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Philipines, EU Move Closer to Free Trade Deal

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The European Union and the Philippines have reached a substantial agreement on a free trade deal, moving the agreement closer to formal conclusion, the European Commission said Tuesday,

EU Trade Commissioner Maroš Šefčovič and Philippine Trade Secretary Ma. Cristina A. Roque said negotiators have been instructed to finalize the agreement as soon as possible.

The deal aims to expand trade and investment ties, create opportunities for businesses and consumers, and strengthen supply chains between the EU and the Philippines.

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International

South Korea Targets 2.5 Million Public Rental Homes by 2030

South Korea plans to increase its long-term public rental housing stock to more than 2.5 million units by 2030 from 1.931 million units in 2024, the Ministry of Land, Infrastructure and Transport said Monday.The target is part of a broader plan to supply about 1.19 million public rental and for-sale homes through 2030, including roughly 920,000 units in the Seoul metropolitan area.The nation's housing supply rate rose to 102.9% in 2024 from 100.5% in 2010, while average living space per person increased to 36 square meters from 25.8 square meters over the same period, the ministry said.

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International

South Korean Bank Loan Delinquency Rate Rises to 0.63% in July

The delinquency rate on won-denominated loans at South Korea's domestic banks rose to 0.63% in July from 0.57% a year earlier, according to data released Tuesday by the Financial Supervisory Service.Business loan delinquencies climbed to 0.78% in July from 0.67% in July 2025. Large-company loans rose to 0.36% from 0.14%, while SME loans increased to 0.91% from 0.82%. Household loan delinquency fell to 0.42% from 0.43%.The volume of newly delinquent loans increased by 600 billion won on a month-on-month basis in July, while that of resolved loans declined by 3.9 trillion won, the regulator said.

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International

RBI Swap Facility Attracts $143.6 Billion in Forex Inflows

India received $143.60 billion in foreign exchange inflows under the Reserve Bank of India's swap facility as of Sept. 18, according to the central bank.Foreign currency non-resident bank deposits, or FCNR(B) deposits, accounted for $132.98 billion of the inflows.Overseas foreign currency borrowings contributed $5.32 billion, while external commercial borrowings added $5.30 billion, according to the data.

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