAN-5. It\u2019s good to infuse PPPs.\u201d
\nShe said AI\u2019s impact depends on how governments, companies and workers manage risks alongside productivity gains.
\nMr. Aguda said the Department of Informaiton and Communications Technology (DICT) is developing principle-based and flexible regulation to keep pace with rapid technological change.
\n\u201cAt the DICT, our view is simple: rules must be principle-based and flexible,\u201d he said. \u201cTechnology moves too fast for rigid regulation.\u201d
\n\u201cThat\u2019s why we are strengthening our national AI strategy roadmap, embedding ethics, transparency, accountability, and human oversight into how AI is used in the country,\u201d he added.
\n", "content_text": "By Ashley Erika O. Jose, Reporter\nTHE PHILIPPINES should accelerate artificial intelligence (AI) adoption by upgrading infrastructure and boosting regulation, as slow uptake could prevent the country from fully capturing productivity gains, government and industry leaders said.\nInformation and Communications Technology Secretary Henry Rhoel R. Aguda said AI governance should balance innovation with safeguards, stressing that trust is central to wider adoption.\n\u201cAI governance can\u2019t be about choosing between innovation and protection,\u201d he said at the 大象传媒 Economic Forum on Monday. \u201cWe need both. And what we really need to protect is trust. Because without trust, adoption slows down, and the benefits won\u2019t reach the people who need them most.\u201d \nMr. Aguda said his agency is prioritizing data protection and cybersecurity as AI tools become more embedded in business and public services, while also increasing the sophistication of cyberthreats.\n\u201cAI is not coming; it\u2019s already here,\u201d he said. \u201cIt\u2019s already part of how we work, learn and deliver services.\u201d\nDeloitte Philippines Country Head Ramon Chito Ramos said AI adoption among companies is expanding, but human capability gaps are slowing effective use.\n\u201cThere are big changes that need to be done on the human side,\u201d he told the forum. \u201cAdoption is surprisingly slow, but the pace of change is not,\u201d he added, noting that organizations struggle most with workforce readiness.\nHe said the country must upgrade digital infrastructure to support AI workloads, noting that policy progress has not been matched by execution speed.\nPhilippine companies could unlock as much as P2.8 trillion in economic value by 2030 through generative AI adoption, according to global tech advisory firm Access Partnership.\n\u201cWe\u2019re definitely behind and it\u2019s something we need to recognize,\u201d Mr. Ramos said. \u201cWe have progressed around governance and policy. AI infrastructure is our focus now.\u201d\nMr. Aguda said data center capacity in the Philippines is expected to reach about 1.5 gigawatts by 2028, supporting increased AI processing demand and cloud-based services.\nUNEVEN READINESS\nJonathan Cristobal, director of Globe Business, the enterprise arm of Globe Telecom, Inc., said AI adoption among companies is broadly positive, but uneven readiness remains a key constraint.\n\u201cAdoption rates have been good, but readiness remains uneven,\u201d he said. \u201cInfrastructure, workforce capability remains challenged, together with governance and digital maturity. All of these continue to vary organization per organization.\u201d\nHe said companies are increasingly willing to integrate AI into operations but struggle with execution and scaling strategies. He also called for stronger incentives to encourage early adoption.\n\u201cOne thing really is the incentivization of companies \u2014 tax incentives where possible, especially for companies who are owning upskilling and training,\u201d he told 大象传媒 on the forum sidelines. \u201cThe government should incentivize retraining.\u201d\nUnited Nations Development Programme Philippines economist Mohamed Shahudh said AI adoption challenges are compounded by high internet costs, limited digital literacy and fragmented governance.\nHe said the Philippines should address widening gaps between technological capability and vulnerability across people, the economy and institutions.\n\u201cAI\u2019s benefits to humanity will be realized through a much more complex interaction of two widening gaps: capability and vulnerability; across three pillars of human development: people, economy and governance,\u201d he said.\nHe added that a unified policy framework is needed to clarify institutional roles, as businesses seek clearer guidance on implementation responsibilities.\nMel Migrino, country head of software firm Gogolook Philippines, said public-private partnerships (PPP) could help accelerate adoption, especially as companies independently develop AI systems and cybersecurity frameworks.\n\u201cThe technology and cybersecurity industry is oversaturated,\u201d she said. \u201cIt is ironic to see that there are cybersecurity attacks. We are in a transition phase, but still vulnerable. There is still a lot of work to do. We\u2019re lagging behind ASEAN-5. It\u2019s good to infuse PPPs.\u201d\nShe said AI\u2019s impact depends on how governments, companies and workers manage risks alongside productivity gains.\nMr. Aguda said the Department of Informaiton and Communications Technology (DICT) is developing principle-based and flexible regulation to keep pace with rapid technological change.\n\u201cAt the DICT, our view is simple: rules must be principle-based and flexible,\u201d he said. \u201cTechnology moves too fast for rigid regulation.\u201d\n\u201cThat\u2019s why we are strengthening our national AI strategy roadmap, embedding ethics, transparency, accountability, and human oversight into how AI is used in the country,\u201d he added.", "date_published": "2026-05-19T00:31:57+08:00", "date_modified": "2026-05-18T21:06:21+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2026/05/BWEF-2026.jpg", "tags": [ "Ashley Erika O. Jose", "One News", "大象传媒" ], "summary": "THE PHILIPPINES should accelerate artificial intelligence (AI) adoption by upgrading infrastructure and boosting regulation, as slow uptake could prevent the country from fully capturing productivity gains, government and industry leaders said." }, { "id": "/?p=750348", "url": "/banking-finance/2026/05/19/750348/peso-sinks-to-new-record-low-for-third-straight-day-as-war-drags-on/", "title": "Peso sinks to new record low for third straight day as war drags on", "content_html": "THE PESO dropped to new record low on Monday as the Strait of Hormuz\u2019s continued closure due to the standoff between the United States and Iran drove oil prices higher, fueling demand for the greenback.
\nThe currency edged down by 2.9 centavos to close at P61.75 a dollar from P61.721 on Friday, according to Bankers Association of the Philippines data posted on its website.
\nYear to date, the peso has depreciated by P2.96 or 4.79% from its P58.79 finish on Dec. 29, 2025.
\nThe local unit opened the session slightly stronger at P61.69 per dollar and climbed to a high of P61.64 against the greenback. Meanwhile, it closed at its intraday low.
\nDollars traded went down to $1 billion from $1.199 billion in the previous session.
\nThe peso sank to a new historic low due to higher US retail sales data and elevated global crude oil prices, the first trader said by phone.
\nThe market remains watchful of domestic political developments, although external factors were the main drivers for the peso\u2019s latest slide, the first trader said.
\nThe peso was mainly dragged down by oil-related dollar demand \u201cand a market that is becoming more sensitive to domestic uncertainty,\u201d a second trader said in a Viber message.
\n\u201cThe peso is starting to trade less on valuation and more on sentiment,\u201d the second trader said. \u201cAt these levels, positioning and momentum also matter, which can exaggerate moves in thin liquidity.\u201d
\nThe Senate convened as an impeachment court on Monday that could decide the future of Vice-President Sara Duterte-Carpio, with a heated battle between two rival political camps set to be front and center in the trial, Reuters reported. It comes against a turbulent political backdrop, just days after chaos and a shootout in the upper house and a potentially decisive change in its leadership, both stemming from the re-emergence from hiding of a pro-Duterte senator wanted by the International Criminal Court.
\nMeanwhile, the dollar dipped against a range of major currencies on Monday, but held near last week\u2019s highs, as fresh tensions in the Middle East pushed up global bond yields.
\nThe dollar index was a touch softer at 99.12, having posted its strongest weekly performance in three months last week.
\nOil prices climbed on Monday, with Brent crude futures rising more than 1% to over $110 a barrel, after a nuclear power plant in the United Arab Emirates came under attack and efforts to end the US-Israeli war on Iran appear to have stalled.
\nDemand for the greenback was also supported by expectations of rate hikes from the Federal Reserve, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
\nFurther denting risk appetite, a global bond rout deepened on Monday as rising energy prices fanned inflation fears and stoked wagers on rate hikes from global central banks.
\nMarkets are now pricing in a more than 50% chance that the Fed would raise rates by December, according to the CME FedWatch tool.
\nFor Tuesday, the first trader sees the peso moving between P61.45 and P61.75 per dollar, while Mr. Ricafort expects it to range from P61.60 to P61.80.
