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International

Philippines' Manufacturing Activity Returns to Expansion in May, S&P Global Data Shows

The Philippines' manufacturing activity returned to growth in May as stronger output and a recovery in new orders offset continued weakness in exports, according to S&P Global Market Intelligence data released Monday.The S&P Global Philippines Manufacturing Purchasing Managers' Index rose to 50.8 in May from 48.3 in April, moving back above the 50-point threshold that separates expansion from contraction.

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Philippine Producer Price Growth Slows in April
US Markets

Philippine Producer Price Growth Slows in April

The increase in Philippine factory gate prices slowed to 2.4% year over year in April amid a slowdown in manufacturing prices of coke and refined petroleum products, according to data from the Philippine Statistics Authority released Friday.Producer price growth of coke and refined petroleum products slipped to 5.3% in April from 8.2% in the month-ago period.The easing of petroleum producer prices comes amid the uncertainty of energy related pressures in the Middle East, the Manila Bulletin reported the same day.Coke and refined petroleum manufacturing contributed 62.7% to the decline in annual growth for manufacturing PPI in April, the PSA said.Factory gate prices for computer, electronic, and optical products slowed to 4.3% in the month from 4.9% in March.Producer prices of food products inched up to a 1.4% growth from 1.2%, helped by the processing and preserving of fish, crustaceans and mollusks.Beverage producer prices accelerated to a 2.8% growth from 2.7% a month ago.Vegetable oil producer prcies surged to 4% from 0.9% a month ago.On a month-on-month basis, producer prices fell 0.1% in April compared with a growth of 1.2% in March.Higher manufacturing costs could translate to higher retail prices as they are pased on to consumers, the Manila Bulletin said.

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Philippine Business Confidence Falls to Record Low in April
US Markets

Philippine Business Confidence Falls to Record Low in April

Philippine business confidence in April declined for the second straight month, driven lower by the Middle East conflict and concerns that higher oil prices could raise business operating costs and erode household purchasing power, Bangko Sentral ng Pilipinas (BSP) reported Friday.The Philippines Business Expectations Survey business confidence index for April fell to a negative 35.8, down from a negative 24.3 in March, striking a record low in the poll's 25-year history, the central bank reported.Readings below zero on the confidence index mean more respondents are pessimistic than optimistic about the Philippine economy and business scene.The March and April business confidence index readings are the first in negative territory since September 2021, the COVID-19 pandemic era.However, Philippine enterprises were less pessimistic in April than in March in their expectations for the next three and 12 months.The three-month-ahead business confidence index increased to negative 7.5 from negative 17.3, while the 12-month-ahead index rose to 19.5 from 11.7, reported BSP."The outlook improved on expectations of stronger demand, higher sales and income, better economic conditions, and a possible resolution of the Middle East conflict," said the central bank, in a prepared statement.Philippine businesses in April expected a 4.2% inflation rate over the next 12 months, exceeding the central bank's "4.0% tolerance ceiling," added BSP.The central bank's business confidence survey was conducted from April 7 to 30, with responses collected from 507 companies across the country.

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International

Philippines Business Confidence Further Drops in April as Middle East Conflict Hits

Philippine business confidence weakened further in April, declining for a second straight month as the Middle East conflict continued to weigh on sentiment, the Bangko Sentral ng Pilipinas said Friday.According to the latest Business Expectations Survey, the confidence index fell to -35.8 in April from -24.3 in March, reflecting growing concerns over higher inflation, rising operating costs, and reduced household purchasing power.While near-term sentiment softened, longer-term outlooks improved, with businesses expecting stronger demand and better economic conditions, alongside some optimism over a possible easing of geopolitical tensions, the central bank said.

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International

Philippines' Exports, Imports Rise in April; Total Trade Hits $20.38 Billion

The Philippines' total external trade in goods reached $20.38 billion in April, up 16.1% from $17.55 billion a year earlier, according to data released by the Philippine Statistics Authority on Friday.Exports rose 6.3% to $7.21 billion from $6.78 billion in April, driven by higher shipments of machinery and transport equipment, coconut oil, and other mineral products.Meanwhile, imports jumped 22.4% to $13.17 billion from $10.77 billion a year earlier, supported by strong growth in electronic products and mineral fuels, lubricants and related materials.Electronic products remained the country's top export category during the month, accounting for 47.7% of total export sales, the data showed.

