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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.)

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.)

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.)

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.

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.

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.)

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.

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.

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.)

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.

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.)

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.

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

ENEOS Holdings 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.

Market Chatter: ADB to Trim ASEAN Growth Forecasts as US-Iran War Drags On

The Asian Development Bank's (ADB) previous "early stabilization" scenario is no longer valid amid continued war in the Middle East, The Star reported Tuesday, citing ADB chief economist Albert Park's address to reporters.This prompts a revision of the earlier outlook, he reportedly said, as the conflict has stretched beyond initial expectations. Under updated projections, regional growth is now seen slowing to 4.7% in 2026 and 4.8% in 2027, while inflation forecasts have also been revised higher to 5.2% this year.Park warned that energy markets remain under pressure, with gas prices up around 30% and diesel rising even more sharply, while fertilizer costs have surged, raising risks for food and industrial supply chains. He also cautioned that prolonged disruption could keep oil prices elevated, with scenarios showing averages near $96 per barrel in 2026 and even higher in worst-case conditions, 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.)

Philippines Logs FDI Net Flows of $590 Million in February

The Philippines recorded net foreign direct investment (FDI) inflows of $590 million in February, according to data released by the Bangko Sentral ng Pilipinas on Tuesday.The United States emerging as the largest source of investments.Firms in the financial and insurance sector attracted the biggest share of inflows during the month.Cumulative FDI net inflows for January and February stood at $1 billion, the central bank said.

Philippines' GDP Further Weakens to 2.8% in Q1

The Philippines' economy in the first quarter further shrank to its weakest since the pandemic as the Middle East conflict added more inflationary pressure, weakening consumption and investor confidence.The first-quarter gross domestic product rose 2.8% year on year, lower than the previous quarter's 3% rise, according to data the Philippine Statistics Authority published on Thursday.The GDP missed market expectations of a 3.3% growth, as well as ANZ's forecast of a 3.4% increase. Analysts polled by Reuters predicted a 3.5% rise.Household consumption climbed 3%, weaker than the 3.8% rise in the fourth quarter of 2025. Gross capital formation, the gauge for investment growth, fell 3.3%, reflecting a slump in investor confidence.In a press conference, Economic Planning Secretary Arsenio ​Balisacan attributed the current GDP to the effects of the Iran war on global crude prices, which have brought disruption in the international supply chain, according to a Reuters report.Meanwhile, there's improvement in government spending as it jumped 4.8% year on year, stronger than 0.7% in the previous quarter. Before 2025 ended, the government toned down its spending, especially on infrastructure, in the wake the "ghost projects" controversy, where the money allocated for non-existing flood control projects were questioned."Nonetheless, despite this tentative improvement in government spending, the Philippines' economy remains in a challenging position amid elevated inflation, weak growth and persistent external headwinds," ANZ economists Sanjay Mathur and Kausani Basak said in a note. "Overall, risks to near‑term growth remain skewed to the downside, particularly if inflation stays elevated or global geopolitical conditions deteriorate.'Moreover, wholesale and retail trade, especially the repair of vehicles and motorcycles, was one of the factors to the GDP growth, rising 4.6% from a year earlier. Financial and insurance activities jumped 3.4% and public administration and defense, especially compulsory social security, climbed 8.6%, the PSA said.Among key economic sectors, the services sector increased 4.5% year on year, but the agriculture sector slid 0.2%, while the industry sector inched 0.1% lower from a year earlier.Capital Economics said that the Philippines is currently going through stagflation, which is a combination of slowing and very weak GDP growth, which triggers a spike in inflation."Even if the crisis in the Middle East ends soon, the central bank looks almost certain to hike rates again imminently," Capital Economics said in a note.

Philippines' GDP Growth Eases to 2.8% in Q1

The Philippines' economy grew 2.8% year on year in the first quarter of 2026, slowing from the 3% expansion in the previous quarter, data from the Philippine Statistics Authority showed on Thursday.The figure also missed the 3.5% growth forecasts by Trading Economics.The main contributors to first-quarter growth were wholesale and retail trade and repair of motor vehicles and motorcycles, which expanded 4.6%, financial and insurance activities at 3.4%, and public administration and defense; compulsory social security at 8.6%.By sector, services grew 4.5% annually, while agriculture, forestry and fishing slipped 0.2% and industry edged down 0.1%.On the expenditure side, household final consumption expenditure rose 3.0%, government spending increased 4.8%, exports of goods and services climbed 7.8%, and imports grew 6.1%. Gross capital formation, however, contracted 3.3%.Gross National Income expanded 3% from a year earlier in the January-March period, the data showed.

Philippine Economy Further Slows Growth in Q1 at 2.8%

Market Chatter: ASEAN Leaders to Gather in Philippines as US-Iran War Pressures Region

Leaders of the Association of Southeast Asian Nations (ASEAN) are set to confront the widening economic shock of the Iran conflict at this week's summit in the Philippines, with inflation and supply disruptions taking center stage, Nikkei Asian Review reported on Wednesday.The talks will also cover the crisis in Myanmar and efforts to advance a South China Sea code of conduct. Attacks linked to the US-Iran war have choked shipping through the Strait of Hormuz, disrupting global supplies of oil and gas and leading to surging prices. Energy-importing economies such as the Philippines, Thailand and Vietnam are facing rising costs and strained supply chains, prompting subsidies, shorter work weeks and emergency measures. reportedly.Analysts say ASEAN's calls for de-escalation have had a limited impact, leaving leaders under pressure to respond. Divisions persist over Myanmar policy, while long-running negotiations with China on a South China Sea code are unlikely to conclude soon amid competing priorities and geopolitical tensions, the Nikkei said.The 48th ASEAN Summit and related meetings are taking place in Cebu, Philippines, from May 6 to May 8, 2026.(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.)

Market Chatter: SouthEast Asian Rice Farmers Bear Brunt of Burgeoning Costs Amid Middle East Conflict

Rice farmers across South and Southeast Asia face mounting cost pressure ahead of the planting season as fertilizer prices spike, raising concerns over regional food supply, Nikkei Asian Review reported Wednesday.Fueled by geopolitical instability in the Middle East, urea prices climbed 18% in April after surging 54% in March. Benchmark urea prices hit $857 per ton in April, according to the World Bank, more than doubling from a year earlier and surpassing March's four-year high, the report said.This follows the closure of the Strait of Hormuz, which disrupted exports from Qatar and Saudi Arabia. The two countries account for roughly a third of global supply, according to the report.Higher input costs are forcing farmers to cut fertilizer use, risking weaker yields as the rice-growing season begins. With Asia heavily reliant on Gulf supplies, prolonged disruption could trigger shortages, while rising energy and transport costs may push overall production expenses up by as much as 80%, 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.)