\nThe second trader said the peso could reach the P62 level in the near term, but sharp swings in both directions are likely. \u2014 Aaron Michael C. Sy with Reuters
\n", "content_text": "THE PESO dropped to new record low on Monday as the Strait of Hormuz\u2019s continued closure due to the standoff between the United States and Iran drove oil prices higher, fueling demand for the greenback.\nThe currency edged down by 2.9 centavos to close at P61.75 a dollar from P61.721 on Friday, according to Bankers Association of the Philippines data posted on its website.\nYear to date, the peso has depreciated by P2.96 or 4.79% from its P58.79 finish on Dec. 29, 2025.\nThe local unit opened the session slightly stronger at P61.69 per dollar and climbed to a high of P61.64 against the greenback. Meanwhile, it closed at its intraday low.\nDollars traded went down to $1 billion from $1.199 billion in the previous session.\nThe peso sank to a new historic low due to higher US retail sales data and elevated global crude oil prices, the first trader said by phone.\nThe market remains watchful of domestic political developments, although external factors were the main drivers for the peso\u2019s latest slide, the first trader said.\nThe peso was mainly dragged down by oil-related dollar demand \u201cand a market that is becoming more sensitive to domestic uncertainty,\u201d a second trader said in a Viber message.\n\u201cThe peso is starting to trade less on valuation and more on sentiment,\u201d the second trader said. \u201cAt these levels, positioning and momentum also matter, which can exaggerate moves in thin liquidity.\u201d\nThe Senate convened as an impeachment court on Monday that could decide the future of Vice-President Sara Duterte-Carpio, with a heated battle between two rival political camps set to be front and center in the trial, Reuters reported. It comes against a turbulent political backdrop, just days after chaos and a shootout in the upper house and a potentially decisive change in its leadership, both stemming from the re-emergence from hiding of a pro-Duterte senator wanted by the International Criminal Court.\nMeanwhile, the dollar dipped against a range of major currencies on Monday, but held near last week\u2019s highs, as fresh tensions in the Middle East pushed up global bond yields.\nThe dollar index was a touch softer at 99.12, having posted its strongest weekly performance in three months last week.\nOil prices climbed on Monday, with Brent crude futures rising more than 1% to over $110 a barrel, after a nuclear power plant in the United Arab Emirates came under attack and efforts to end the US-Israeli war on Iran appear to have stalled.\nDemand for the greenback was also supported by expectations of rate hikes from the Federal Reserve, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.\nFurther denting risk appetite, a global bond rout deepened on Monday as rising energy prices fanned inflation fears and stoked wagers on rate hikes from global central banks.\nMarkets are now pricing in a more than 50% chance that the Fed would raise rates by December, according to the CME FedWatch tool.\nFor Tuesday, the first trader sees the peso moving between P61.45 and P61.75 per dollar, while Mr. Ricafort expects it to range from P61.60 to P61.80.\nThe second trader said the peso could reach the P62 level in the near term, but sharp swings in both directions are likely. \u2014 Aaron Michael C. Sy with Reuters", "date_published": "2026-05-19T00:02:22+08:00", "date_modified": "2026-05-18T19:01:29+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2022/04/Peso-dollar-currency.jpg", "tags": [ "Aaron Michael C. Sy", "Banking & Finance", "Editors' Picks", "One News", "大象传媒" ] }, { "id": "/?p=750419", "url": "/stock-market/2026/05/18/750419/phl-stocks-drop-further-as-global-oil-prices-rise/", "title": "PHL stocks drop further as global oil prices rise", "content_html": "PHILIPPINE SHARES sank to a near two-week low on Monday as the conflict in the Middle East, high global oil prices, and weak buying interest dragged the market.
\nThe Philippine Stock Exchange index (PSEi) dropped by 0.59% or 35.25 points to close at 5,941.52, while the broader all shares index fell by 0.51% or 17.28 points to end at 3,354.13.
\nThis was the PSEi\u2019s lowest finish since it closed at 5,898.08 on May 5.
\n\u201cThe local market dropped further as worries over the Middle East conflict take center stage again following US President Donald J. Trump\u2019s latest threats towards Iran saying the country should get moving or face consequences,\u201d Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.
\n\u201cThe PSEi ended lower as buying interest stayed muted, with investors waiting for clearer market catalysts. Market sentiment remained fragile amid continued increases in global crude prices,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
\nAsian share markets were on the skids on Monday as fresh drone attacks in the Gulf shoved oil prices and bond yields higher, Reuters reported.
\nA drone strike caused a fire at a nuclear power plant in the United Arab Emirates, while Saudi Arabia reported intercepting three drones, as Mr. Trump warned that Iran must act \u201cfast\u201d to reach a deal.
\nMeanwhile, the vital Strait of Hormuz remains closed to all but a trickle of shipping as Tehran tries to formalize its control of the waterway that during normal times carries 20% of the world\u2019s oil trade.
\nBrent was trading up 1.9% at $111.34 a barrel, while US crude climbed 2.2% to $107.72 a barrel. Crucially, futures for September climbed above $100 and December hit a contract high as markets braced for protracted shortages.
\n\u201cThe local currency also stayed weak against the US dollar, adding to cautious positioning,\u201d Mr. Limlingan said.
\nThe peso inched down by 2.9 centavos to close at a new all-time low of P61.75 against the dollar on Monday, data from the Bankers Association of the Philippines showed.
\nMost sectoral indices closed lower on Monday. Mining and oil slid by 3.43% or 626.71 points to 17,629.33; financials sank by 1.04% or 18.75 points to 1,779.72; holding firms dropped by 0.73% or 32.45 points to 4,386.64; industrials fell by 0.5% or 44.33 points to 8,725.69; and services went down by 0.47% or 14.24 points to 2,996.19.
\nMeanwhile, property rose by 0.18% or 3.61 points to 1,933.50.
\nDecliners outnumbered advancers, 117 to 65, while 68 names were unchanged.
\nValue turnover fell to P4.05 billion on Monday with 572.41 million shares traded from the P6.32 billion with 592.04 million issues that changed hands on Friday.
\nNet foreign selling increased to P225.76 million from P195.41 million the previous session. \u2014 Alexandria Grace C. Magno with Reuters
\n", "content_text": "PHILIPPINE SHARES sank to a near two-week low on Monday as the conflict in the Middle East, high global oil prices, and weak buying interest dragged the market.\nThe Philippine Stock Exchange index (PSEi) dropped by 0.59% or 35.25 points to close at 5,941.52, while the broader all shares index fell by 0.51% or 17.28 points to end at 3,354.13.\nThis was the PSEi\u2019s lowest finish since it closed at 5,898.08 on May 5.\n\u201cThe local market dropped further as worries over the Middle East conflict take center stage again following US President Donald J. Trump\u2019s latest threats towards Iran saying the country should get moving or face consequences,\u201d Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.\n\u201cThe PSEi ended lower as buying interest stayed muted, with investors waiting for clearer market catalysts. Market sentiment remained fragile amid continued increases in global crude prices,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.\nAsian share markets were on the skids on Monday as fresh drone attacks in the Gulf shoved oil prices and bond yields higher, Reuters reported.\nA drone strike caused a fire at a nuclear power plant in the United Arab Emirates, while Saudi Arabia reported intercepting three drones, as Mr. Trump warned that Iran must act \u201cfast\u201d to reach a deal.\nMeanwhile, the vital Strait of Hormuz remains closed to all but a trickle of shipping as Tehran tries to formalize its control of the waterway that during normal times carries 20% of the world\u2019s oil trade.\nBrent was trading up 1.9% at $111.34 a barrel, while US crude climbed 2.2% to $107.72 a barrel. Crucially, futures for September climbed above $100 and December hit a contract high as markets braced for protracted shortages.\n\u201cThe local currency also stayed weak against the US dollar, adding to cautious positioning,\u201d Mr. Limlingan said.\nThe peso inched down by 2.9 centavos to close at a new all-time low of P61.75 against the dollar on Monday, data from the Bankers Association of the Philippines showed.\nMost sectoral indices closed lower on Monday. Mining and oil slid by 3.43% or 626.71 points to 17,629.33; financials sank by 1.04% or 18.75 points to 1,779.72; holding firms dropped by 0.73% or 32.45 points to 4,386.64; industrials fell by 0.5% or 44.33 points to 8,725.69; and services went down by 0.47% or 14.24 points to 2,996.19.\nMeanwhile, property rose by 0.18% or 3.61 points to 1,933.50.\nDecliners outnumbered advancers, 117 to 65, while 68 names were unchanged.\nValue turnover fell to P4.05 billion on Monday with 572.41 million shares traded from the P6.32 billion with 592.04 million issues that changed hands on Friday.\nNet foreign selling increased to P225.76 million from P195.41 million the previous session. \u2014 Alexandria Grace C. Magno with Reuters", "date_published": "2026-05-18T21:00:58+08:00", "date_modified": "2026-05-18T18:29:47+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2021/09/PSE-board.jpg", "tags": [ "Alexandria Grace C. Magno", "Editors' Picks", "One News", "Stock Market", "大象传媒" ] }, { "id": "/?p=750269", "url": "/top-stories/2026/05/18/750269/banks-npl-ratio-improves-in-march/", "title": "Banks\u2019 NPL ratio improves in March", "content_html": "By Katherine K. Chan, Reporter
\nTHE PHILIPPINE BANKING sector\u2019s nonperforming loan (NPL) ratio declined in March, data from the Bangko Sentral ng Pilipinas (BSP) showed, reflecting borrowers\u2019 strong repayment capacity despite the Middle East war.