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Philippine Trade Deficit Widens 49.8% in April as Export Growth Slows
US Markets

Philippine Trade Deficit Widens 49.8% in April as Export Growth Slows

The Philippines' trade deficit widened sharply in April as import growth significantly outpaced exports.The trade gap ballooned 49.8% year over year to $5.97 billion, marking a steep acceleration from the 11.4% deficit growth recorded in Marchm according to Friday data from the Philippine Statistics Authority.Imports surged 22.4% from a year earlier to $13.2 billion, up from the 17% growth seen the previous month. Meanwhile, exports rose 6.3% to $7.21 billion, a notable slowdown from March's 20.8% jump.Electronic products posted the highest annual increase among imports, climbing by $1.85 billion. Despite global supply chain disruptions triggered by the Middle East conflict, domestic demand for gadgets, such as smartphones, computers, and cameras-remained robust.A December 2025 report from Statista noted that the Philippines' growing middle class continues to drive consumption of these goods, with the broader electronics sector forecast to expand steadily over the next five years.This was followed by mineral fuels, which increased by $1.31 billion, and animal feed, which rose by $57.4 million. China remained the country's largest supplier, providing $3.92 billion worth of goods, or 29.7% of total imports.On the export front, machinery and transport equipment recorded the largest annual gain, rising by $187.6 million. This was followed by coconut oil and other mineral products, which saw increases of $173 million and $163.6 million, respectively.The US remained the top destination for Philippine exports, taking in $1.30 billion, or 18% of the total. China and Japan followed as the second and third largest export markets, each accounting for a share of about 13%.The widening trade imbalance may add further weight to the Philippines' pre-existing weakness, which is already pressured by the Middle East conflict."Excluding the pandemic period, the pace of increase was the slowest since 2010. Prospects for a meaningful turnaround are also not favorable with household expectations of economic conditions weakening anew," ANZ Chief Economist Sanjay Mathur said.

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International

Philippines Producer Inflation Eases to 2.4% in April

The Philippines' producer price index (PPI) for manufacturing rose 2.4% year over year in April, slowing from a 2.6% increase in March, data from the Philippine Statistics Authority showed Friday.The softer producer inflation was driven mainly by a slower 5.3% increase in the manufacture of coke and refined petroleum products, down from 8.2% in the previous month.Slower PPI in the manufacture of computer, electronic and optical products at 4.3%, along with a 3.8% increase in basic metals, also contributed to the deceleration.Meanwhile, PPI growth for food manufacturing accelerated to 1.4% in April from 1.2% in March, data showed.

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Asia

Market Chatter: US, Iran Reach Tentative 60-Day Ceasefire Extension

The U.S. and Iran have tentatively agreed to extend a ceasefire for two months while initiating new negotiations over Tehran's nuclear program, fueling optimism that the ongoing three-month conflict may soon end, Bloomberg News reported on Thursday, citing a source familiar with the discussions.The anonymous source confirmed a prior Axios report, though President Donald Trump has not yet signed off on the terms, the newswire said.While both sides have previously celebrated progress and Trump has often claimed a deal was imminent, the impasse has repeatedly persisted, the publication said.Vice President JD Vance told reporters that the two nations are exchanging proposals on specific language regarding Iran's nuclear capabilities, and noted that Iran appears to be engaging in good faith, with tangible progress underway, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

^BSE^HNX^HOSE^Hang Seng^JKSEFTSE Bursa Malaysia KLCI^KOSDAQKOSPINikkei 225^NSE^PSEI^SETShanghai Composite^STI^SZSETaiwan Weighted
Asia

Market Chatter: Japan to Help Philippines Expand Oil Reserves Amid Iran War Risks