\nBased on the latest central bank data, banks\u2019 bad loan ratio improved to 3.29% in March from 3.33% in February.
\nThis was the lowest ratio since 3.07% in December last year and was also down from 3.3% in March 2025.
\n\u201cThe slight easing in the NPL ratio to 3.29% in March likely reflects a mix of stronger loan growth, residual borrower resilience, and regulatory flexibility, rather than a fundamental improvement in asset quality \u2014 suggesting that households and firms are still broadly current on their obligations despite the Middle East conflict,\u201d Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion said via Viber.
\nBorrowers\u2019 steady repayments despite external risks and banks\u2019 preemptive move to tighten their credit standards and restructure loans helped protect their asset quality, said Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co.
\n\u201cIt\u2019s a marginal but positive move,\u201d he said in a Viber message. \u201cBorrowers are still paying \u2014 helped by steady jobs and manageable cash flows. Banks\u2019 earlier prudence (tight lending, restructuring) is also cushioning asset quality.\u201d
\n\u201cSo far, resilience is holding. External shocks haven\u2019t derailed repayment behavior yet. The domestic economy remains the anchor.\u201d
\nThe lower NPL ratio for the month came even as banks\u2019 nonperforming loans edged up by 2.69% to P568.554 billion as of March from P553.678 billion in February.
\nYear on year, soured loans jumped by 10.16% from P516.116 billion at end-March 2025.
\nLoans are considered nonperforming once they are unpaid for at least 90 days after the due date and deemed to be risky assets since borrowers are unlikely to pay.
\nAt end-March, Philippine banks had a total loan book of P17.263 trillion, growing by 3.97% from P16.603 trillion a month prior and by 10.44% from P15.631 trillion in the same period last year.
\nMeanwhile, their past due loans increased by 2.87% to P736.181 billion from P715.658 billion as of February and by 13.9% from P646.368 billion a year earlier.
\nBanks\u2019 past due loan ratio improved month on month to 4.26% from 4.31% but worsened from 4.14% in March 2025.\u00a0 \u00a0
\nRestructured loans reached P338.39 billion as of end-March, rising by 0.89% from P335.392 billion as of February and by 8.64% from P311.485 billion in the previous year.
\nThese accounted for just 1.96% of the sector\u2019s total loan portfolio during the period, lower than the 2.02% seen in February and 1.99% last year.
\nOn the other hand, banks\u2019 loan loss reserves slipped by 0.01% month on month to P519.46 billion as of March from P519.525 billion. However, this was 5.89% higher than the P490.564 billion in the comparable year-ago period.
\nThis was equivalent to 3.01% of their total loan book, lower than 3.13% in February and 3.14% in the same month in 2025.
\nBSP data also showed that banks\u2019 NPL coverage ratio, which gauges the allowance for potential losses due to bad loans, slipped to 91.37% in March from 93.83% a month earlier and 95.05% a year ago.
\nMr. Asuncion said banks\u2019 soured loans are likely to stay manageable, but the economic fallout from the Middle East conflict could test borrowers\u2019 ability to repay their debt.
\n\u201c(T)his resilience may prove temporary, as the transmission of higher oil prices, inflation, and tighter financial conditions typically lags, which could gradually erode repayment capacity, particularly among MSMEs (micro, small, and medium enterprises) and retail borrowers,\u201d he said.
\n\u201cAs such, while NPLs may remain relatively contained in the near term, risks are tilted to the upside, with a stabilization or mild uptick more likely in the coming months should external shocks persist and begin to weigh more meaningfully on incomes, consumption, and business margins.\u201d
\nMr. Ravelas also said that the NPL ratio could be steady or slightly higher in the coming months, as the US-Iran war could lead to a higher-for-longer interest rate environment, sticky inflation due to rising global oil prices, and continued peso depreciation amid the lack of a peace deal.
\nHe added that the outlook remains fragile as risks continue to build.
\nThe central bank last month began its tightening cycle, raising its policy rate by 25 basis points to 4.5% in a move to contain second-round price effects and keep inflation expectations anchored amid the energy crisis.
\nBSP Governor Eli M. Remolona, Jr. earlier said they could continue delivering modest rate hikes to steer inflation back to their 2%-4% tolerance band.
\nThe Monetary Board will hold its next policy meeting on June 18.
\nThe Philippines imports over 90% of its oil from the Middle East and is also a heavy net importer of food, making it highly vulnerable to global price shocks.
\nIn April, headline inflation accelerated to 7.2% in April from 4.1% a month earlier, the fastest since March 2023, as the crisis pushed up prices of food and utilities. This is well above the central bank\u2019s 2%-4% goal.
\nGross domestic product growth also slowed to a new post-pandemic low of 2.8% in the first quarter as the fallout from a corruption scandal and soaring oil prices dampened economic activity.
\nThe conflict has also hit financial markets, with the peso now trading at the P60-per-dollar level versus its P58.79 finish at end-2025. On Friday, it plunged to a new record low of P61.721 against the greenback.
\n", "content_text": "By Katherine K. Chan, Reporter\nTHE PHILIPPINE BANKING sector\u2019s nonperforming loan (NPL) ratio declined in March, data from the Bangko Sentral ng Pilipinas (BSP) showed, reflecting borrowers\u2019 strong repayment capacity despite the Middle East war. \nBased on the latest central bank data, banks\u2019 bad loan ratio improved to 3.29% in March from 3.33% in February.\nThis was the lowest ratio since 3.07% in December last year and was also down from 3.3% in March 2025.\n\u201cThe slight easing in the NPL ratio to 3.29% in March likely reflects a mix of stronger loan growth, residual borrower resilience, and regulatory flexibility, rather than a fundamental improvement in asset quality \u2014 suggesting that households and firms are still broadly current on their obligations despite the Middle East conflict,\u201d Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion said via Viber. \nBorrowers\u2019 steady repayments despite external risks and banks\u2019 preemptive move to tighten their credit standards and restructure loans helped protect their asset quality, said Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co.\n\u201cIt\u2019s a marginal but positive move,\u201d he said in a Viber message. \u201cBorrowers are still paying \u2014 helped by steady jobs and manageable cash flows. Banks\u2019 earlier prudence (tight lending, restructuring) is also cushioning asset quality.\u201d\n\u201cSo far, resilience is holding. External shocks haven\u2019t derailed repayment behavior yet. The domestic economy remains the anchor.\u201d\nThe lower NPL ratio for the month came even as banks\u2019 nonperforming loans edged up by 2.69% to P568.554 billion as of March from P553.678 billion in February.\nYear on year, soured loans jumped by 10.16% from P516.116 billion at end-March 2025.\nLoans are considered nonperforming once they are unpaid for at least 90 days after the due date and deemed to be risky assets since borrowers are unlikely to pay.\nAt end-March, Philippine banks had a total loan book of P17.263 trillion, growing by 3.97% from P16.603 trillion a month prior and by 10.44% from P15.631 trillion in the same period last year.\nMeanwhile, their past due loans increased by 2.87% to P736.181 billion from P715.658 billion as of February and by 13.9% from P646.368 billion a year earlier.\nBanks\u2019 past due loan ratio improved month on month to 4.26% from 4.31% but worsened from 4.14% in March 2025.\u00a0 \u00a0\nRestructured loans reached P338.39 billion as of end-March, rising by 0.89% from P335.392 billion as of February and by 8.64% from P311.485 billion in the previous year.\nThese accounted for just 1.96% of the sector\u2019s total loan portfolio during the period, lower than the 2.02% seen in February and 1.99% last year.\nOn the other hand, banks\u2019 loan loss reserves slipped by 0.01% month on month to P519.46 billion as of March from P519.525 billion. However, this was 5.89% higher than the P490.564 billion in the comparable year-ago period.\nThis was equivalent to 3.01% of their total loan book, lower than 3.13% in February and 3.14% in the same month in 2025.\nBSP data also showed that banks\u2019 NPL coverage ratio, which gauges the allowance for potential losses due to bad loans, slipped to 91.37% in March from 93.83% a month earlier and 95.05% a year ago. \nMr. Asuncion said banks\u2019 soured loans are likely to stay manageable, but the economic fallout from the Middle East conflict could test borrowers\u2019 ability to repay their debt.\n\u201c(T)his resilience may prove temporary, as the transmission of higher oil prices, inflation, and tighter financial conditions typically lags, which could gradually erode repayment capacity, particularly among MSMEs (micro, small, and medium enterprises) and retail borrowers,\u201d he said.\n\u201cAs such, while NPLs may remain relatively contained in the near term, risks are tilted to the upside, with a stabilization or mild uptick more likely in the coming months should external shocks persist and begin to weigh more meaningfully on incomes, consumption, and business margins.\u201d\nMr. Ravelas also said that the NPL ratio could be steady or slightly higher in the coming months, as the US-Iran war could lead to a higher-for-longer interest rate environment, sticky inflation due to rising global oil prices, and continued peso depreciation amid the lack of a peace deal.\nHe added that the outlook remains fragile as risks continue to build.\nThe central bank last month began its tightening cycle, raising its policy rate by 25 basis points to 4.5% in a move to contain second-round price effects and keep inflation expectations anchored amid the energy crisis.\nBSP Governor Eli M. Remolona, Jr. earlier said they could continue delivering modest rate hikes to steer inflation back to their 2%-4% tolerance band.\nThe Monetary Board will hold its next policy meeting on June 18.\nThe Philippines imports over 90% of its oil from the Middle East and is also a heavy net importer of food, making it highly vulnerable to global price shocks.\nIn April, headline inflation accelerated to 7.2% in April from 4.1% a month earlier, the fastest since March 2023, as the crisis pushed up prices of food and utilities. This is well above the central bank\u2019s 2%-4% goal.\nGross domestic product growth also slowed to a new post-pandemic low of 2.8% in the first quarter as the fallout from a corruption scandal and soaring oil prices dampened economic activity.\nThe conflict has also hit financial markets, with the peso now trading at the P60-per-dollar level versus its P58.79 finish at end-2025. On Friday, it plunged to a new record low of P61.721 against the greenback.", "date_published": "2026-05-18T00:34:17+08:00", "date_modified": "2026-05-17T20:19:55+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2026/01/Peso-currency.jpg", "tags": [ "Katherine K. Chan", "Editors' Picks", "One News", "大象传媒" ], "summary": "THE PHILIPPINE BANKING sector\u2019s nonperforming loan (NPL) ratio declined in March, data from the Bangko Sentral ng Pilipinas (BSP) showed, reflecting borrowers\u2019 strong repayment capacity despite the Middle East war." }, { "id": "/?p=750268", "url": "/top-stories/2026/05/18/750268/infrastructure-spending-down-48-as-corruption-mess-slows-disbursements/", "title": "Infrastructure spending down 48% as corruption mess slows disbursements", "content_html": "By Justine Irish D. Tabile, Senior Reporter
\nINFRASTRUCTURE SPENDING slumped by 48% year on year in March due to lower disbursements and tighter processes in the wake of a corruption scandal involving government projects.
\nIn its latest National Government (NG) disbursement report, the Department of Budget and Management (DBM) said spending on infrastructure and other capital outlays fell to P59.1 billion in March from P113.5 billion in the same month in 2025.
\nMonth on month, infrastructure spending also declined by 11.1% from P66.4 billion in February.
\n\u201cThe decline was largely attributed to the lower disbursement performance of the Department of Public Works and Highways (DPWH) amid the ongoing completion of carry-over projects and implementation of the current year\u2019s budget,\u201d the DBM said.
\n\u201cThe adoption of stricter validation process for billing claims to ensure project quality and value for money also continued to affect the department\u2019s spending outturn.\u201d
\nHowever, the implementation of capital outlay projects under the Revised Armed Forces of the Philippines Modernization Program of the Department of National Defense helped temper the spending decline in March, it said.
\nFor the first quarter, infrastructure spending plunged by 43.5% to P147.8 billion from P261.8 billion a year ago. This accounted for just 11.6% of the government\u2019s full-year program.
\nUnder the 2026 Budget of Expenditures and Sources of Financing, NG cash disbursements for infrastructure and other capital outlays are expected to reach P1.27 trillion this year. This excludes infrastructure subsidies and equities to government-owned and -controlled corporations as well as infrastructure transfers to local government units.
\nThe DBM attributed the first-quarter decline to base effects from the frontloading of projects ahead of the election ban seen during the same period in 2025, the ongoing completion of prior-year obligations, and stricter validation and processing of billing claims.
\nIt said it expects infrastructure spending to pick up in the second quarter as agencies begin obligating funds from allotments released in earlier months.
\n\u201cInfrastructure departments are, likewise, expected to take advantage of the summer season to expedite construction activities,\u201d it said.
\n\u201cThis will hopefully build up spending momentum and help the recovery of infrastructure spending towards the second half of the year.\u201d
\nCORRUPTION MESS
\nSlower infrastructure spending early this year reflects unresolved governance issues and the increasingly corruption-driven nature of the Philippine growth model, said Jose Enrique \u201cSonny\u201d A. Africa, executive director of think tank IBON Foundation.
\u201cThe infrastructure spending slowdown is a direct result of the bureaucratic chilling effect of the flood control and pork barrel corruption scandals last year,\u201d he said in a Viber message.
\n\u201cAgencies and lawmakers, who shouldn\u2019t even have a role in spending decisions, are much more cautious out of fear of heightened scrutiny over procurement, project quality, and contractor relationships.\u201d
\nThe country was embroiled in a corruption scandal last year linking government officials, lawmakers, and contractors to substandard or nonexistent flood control projects. The controversy slowed government spending and dampened investor and consumer sentiment, which was reflected in the below-target gross domestic product (GDP) growth figures recorded starting in the second half of 2025.
\nThe slump has persisted as lingering effects of the graft mess were compounded by soaring oil prices due to the Middle East war, causing the economy to expand by just 2.8% in the first quarter. This was slower than the 5.4% growth in the same quarter last year and 3% in the fourth quarter of 2025.
\nMr. Africa added that \u201crising political temperature\u201d may be contributing to project implementation delays as the administration could be using its control over infrastructure budgets to paralyze its political opposition.
\n\u201cThis corruption- and patronage-driven distortion of the budget process is also being aggravated by fiscal pressures rapidly bubbling to the surface,\u201d he said. \u201cNG debt has already risen to 65.2% of GDP in the first quarter of the year, which is approaching the highest in 20 years, when it hit 65.7% in 2005.\u201d
\nStill, Mr. Africa said he expects spending to rebound this second quarter.
\n\u201cNonetheless, there is little reason to expect that infrastructure spending will be strong or sustainable enough to substantially boost aggregate growth, which has been in structural slowdown since 2017.\u201d
\nThe government may also be forced to reallocate its resources towards fuel subsidies and other social assistance to respond to the oil shock, he added.
\n\u201cIf so, infrastructure spending may be squeezed not only by corruption-related paralysis but also by a reprioritization under emerging conditions of geopolitical and oil market instability.\u201d
\nSer Percival K. Pe\u00f1a-Reyes, a senior research fellow at the Ateneo Center for Economic Research and Development, said the sharp decline in infrastructure disbursements could be attributed to base effects, project completion timing, and implementation delays.
\n\u201cThe outlook for Philippine infrastructure spending in the second quarter of 2026 is for a gradual recovery, but still relatively weak overall,\u201d he said via Facebook Messenger.
\n\u201cEconomists generally expect a stronger pickup in the second half of 2026, rather than an immediate rebound in the second quarter. This is because governance reforms and tighter anti-corruption controls following the flood control controversy have slowed project approvals and payments.\u201d
\nHowever, if spending does not rebound, this could weigh on the economy\u2019s prospects as public construction is among the country\u2019s key growth drivers.
\n\u201cEconomists have warned that if infrastructure disbursements remain depressed through the second quarter, quarterly GDP growth could undershoot the government target, unless consumption and exports compensate for the weakness,\u201d he said.