Japan will help the Philippines strengthen its oil reserves amid energy supply disruptions caused by the Iran war, Nikkei Asia reported Thursday.Under the plan, experts from Japan's Ministry of Economy, Trade and Industry, international organizations, and private firms including Chiyoda will work with Philippine energy officials to develop a framework for expanding the country's oil reserves by the end of 2026, according to the report.Japanese Prime Minister Sanae Takaichi and Philippine President Ferdinand Marcos Jr. are expected to reach an agreement during their summit in Tokyo on Thursday, the news outlet reported.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Market Chatter: US Sends Emergency Oil Reserve Cargo to Philippines Amid Middle East Supply Disruptions

A shipment of crude oil from the US Strategic Petroleum Reserve is heading to the Philippines, marking the first delivery of U.S. emergency reserve oil to Asia since 2022, Reuters reported Tuesday, citing ship-tracking data.The cargo includes about 616,000 barrels of sour crude loaded from the Bryan Mound reserve facility in Texas and is expected to arrive in Bataan in early July. The ship is also loaded with about 700,000 barrels of U.S. sour grade Thunder Horse, according to the report.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Market Chatter: FSCC Warns Philippines Financial System Faces Strain Despite Banks' Strong Buffers

The Philippines' financial system is under growing pressure from rising corporate and household debt, as well as ongoing instability in the Middle East, BusinessWorld reported Monday, citing the Financial Stability Coordination Council (FSCC).Financial Stability Coordination Council said geopolitical tensions could lift oil prices, weaken markets, and tighten financial conditions, slowing economic growth if the conflict continues. The banking sector still has strong buffers but is facing rising risks, the report said.The council warned that companies in energy- and interest-sensitive sectors could struggle with higher debt costs and thinner profits, which may affect bank asset quality. It also flagged possible losses from higher bond yields, though it said the system remains stable overall, the news outlet said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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International

Asia Week Ahead: Policy Rate Decisions, Inflation Prints and GDP Reports

Asia's economic calendar this week features a mix of inflation data, interest rate decisions, GDP releases and industrial figures across the region.The week opens with Singapore's GDP and inflation data, plus Thailand's trade figures, followed on Tuesday by Taiwan's industrial production and retail sales reports.Mid-week, attention turns to the Reserve Bank of New Zealand's policy decision and Australia's inflation print. On Thursday, the Bank of Korea will announce its rate decision, while Hong Kong releases trade data and India reports industrial and manufacturing output figures.Friday will be the busiest day for macro releases, led by a batch of key indicators from Japan. The week wraps up with China's PMI readings on Sunday.Here's what to watch in the week ahead.MONDAY, May 25Singapore's economy grew 6.0% year over year in the first quarter, government data showed, beating the 4.6% flash estimate and accelerating from the 5.7% growth in Q4.The expansion was driven by strong performances in the wholesale trade, manufacturing, and finance and insurance sectors.Meanwhile, the city-state's annual inflation rate held steady at 1.8% in April, unchanged from March but below market expectations of 2%.Core inflation, on the other hand, eased to 1.4% in April from 1.7% a month prior.In Thailand, exports surged 23.1% year over year to $31.6 billion in April, accelerating from an 18.7% increase in March and beating forecasts of 16.2%.Imports likewise strengthened, expanding 45% in April to $41.6 billion, compared with a rise of 35.7% a month prior.As a result, the trade deficit ballooned to $10.02 billion in April from $3.3 billion a year earlier, far above forecasts of a $5.1 billion shortfall.TUESDAY, May 26Singapore will release its April industrial production data, while Taiwan is due to report both industrial production and retail sales figures for the month.WEDNESDAY, May 27New Zealand's central bank will hold its policy meeting, with analysts expecting no change to the country's official cash rate of 2.25%, according to a Trading Economics consensus.Australia is set to release inflation figures on the same day. Consumer prices rose 4.6% year on year in March, the fastest pace since September 2023, and are expected to accelerate to 5.1% in April as oil prices climb amid the Middle East conflict.Meanwhile, China will report its industrial profits for April. A pair of confidence reports covering business and consumer sentiment will be due in South Korea and Taiwan, respectively.THURSDAY, May 28The Bank of Korea is set to meet for its policy rate decision, with markets watching for any change to its current 2.5% benchmark rate amid inflation and growth pressures linked to the ongoing conflict in the Middle East.Hong Kong will release its monthly trade figures. The April reading could show a narrowing of the trade deficit to HK$46 billion from HK$89.1 billion in March, Trading Economics forecasted.Meanwhile, India will report its industrial and manufacturing production data for April.Markets will also watch New Zealand's ANZ Business Confidence report for May, after the index dropped to -10.6 in April -- its first negative reading since August 2023 -- as the Middle East conflict weighed on sentiment.FRIDAY, May 29Japan's usual end-of-month data deluge, which includes the release of inflation, unemployment rate, industrial production and retail sales, will provide insights into the country's economic health.Markets will also watch Taiwan's final Q1 GDP growth figures for any revision from the preliminary estimate, which showed the economy expanding by 13.7%.Other highlights include trade balance figures from Macau and the Philippines, and export and import price data from Singapore.Both South Korea and Thailand will report their monthly industrial production and retail sales stats, while Macau will report its unemployment rate for April.Lastly, a report capturing business confidence in April will be due in the Philippines.SUNDAY, May 31China, the biggest economy in Asia, will release its official May PMI data covering manufacturing, non-manufacturing and general activity.