\n\u201cAt the same time, some analysts note that stricter project screening and anti-corruption checks may temporarily slow growth but could improve spending efficiency and project quality over the longer term.\u201d
\n", "content_text": "By Justine Irish D. Tabile, Senior Reporter\nINFRASTRUCTURE SPENDING slumped by 48% year on year in March due to lower disbursements and tighter processes in the wake of a corruption scandal involving government projects.\nIn its latest National Government (NG) disbursement report, the Department of Budget and Management (DBM) said spending on infrastructure and other capital outlays fell to P59.1 billion in March from P113.5 billion in the same month in 2025.\nMonth on month, infrastructure spending also declined by 11.1% from P66.4 billion in February.\n\u201cThe decline was largely attributed to the lower disbursement performance of the Department of Public Works and Highways (DPWH) amid the ongoing completion of carry-over projects and implementation of the current year\u2019s budget,\u201d the DBM said.\n\u201cThe adoption of stricter validation process for billing claims to ensure project quality and value for money also continued to affect the department\u2019s spending outturn.\u201d\nHowever, the implementation of capital outlay projects under the Revised Armed Forces of the Philippines Modernization Program of the Department of National Defense helped temper the spending decline in March, it said.\nFor the first quarter, infrastructure spending plunged by 43.5% to P147.8 billion from P261.8 billion a year ago. This accounted for just 11.6% of the government\u2019s full-year program.\nUnder the 2026 Budget of Expenditures and Sources of Financing, NG cash disbursements for infrastructure and other capital outlays are expected to reach P1.27 trillion this year. This excludes infrastructure subsidies and equities to government-owned and -controlled corporations as well as infrastructure transfers to local government units.\nThe DBM attributed the first-quarter decline to base effects from the frontloading of projects ahead of the election ban seen during the same period in 2025, the ongoing completion of prior-year obligations, and stricter validation and processing of billing claims.\nIt said it expects infrastructure spending to pick up in the second quarter as agencies begin obligating funds from allotments released in earlier months.\n\u201cInfrastructure departments are, likewise, expected to take advantage of the summer season to expedite construction activities,\u201d it said.\n\u201cThis will hopefully build up spending momentum and help the recovery of infrastructure spending towards the second half of the year.\u201d\nCORRUPTION MESS\nSlower infrastructure spending early this year reflects unresolved governance issues and the increasingly corruption-driven nature of the Philippine growth model, said Jose Enrique \u201cSonny\u201d A. Africa, executive director of think tank IBON Foundation.\n\u201cThe infrastructure spending slowdown is a direct result of the bureaucratic chilling effect of the flood control and pork barrel corruption scandals last year,\u201d he said in a Viber message.\n\u201cAgencies and lawmakers, who shouldn\u2019t even have a role in spending decisions, are much more cautious out of fear of heightened scrutiny over procurement, project quality, and contractor relationships.\u201d\nThe country was embroiled in a corruption scandal last year linking government officials, lawmakers, and contractors to substandard or nonexistent flood control projects. The controversy slowed government spending and dampened investor and consumer sentiment, which was reflected in the below-target gross domestic product (GDP) growth figures recorded starting in the second half of 2025.\nThe slump has persisted as lingering effects of the graft mess were compounded by soaring oil prices due to the Middle East war, causing the economy to expand by just 2.8% in the first quarter. This was slower than the 5.4% growth in the same quarter last year and 3% in the fourth quarter of 2025.\nMr. Africa added that \u201crising political temperature\u201d may be contributing to project implementation delays as the administration could be using its control over infrastructure budgets to paralyze its political opposition.\n\u201cThis corruption- and patronage-driven distortion of the budget process is also being aggravated by fiscal pressures rapidly bubbling to the surface,\u201d he said. \u201cNG debt has already risen to 65.2% of GDP in the first quarter of the year, which is approaching the highest in 20 years, when it hit 65.7% in 2005.\u201d\nStill, Mr. Africa said he expects spending to rebound this second quarter.\n\u201cNonetheless, there is little reason to expect that infrastructure spending will be strong or sustainable enough to substantially boost aggregate growth, which has been in structural slowdown since 2017.\u201d\nThe government may also be forced to reallocate its resources towards fuel subsidies and other social assistance to respond to the oil shock, he added.\n\u201cIf so, infrastructure spending may be squeezed not only by corruption-related paralysis but also by a reprioritization under emerging conditions of geopolitical and oil market instability.\u201d\nSer Percival K. Pe\u00f1a-Reyes, a senior research fellow at the Ateneo Center for Economic Research and Development, said the sharp decline in infrastructure disbursements could be attributed to base effects, project completion timing, and implementation delays.\n\u201cThe outlook for Philippine infrastructure spending in the second quarter of 2026 is for a gradual recovery, but still relatively weak overall,\u201d he said via Facebook Messenger.\n\u201cEconomists generally expect a stronger pickup in the second half of 2026, rather than an immediate rebound in the second quarter. This is because governance reforms and tighter anti-corruption controls following the flood control controversy have slowed project approvals and payments.\u201d\nHowever, if spending does not rebound, this could weigh on the economy\u2019s prospects as public construction is among the country\u2019s key growth drivers.\n\u201cEconomists have warned that if infrastructure disbursements remain depressed through the second quarter, quarterly GDP growth could undershoot the government target, unless consumption and exports compensate for the weakness,\u201d he said.\n\u201cAt the same time, some analysts note that stricter project screening and anti-corruption checks may temporarily slow growth but could improve spending efficiency and project quality over the longer term.\u201d", "date_published": "2026-05-18T00:33:17+08:00", "date_modified": "2026-05-17T20:19:32+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2022/02/forDPWH_CONSTRUCTION-OF-STRATEGIC-TUNNEL-PROJECT-IN-DAVAO-CITY-MOVES-11.jpg", "tags": [ "Justine Irish D. Tabile", "Editors' Picks", "One News", "大象传媒" ], "summary": "INFRASTRUCTURE SPENDING slumped by 48% year on year in March due to lower disbursements and tighter processes in the wake of a corruption scandal involving government projects." }, { "id": "/?p=750266", "url": "/top-stories/2026/05/18/750266/long-iran-war-may-force-bsp-to-hike-rates-aggressively/", "title": "Long Iran war may force BSP to hike rates aggressively", "content_html": "THE RISK of inflation rising faster than expected and hitting double-digit pace as the Middle East war drags on may push the Bangko Sentral ng Pilipinas (BSP) to keep tightening to quell spiraling prices that could stymie economic growth, an economist said.
\n\u201cThe BSP\u2019s imperative is to stay \u2018ahead of the curve\u2019 by keeping inflation expectations anchored and preventing spillover inflationary impacts on other core expenditure categories that would be even more damaging to medium-term growth,\u201d Eugene Lee, associate director and economist for ASEAN and Australia at Hong Kong-based investment bank CLSA, told 大象传媒 on Friday.
\nMr. Lee, also a former senior economist at the Monetary Authority of Singapore, sees Philippine inflation leveling off at around 8% under their best-case scenario, where a gradual deescalation in the conflict keeps global oil prices at an average of $100-$110 per barrel.
\nHowever, if the war drags on and tensions reignite, the headline print could surge to around 10%, he said. \u201cThe worst-case scenario sees the ceasefire failing to hold, leading to a re-escalation of the conflict and a continued blockade of traffic through the Straits of Hormuz for two to three more months. This exhausts alternative sources of oil reserves and prices could reach $120-130 per barrel.\u201d
\n\u201cOur expectation of BSP\u2019s tightening cycle depends on how the conflict unfolds. In the best-case scenario, we expect three more rate hikes to 5.25%. In the worst-case scenario, we expect the policy rate to rise to 6%,\u201d Mr. Lee said.
\nPhilippine inflation has quickened rapidly since the Middle East war erupted in late February, printing at 4.1% in March to breach the BSP\u2019s 2%-4% tolerance band. It further accelerated to an over three-year high of 7.2% in April as high global oil prices drove up costs of food and utilities in the country.
\nIn response, the Monetary Board on April 23 delivered its first hike in over two years, raising the policy rate by 25 basis points (bps) to 4.5% as a preemptive measure to temper the spillover effects of rising oil prices and ensure inflation expectations remain anchored.
\nBSP Governor Eli M. Remolona, Jr. has also left the door open to further tightening via a succession of modest hikes to help combat surging prices
\nMr. Lee said the central bank has room to tighten by 75 bps to 150 bps more, adding that the next rate increase could come even before the Monetary Board\u2019s next scheduled review on June 18, depending on the developments of the Middle East conflict.
\n\u201cThe odds of an inter-meeting rate hike are high. During the past policy briefing, the BSP used the term \u2018measured\u2019 to reference 25-bp rate hikes and said that the impact of smaller 25-bp hikes was less detrimental to growth than a 50-bp hike. If inflation continues to surprise on the upside and the BSP sees a need for 50-bp hikes at the subsequent policy meeting in June, it could opt to break it into two 25-bp hikes in May and June,\u201d he said.
\n\u201cWhile the economic backdrop is weak, there is really nothing that the BSP can do to stimulate the economy in the short run. Given that the risks are skewed towards higher inflation, it is better to worry about inflation first, and growth later.\u201d
\nThe Philippine economy grew by just 2.8% in the first quarter versus 3% in the previous quarter and 5.4% a year ago. This is well below the government\u2019s 5%-6% goal.
\nMr. Lee added that the peso could breach the P62-a-dollar mark in the near term due to lingering risk-off sentiment as the oil crisis widens the country\u2019s trade deficit through higher import costs.
\n\u201cTightening monetary policy strengthens the peso modestly but may not be able to offset the depreciation factors.\u201d
\nThe peso fell to a fresh all-time low of P61.721 against the dollar on Friday. \u2014 Katherine K. Chan
\n", "content_text": "THE RISK of inflation rising faster than expected and hitting double-digit pace as the Middle East war drags on may push the Bangko Sentral ng Pilipinas (BSP) to keep tightening to quell spiraling prices that could stymie economic growth, an economist said.\n\u201cThe BSP\u2019s imperative is to stay \u2018ahead of the curve\u2019 by keeping inflation expectations anchored and preventing spillover inflationary impacts on other core expenditure categories that would be even more damaging to medium-term growth,\u201d Eugene Lee, associate director and economist for ASEAN and Australia at Hong Kong-based investment bank CLSA, told 大象传媒 on Friday. \nMr. Lee, also a former senior economist at the Monetary Authority of Singapore, sees Philippine inflation leveling off at around 8% under their best-case scenario, where a gradual deescalation in the conflict keeps global oil prices at an average of $100-$110 per barrel. \nHowever, if the war drags on and tensions reignite, the headline print could surge to around 10%, he said. \u201cThe worst-case scenario sees the ceasefire failing to hold, leading to a re-escalation of the conflict and a continued blockade of traffic through the Straits of Hormuz for two to three more months. This exhausts alternative sources of oil reserves and prices could reach $120-130 per barrel.\u201d\n\u201cOur expectation of BSP\u2019s tightening cycle depends on how the conflict unfolds. In the best-case scenario, we expect three more rate hikes to 5.25%. In the worst-case scenario, we expect the policy rate to rise to 6%,\u201d Mr. Lee said.\nPhilippine inflation has quickened rapidly since the Middle East war erupted in late February, printing at 4.1% in March to breach the BSP\u2019s 2%-4% tolerance band. It further accelerated to an over three-year high of 7.2% in April as high global oil prices drove up costs of food and utilities in the country.\nIn response, the Monetary Board on April 23 delivered its first hike in over two years, raising the policy rate by 25 basis points (bps) to 4.5% as a preemptive measure to temper the spillover effects of rising oil prices and ensure inflation expectations remain anchored.\nBSP Governor Eli M. Remolona, Jr. has also left the door open to further tightening via a succession of modest hikes to help combat surging prices\nMr. Lee said the central bank has room to tighten by 75 bps to 150 bps more, adding that the next rate increase could come even before the Monetary Board\u2019s next scheduled review on June 18, depending on the developments of the Middle East conflict. \n\u201cThe odds of an inter-meeting rate hike are high. During the past policy briefing, the BSP used the term \u2018measured\u2019 to reference 25-bp rate hikes and said that the impact of smaller 25-bp hikes was less detrimental to growth than a 50-bp hike. If inflation continues to surprise on the upside and the BSP sees a need for 50-bp hikes at the subsequent policy meeting in June, it could opt to break it into two 25-bp hikes in May and June,\u201d he said.\n\u201cWhile the economic backdrop is weak, there is really nothing that the BSP can do to stimulate the economy in the short run. Given that the risks are skewed towards higher inflation, it is better to worry about inflation first, and growth later.\u201d\nThe Philippine economy grew by just 2.8% in the first quarter versus 3% in the previous quarter and 5.4% a year ago. This is well below the government\u2019s 5%-6% goal.\nMr. Lee added that the peso could breach the P62-a-dollar mark in the near term due to lingering risk-off sentiment as the oil crisis widens the country\u2019s trade deficit through higher import costs.\n\u201cTightening monetary policy strengthens the peso modestly but may not be able to offset the depreciation factors.\u201d\nThe peso fell to a fresh all-time low of P61.721 against the dollar on Friday. \u2014 Katherine K. Chan", "date_published": "2026-05-18T00:32:16+08:00", "date_modified": "2026-05-17T20:19:11+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2025/06/BSP-building.jpg", "tags": [ "Katherine K. Chan", "Editors' Picks", "One News", "大象传媒" ] }, { "id": "/?p=750265", "url": "/top-stories/2026/05/18/750265/philippines-ranks-four-spots-lower-in-global-good-governance-index/", "title": "Philippines ranks four spots lower in global good governance index", "content_html": "By Beatriz Marie D. Cruz, Senior Reporter
\nTHE PHILIPPINES dropped by four spots to rank 59th out of 133 countries in a good governance index after recording low scores for key indicators like leadership and foresight, global influence, and reputation.
\nIn the 2026 Chandler Good Government Index (CGGI) by the Chandler Institute of Governance (CIG), the Philippines scored 0.533 to place 59th. This was slightly higher than last year\u2019s score of 0.523, which led it to rank 55th out of 120 countries.
\nSingapore topped this year\u2019s index, followed by Norway, Denmark, Finland, and Sweden.
\n![\"\"](\"/wp-content/uploads/2026/05/260514Good_Governance_ONLINE.jpg\")
Among East and Southeast Asian countries, the Philippines was behind Singapore, South Korea (16th place), Japan (17th), China (39th), Malaysia (40th), Indonesia (48th), Vietnam (49th), and Thailand (58th). Meanwhile, it was ahead of Mongolia (71st), Cambodia (91st), and Laos (98th).
\nThe bottom five countries were Lebanon, Sierra Leone, the Democratic Republic of Congo, Chad, and Venezuela.
\nThe CGGI assesses a country\u2019s governance capabilities and public sector effectiveness by using equally weighted indicators categorized into seven pillars.
\nCountries are scored for each pillar, with one as the highest and zero as the lowest.
\nThe Philippines\u2019 score for leadership and foresight improved to 0.45 from 0.41 last year, while that for robust laws and policies also went up to 0.51 from 0.49.
\nFor the \u201chelping people rise\u201d pillar, it scored 0.64, edging up from 0.63 last year. The Philippines\u2019 score for global influence and reputation also increased slightly to 0.36 from 0.35 last year.
\nMeanwhile, the country\u2019s scores were unchanged for three pillars: financial stewardship (0.64), strong institutions (0.51), and attractive marketplace (0.5).
\nUnder the leadership and foresight pillar, the Philippines scored 0.72 for adaptability, 0.63 for long-term vision, 0.33 for innovation, 0.33 for strategic prioritization, and 0.25 for ethical leadership.
\nFor strong institutions, the Philippines scored the lowest on implementation (0.17). Meanwhile, it got 0.47 for coordination, 0.60 for quality of bureaucracy, and 0.80 for data capability.
\nUnder global influence and reputation, the country recorded a score of 0.49 for international trade, 0.45 for nation brand, 0.29 for international diplomacy, and 0.20 for passport strength.
\nOn robust laws and policies, the Philippines was graded 0.63 for transparency, 0.55 for regulatory governance, 0.47 for quality of judiciary, and 0.38 for rule of law.
\nMeanwhile, it scored 0.81 for spending efficiency, 0.74 for government debt, 0.74 for country risk premium, and 0.25 for country budget surplus under the financial stewardship pillar.
\nFor maintaining an attractive marketplace, the Philippines\u2019 score was at 0.56 for stable business regulations, 0.59 for attracting investments, 0.55 for logistics competence, and 0.30 for property rights.
\nLastly, under the \u201chelping people rise\u201d pillar, it scored below one for all indicators, namely, price stability (0.97), gender gap (0.89), satisfaction with public services (0.79), employment (0.76), education (0.74), health (0.63), income distribution (0.63), personal safety (0.58), non-discrimination (0.23), and environmental performance (0.17).
\nThe CIG said the Philippines is among the Asia-Pacific economies expected to benefit from its relatively young population, noting the need to create more jobs and boost productivity to unlock its growth potential.
\nAcross the region, the report said climate change risks are more pronounced and threaten the growth of key sectors like agriculture, fisheries, and tourism.
\nThe United States\u2019 uncertain trade policies and rising protectionism also weigh on key export markets in the Asia-Pacific, including the Philippines, but this could be partly cushioned by intra-Asian trade and new agreements, it said.
\nRanjit Singh Rye, an assistant professor at the University of the Philippines, said the index shows existing bottlenecks in the country\u2019s bureaucracy.
\n\u201cWe have the laws and policies in place, but the gap between policy on paper and implementation on the ground remains our greatest hurdle,\u201d he said in a Viber message.
\nHe said the Philippines\u2019 0.36 score for global influence and reputation is a \u201cred flag\u201d for investors.
\n\u201cIt suggests that despite our economic potential, the international community still perceives significant risks regarding our rule of law and long-term stability.\u201d
\nThe decline in the Philippines\u2019 good government ranking could also mean that state-led reforms have not translated to lasting gains for Filipinos, said Emy Ruth D. Gianan, an economics professor at the Polytechnic University of the Philippines.