ASX 200^BSEHang SengKOSPINikkei 225^NSE^NZ50^PSEI^SETShanghai Composite^STI^SZSETaiwan Weighted
Asia

Philippines to Reissue Up to 50 Billion Peso Bonds

The Philippines Bureau of the Treasury said it will reissue two series of bonds worth a total of up 50 billion pesos, according to a document on the bureau's website Thursday.Of this, 20 billion pesos to 30 billion pesos of four-year bonds carrying a 6.375% coupon rate are being issued and will mature July 27, 2030.10 billion pesos to 20 billion pesos of 10-year bonds will also be issued, with a coupon rate of 5.925% and a maturity date of Feb. 23, 2036.The auction date for the issue is May 26, with a settlement date of May 28.

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Asia

Market Chatter: Philippine Central Bank Weighs Off-Cycle Rate Hike

The Philippine central bank is considering an off-cycle interest rate hike before its next scheduled meeting on June 18, Governor Eli Remolona told One News in an interview on Friday.Bangko Sentral ng Pilipinas (BSP) raised its benchmark interest rate by 25 basis points to 4.50% in April, but Remolona said that it may not have been enough to rein in mounting price pressures.The Philippines, heavily dependent on imported oil, has faced inflation concerns following sharp increases in global fuel prices linked to tensions in the Middle East. The peso has also come under pressure, losing around 4.6% against the U.S. dollar this year.The BSP has already held an unscheduled policy meeting on March 26, becoming the first central bank in Asia to conduct an off-cycle rate increase this year.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Emerging Asia Sees Strong Capital Flows, But Differentiation Emerges, Fitch Says

Solid Asia-Pacific corporate and financial institution credits continue to anchor capital flow and benchmark deals in the region, Fitch Ratings said in a Friday release.Global emerging market portfolio inflows reached $58.3 billion in April, a reversal of the $66.2 billion outflow in March, Fitch cited the Institute of International Finance as saying.Emerging Asia accounted for the largest share in debt investments for the month, indicating stable investor demand for Asian debt despite oil price pressure due to the Iran war, Fitch said.Emerging markets including India, Indonesia, the Philippines, Sri Lanka, and Thailand have observed depreciation in the 5% to 7% range due to the Iran conflict, reflecting oil import reliance and fuel buffers, the rating agency said.Investor appetite among emerging Asian markets exhibits differentiation, as seen in greater FX reserve drops for the Philippines and Sri Lanka compared to the others, Fitch said.The rating agency believes sovereign support anchors funding access for issuers, with debt markets gaining from countries' external positions, deeper domestic funding markets and better policy response to shocks.