\nShe noted that the Philippines ranked low in indicators like ethical leadership (92nd), rule of law (90th), implementation (120th), budget surplus (95th), property rights (106th), passport strength (100th), environmental performance (114th), and non-discrimination (102nd).
\n\u201cThis could mean that over time, the reforms we planted before have been reversed, especially those after the pandemic lockdown, or have not taken full effect since they do not translate to long-term positive change,\u201d she said in a Facebook Messenger chat.
\nFilomeno S. Sta. Ana III, coordinator of Action for Economic Reforms, said the Philippines\u2019 latest ranking in the CGGI is \u201cnot surprising\u201d amid last year\u2019s corruption scandal.
\n\u201cThis is driven by the massive corruption that happened, the political weaponization of institutions, the policy drift and incoherence, the worsening debt, and the growth slowdown,\u201d he said in a Viber message.
\n", "content_text": "By Beatriz Marie D. Cruz, Senior Reporter\nTHE PHILIPPINES dropped by four spots to rank 59th out of 133 countries in a good governance index after recording low scores for key indicators like leadership and foresight, global influence, and reputation.\nIn the 2026 Chandler Good Government Index (CGGI) by the Chandler Institute of Governance (CIG), the Philippines scored 0.533 to place 59th. This was slightly higher than last year\u2019s score of 0.523, which led it to rank 55th out of 120 countries.\nSingapore topped this year\u2019s index, followed by Norway, Denmark, Finland, and Sweden.\n\nAmong East and Southeast Asian countries, the Philippines was behind Singapore, South Korea (16th place), Japan (17th), China (39th), Malaysia (40th), Indonesia (48th), Vietnam (49th), and Thailand (58th). Meanwhile, it was ahead of Mongolia (71st), Cambodia (91st), and Laos (98th).\nThe bottom five countries were Lebanon, Sierra Leone, the Democratic Republic of Congo, Chad, and Venezuela.\nThe CGGI assesses a country\u2019s governance capabilities and public sector effectiveness by using equally weighted indicators categorized into seven pillars.\nCountries are scored for each pillar, with one as the highest and zero as the lowest.\nThe Philippines\u2019 score for leadership and foresight improved to 0.45 from 0.41 last year, while that for robust laws and policies also went up to 0.51 from 0.49.\nFor the \u201chelping people rise\u201d pillar, it scored 0.64, edging up from 0.63 last year. The Philippines\u2019 score for global influence and reputation also increased slightly to 0.36 from 0.35 last year.\nMeanwhile, the country\u2019s scores were unchanged for three pillars: financial stewardship (0.64), strong institutions (0.51), and attractive marketplace (0.5).\nUnder the leadership and foresight pillar, the Philippines scored 0.72 for adaptability, 0.63 for long-term vision, 0.33 for innovation, 0.33 for strategic prioritization, and 0.25 for ethical leadership.\nFor strong institutions, the Philippines scored the lowest on implementation (0.17). Meanwhile, it got 0.47 for coordination, 0.60 for quality of bureaucracy, and 0.80 for data capability.\nUnder global influence and reputation, the country recorded a score of 0.49 for international trade, 0.45 for nation brand, 0.29 for international diplomacy, and 0.20 for passport strength.\nOn robust laws and policies, the Philippines was graded 0.63 for transparency, 0.55 for regulatory governance, 0.47 for quality of judiciary, and 0.38 for rule of law.\nMeanwhile, it scored 0.81 for spending efficiency, 0.74 for government debt, 0.74 for country risk premium, and 0.25 for country budget surplus under the financial stewardship pillar.\nFor maintaining an attractive marketplace, the Philippines\u2019 score was at 0.56 for stable business regulations, 0.59 for attracting investments, 0.55 for logistics competence, and 0.30 for property rights.\nLastly, under the \u201chelping people rise\u201d pillar, it scored below one for all indicators, namely, price stability (0.97), gender gap (0.89), satisfaction with public services (0.79), employment (0.76), education (0.74), health (0.63), income distribution (0.63), personal safety (0.58), non-discrimination (0.23), and environmental performance (0.17).\nThe CIG said the Philippines is among the Asia-Pacific economies expected to benefit from its relatively young population, noting the need to create more jobs and boost productivity to unlock its growth potential.\nAcross the region, the report said climate change risks are more pronounced and threaten the growth of key sectors like agriculture, fisheries, and tourism.\nThe United States\u2019 uncertain trade policies and rising protectionism also weigh on key export markets in the Asia-Pacific, including the Philippines, but this could be partly cushioned by intra-Asian trade and new agreements, it said.\nRanjit Singh Rye, an assistant professor at the University of the Philippines, said the index shows existing bottlenecks in the country\u2019s bureaucracy.\n\u201cWe have the laws and policies in place, but the gap between policy on paper and implementation on the ground remains our greatest hurdle,\u201d he said in a Viber message.\nHe said the Philippines\u2019 0.36 score for global influence and reputation is a \u201cred flag\u201d for investors.\n\u201cIt suggests that despite our economic potential, the international community still perceives significant risks regarding our rule of law and long-term stability.\u201d\nThe decline in the Philippines\u2019 good government ranking could also mean that state-led reforms have not translated to lasting gains for Filipinos, said Emy Ruth D. Gianan, an economics professor at the Polytechnic University of the Philippines.\nShe noted that the Philippines ranked low in indicators like ethical leadership (92nd), rule of law (90th), implementation (120th), budget surplus (95th), property rights (106th), passport strength (100th), environmental performance (114th), and non-discrimination (102nd).\n\u201cThis could mean that over time, the reforms we planted before have been reversed, especially those after the pandemic lockdown, or have not taken full effect since they do not translate to long-term positive change,\u201d she said in a Facebook Messenger chat.\nFilomeno S. Sta. Ana III, coordinator of Action for Economic Reforms, said the Philippines\u2019 latest ranking in the CGGI is \u201cnot surprising\u201d amid last year\u2019s corruption scandal.\n\u201cThis is driven by the massive corruption that happened, the political weaponization of institutions, the policy drift and incoherence, the worsening debt, and the growth slowdown,\u201d he said in a Viber message.", "date_published": "2026-05-18T00:31:16+08:00", "date_modified": "2026-05-19T20:47:46+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2026/04/PHL-flag.jpg", "tags": [ "Beatriz Marie D. Cruz", "One News", "大象传媒" ], "summary": "THE PHILIPPINES dropped by four spots to rank 59th out of 133 countries in a good governance index after recording low scores for key indicators like leadership and foresight, global influence, and reputation." }, { "id": "/?p=750180", "url": "/banking-finance/2026/05/18/750180/peso-may-test-p62-versus-dollar-on-iran-war-local-political-turmoil/", "title": "Peso may test P62 versus dollar on Iran war, local political turmoil", "content_html": "By Aaron Michael C. Sy, Reporter
\nTHE PESO could weaken further and test the P62-a-dollar level this week as the unresolved US-Israel war on Iran continues to boost demand for the greenback and drive oil prices higher, while political tensions at home weigh on sentiment.
\nThe local unit closed at a fresh record low of P61.721 a dollar on Friday, weakening by 8.1 centavos from Thursday\u2019s P61.64 finish, based on Bankers Association of the Philippines data posted in its website.
\nIts intraday low of P61.73 was also near the previous all-time low of P61.75 recorded on April 30. Week on week, the peso declined by P1.108.
\nSince the start of the year, the currency has depreciated by 4.75% or P2.93.
\nA trader said the peso weakened on rising oil prices and stronger US retail data, which supported the dollar.
\nReuters reported that the dollar strengthened for a fifth straight session on Friday and was on track for its biggest weekly gain in two months as investors increasingly expected the US Federal Reserve to keep rates elevated or possibly tighten further.
\nThe benchmark 10-year US Treasury yield climbed to its highest level in a year as inflation concerns persisted amid supply disruptions linked to the Middle East war.
\nThe dollar index, which measures the greenback against a basket of currencies, rose to 99.27.
\nMeanwhile, global oil prices surged further after renewed tensions surrounding the Strait of Hormuz dampened hopes for a ceasefire between the US and Iran.
\nWest Texas Intermediate crude rose above $105 per barrel, while Brent crude climbed past $109.
\nMichael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said local political turmoil also weighed on the peso.
\nThe Senate is set to convene as an impeachment court for the trial of Vice-President Sara Duterte-Carpio following moves in the House of Representatives to remove her from office.
\nPolitical tensions also intensified after Senator Ronald \u201cBato\u201d M. dela Rosa resurfaced after months in hiding over a possible arrest tied to the International Criminal Court investigation.
\nThe trader expects the peso to test the P62 level this week as the prolonged Middle East war and disruptions in the Strait of Hormuz continue to support higher oil prices and the dollar.
\nThe trader expects the peso to move at P61.50 to P62 a dollar this week, while Mr. Ricafort sees it ranging from P61.40 to P61.90.
\n", "content_text": "By Aaron Michael C. Sy, Reporter\nTHE PESO could weaken further and test the P62-a-dollar level this week as the unresolved US-Israel war on Iran continues to boost demand for the greenback and drive oil prices higher, while political tensions at home weigh on sentiment.\nThe local unit closed at a fresh record low of P61.721 a dollar on Friday, weakening by 8.1 centavos from Thursday\u2019s P61.64 finish, based on Bankers Association of the Philippines data posted in its website.\nIts intraday low of P61.73 was also near the previous all-time low of P61.75 recorded on April 30. Week on week, the peso declined by P1.108.\nSince the start of the year, the currency has depreciated by 4.75% or P2.93.\nA trader said the peso weakened on rising oil prices and stronger US retail data, which supported the dollar.\nReuters reported that the dollar strengthened for a fifth straight session on Friday and was on track for its biggest weekly gain in two months as investors increasingly expected the US Federal Reserve to keep rates elevated or possibly tighten further.\nThe benchmark 10-year US Treasury yield climbed to its highest level in a year as inflation concerns persisted amid supply disruptions linked to the Middle East war.\nThe dollar index, which measures the greenback against a basket of currencies, rose to 99.27.\nMeanwhile, global oil prices surged further after renewed tensions surrounding the Strait of Hormuz dampened hopes for a ceasefire between the US and Iran.\nWest Texas Intermediate crude rose above $105 per barrel, while Brent crude climbed past $109.\nMichael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said local political turmoil also weighed on the peso.\nThe Senate is set to convene as an impeachment court for the trial of Vice-President Sara Duterte-Carpio following moves in the House of Representatives to remove her from office.\nPolitical tensions also intensified after Senator Ronald \u201cBato\u201d M. dela Rosa resurfaced after months in hiding over a possible arrest tied to the International Criminal Court investigation.\nThe trader expects the peso to test the P62 level this week as the prolonged Middle East war and disruptions in the Strait of Hormuz continue to support higher oil prices and the dollar.\nThe trader expects the peso to move at P61.50 to P62 a dollar this week, while Mr. Ricafort sees it ranging from P61.40 to P61.90.", "date_published": "2026-05-18T00:05:31+08:00", "date_modified": "2026-05-17T19:36:13+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2022/10/peso-dollar-currency.jpg", "tags": [ "Aaron Michael C. Sy", "Banking & Finance", "Editors' Picks", "One News", "大象传媒" ], "summary": "THE PESO could weaken further and test the P62-a-dollar level this week as the unresolved US-Israel war on Iran continues to boost demand for the greenback and drive oil prices higher, while political tensions at home weigh on sentiment." }, { "id": "/?p=750093", "url": "/stock-market/2026/05/17/750093/psei-may-stay-weak-on-profit-taking-global-risks/", "title": "PSEi may stay weak on profit-taking, global risks", "content_html": "By Alexandria Grace C. Magno, Reporter
\nPHILIPPINE STOCKS may remain under pressure this week as investors lock in gains from the market\u2019s recent rally amid lingering geopolitical tensions, inflation concerns and domestic political noise.
\nSelective bargain-hunting in heavyweight stocks and resilient earnings from some listed companies helped the market end slightly higher last week despite cautious sentiment, online brokerage 2TradeAsia.com said.
\n\u201cThe PSEi managed a slim 15-point gain as selective bargain-hunting in index heavyweights and pockets of earnings resilience offset cautious sentiment from mixed corporate results, global uncertainty and lingering geopolitical risks,\u201d it said in a note.
\nThe Philippine Stock Exchange index (PSEi) shed 0.63% or 38.26 points on Friday to close at 5,976.77, while the broader all-share index dropped 0.65% or 22.16 points to 3,371.41.
\nWeek on week the benchmark index still posted a modest gain of 15.8 points.
\nJaphet Louis O. Tantiangco, research manager at Philstocks Financial, Inc., said investor confidence remained weak despite the market\u2019s gains over the past two weeks.
\n\u201cThe local market has shown positive momentum in the past two weeks amid bargain-hunting with support from foreign funds,\u201d he said in a Viber message. \u201cHowever, overall trading was tepid, reflecting weak investor confidence amid macroeconomic and political concerns.\u201d
\nMr. Tantiangco said the market could retreat this week as investors take profits while concerns over inflation and the Iran war continue to weigh on sentiment.
\n\u201cThe Middle East conflict has been ongoing for more than one-and-a-half months already with no deal in sight,\u201d he said.
\nHe noted that elevated oil prices could continue to fuel inflation concerns and keep investors cautious, especially as Brent crude remains near the $100-per-barrel level.
\nMr. Tantiangco also said the peso\u2019s continued weakness against the dollar might add to inflation risks and dampen foreign investor appetite for Philippine assets.
\n\u201cThe peso has gone back below the 61-per-dollar level. The local currency\u2019s weak position poses upside risks to the Philippines\u2019 inflation rate,\u201d he said.
\nHe added that political tensions in the Senate could distract attention from economic issues and hurt market sentiment.
\n\u201cWith the market seen to have a bearish bias, investors are advised to maintain caution with their trades,\u201d he said.
\nMr. Tantiangco noted that the PSEi has yet to sustain a move above the 6,000 level despite recent gains, showing that the level remains a strong resistance area.
\nHe placed immediate support at the 10-day exponential moving average, with major support seen at 5,800.
\n2TradeAsia.com placed immediate resistance at 6,050 and secondary resistance at 6,300.
\n", "content_text": "By Alexandria Grace C. Magno, Reporter\nPHILIPPINE STOCKS may remain under pressure this week as investors lock in gains from the market\u2019s recent rally amid lingering geopolitical tensions, inflation concerns and domestic political noise.\nSelective bargain-hunting in heavyweight stocks and resilient earnings from some listed companies helped the market end slightly higher last week despite cautious sentiment, online brokerage 2TradeAsia.com said.\n\u201cThe PSEi managed a slim 15-point gain as selective bargain-hunting in index heavyweights and pockets of earnings resilience offset cautious sentiment from mixed corporate results, global uncertainty and lingering geopolitical risks,\u201d it said in a note.\nThe Philippine Stock Exchange index (PSEi) shed 0.63% or 38.26 points on Friday to close at 5,976.77, while the broader all-share index dropped 0.65% or 22.16 points to 3,371.41.\nWeek on week the benchmark index still posted a modest gain of 15.8 points.\nJaphet Louis O. Tantiangco, research manager at Philstocks Financial, Inc., said investor confidence remained weak despite the market\u2019s gains over the past two weeks.\n\u201cThe local market has shown positive momentum in the past two weeks amid bargain-hunting with support from foreign funds,\u201d he said in a Viber message. \u201cHowever, overall trading was tepid, reflecting weak investor confidence amid macroeconomic and political concerns.\u201d\nMr. Tantiangco said the market could retreat this week as investors take profits while concerns over inflation and the Iran war continue to weigh on sentiment.\n\u201cThe Middle East conflict has been ongoing for more than one-and-a-half months already with no deal in sight,\u201d he said.\nHe noted that elevated oil prices could continue to fuel inflation concerns and keep investors cautious, especially as Brent crude remains near the $100-per-barrel level.\nMr. Tantiangco also said the peso\u2019s continued weakness against the dollar might add to inflation risks and dampen foreign investor appetite for Philippine assets.\n\u201cThe peso has gone back below the 61-per-dollar level. The local currency\u2019s weak position poses upside risks to the Philippines\u2019 inflation rate,\u201d he said.\nHe added that political tensions in the Senate could distract attention from economic issues and hurt market sentiment.\n\u201cWith the market seen to have a bearish bias, investors are advised to maintain caution with their trades,\u201d he said.\nMr. Tantiangco noted that the PSEi has yet to sustain a move above the 6,000 level despite recent gains, showing that the level remains a strong resistance area.\nHe placed immediate support at the 10-day exponential moving average, with major support seen at 5,800.\n2TradeAsia.com placed immediate resistance at 6,050 and secondary resistance at 6,300.", "date_published": "2026-05-17T21:00:54+08:00", "date_modified": "2026-05-17T20:20:55+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2023/03/PSE-stocks-bell.jpg", "tags": [ "Alexandria Grace C. Magno", "Editors' Picks", "One News", "Stock Market", "大象传媒" ], "summary": "PHILIPPINE STOCKS may remain under pressure this week as investors lock in gains from the market\u2019s recent rally amid lingering geopolitical tensions, inflation concerns and domestic political noise." } ] }![\"\"](\"/wp-content/uploads/2026/05/Brunei-Zafer-Mustafaoglu.jpg\")
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