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International

Fitch Sees Manageable Risk in APAC Insurer Private Credit Exposure

Fitch Ratings says private credit exposure among major rated Asia-Pacific insurers remains broadly contained, with allocations still below 5% of total assets or around 10% of equity capital, including contractual service margin, in 2025.While positions have climbed over the past two to three years, Fitch said the shift has not materially altered overall portfolio risk profiles.The agency noted insurers are relying on tighter safeguards, including diversification across managers, borrowers, sectors and regions, alongside conservative sector choices and limits on leverage. Portfolios are mainly focused on senior secured and asset-backed loans, with regular checks on valuations, credit changes and recoveries due to the illiquid nature of the asset class.Fitch added that regulatory reforms and accounting changes, including risk-based capital frameworks and IFRS 17 and IFRS 9, have supported the allocation trend by improving capital efficiency.

^BSE^HNX^HOSEI^JKSEFTSE Bursa Malaysia KLCINifty 50^PSEI^SETShanghai Composite^STI^SZSETaiwan Weighted
Asia

Market Chatter: Philippines' President Orders 10% Reduction in Government Expenses

Philippines' President Ferdinand Marcos has ordered government agencies to cut operating and maintenance spending by at least 10%, equivalent to roughly $4.8 billion, amid surging energy costs, Nikkei Asian Review reported, citing his address to Japanese media ahead of Tokyo visit.Marcos warned of stagflation risks, saying the government was trying to contain slowing growth, rising inflation and unemployment pressures. The Philippines, heavily reliant on imported fuel and lacking broad energy subsidies, has been among the region's hardest hit by disruptions around the Strait of Hormuz. GDP growth slowed to 2.8% in the first quarter while inflation accelerated to 7.2% in April, the report said.The administration has declared an energy emergency, rolled out transport subsidies and sought to cap food prices, though producers are now seeking price increases, the Nikkei said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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International

Philippines Cash Remittances Rise 2.8% in Q1

Overseas Filipino (OF) cash remittances increased 2.8% to $8.68 billion in the first quarter from $8.44 billion a year earlier, according to data released by the Bangko Sentral ng Pilipinas on Friday.For March alone, the cash remittances reached $2.87 billion, reflecting steady inflows from migrant workers.The United States remained the largest source of cash remittances during the first quarter, followed by Singapore and Saudi Arabia, highlighting continued dependence on key labor markets.Personal remittances, which include transfers sent through banks and informal channels as well as in-kind remittances, stood at $3.20 billion in March.For the first quarter, personal remittances also grew 2.8% to $9.66 billion from $9.40 billion a year earlier, the data showed.

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Asia

Market Chatter: Mynt Eyes About $1 Billion Via IPO

Mynt, the operator of GCash, is weighing a domestic IPO that could value the firm at over $8 billion, with plans to raise about $1 billion, Reuters reported Thursday, citing people familiar with the matter.The listing could be filed as early as July and slated for later this year, depending on market stability and local regulatory approvals, sources told the news agency.Backed by shareholders including Globe Telecom (PSE:GLO), Ayala (PSE:AC) and Ant Group, Mynt was last valued at $5 billion after a 2024 investment round involving Ayala and Mitsubishi UFJ Financial Group (TYO:8306). Its GCash platform has around 94 million users in the Philippines and provides payments, transfers, savings, lending and insurance services, Reuters said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Update: ENEOS to Acquire Chevron's Asia-Pacific Downstream Assets in $2.17 Billion Deal

(Updated to add ticker for ENEOS in the first paragraph)ENEOS Holdings (TYO:5020) signed share purchase agreements with several Chevron subsidiaries to acquire 100% of Chevron's downstream fuels and lubricants marketing businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia for $2.17 billion.The deal also includes the acquisition of a 50% non-operated interest in the Singapore Refining Co. from Chevron Singapore, according to a company release on Thursday.The acquisition will be carried out through a special purpose vehicle incorporated in Singapore.The transaction is slated to complete by 2027 and is subject to regulatory approvals, the filing said.

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