GlobalSource Partners | Country Insights

The Philippines’ external position is flashing red but not yet in crisis. The US$5.3-billion January–July BOP deficit and the decline in GIR to US$103.3 billion warrant vigilance. However, reserves remain substantial at 6.7 months of imports and 3.7 times short-term external debt. The bigger i...

Market Testing Philippine Macroeconomic Resilience

PHILIPPINES · In Brief · 21 Aug 2026

The peso nearly breached ₱62 to the dollar on August 19, touching an intraday record low of ₱61.995 before recovering slightly to close at ₱61.815. The sell-off was not confined to foreign exchange: Philippine equities and fixed-income markets also turned jittery. Peso-Dollar Rate: January 5 to A...

GDP slowdown: disappointing but expected

PHILIPPINES · Report · 11 Aug 2026

The Philippines’ second quarter 2026 real GDP is deeply disappointing, but hardly surprising. The slowdown reflects not only external shocks such as the Middle East conflict and higher energy prices, but also weakening domestic fundamentals. Household consumption has lost momentum as inflation c...

President Ferdinand Marcos Jr's performance scorecard: mixed...

PHILIPPINES · Report · 03 Aug 2026

The Marcos administration's first four years have been marked by a mixed but consequential economic record. Its strongest achievement has been the restoration of macroeconomic stability after the COVID-19 crisis. Inflation has eased from its post-pandemic highs, economic growth has remained among...

Two inflation shocks, one policy challenge

PHILIPPINES · Report · 20 Jul 2026

The Philippines is facing two simultaneous inflation shocks: a larger-than-expected wage increase and renewed external pressures from volatile oil markets and a weaker peso. Together, these could delay the return of inflation to target, underscoring the importance of maintaining credible monetary...

The Philippines reclassified as an upper-middle-income country: a milestone, not the destination

PHILIPPINES · Report · 06 Jul 2026

The World Bank's reclassification of the Philippines as an upper-middle-income country marks an important achievement in the country's economic journey and recognizes its resilience and sustained macroeconomic progress. Yet the greater challenge lies not in attaining a higher income classificatio...

BSP extends regulatory relief to banks amid the Middle East conflict: a new dimension of Central Banking?

PHILIPPINES · Report · 24 Jun 2026

In providing a temporary regulatory relief to the banks, this Bangko Sentral ng Pilipinas' (BSP) regulatory response represents a departure from the conventional approach adopted by most regional central banks by combining monetary policy with targeted prudential and supervisory relief for banks...

Managing inflation, preserving monetary policy credibility

PHILIPPINES · In Brief · 16 Jun 2026 · 1 response

If there is one key implication of inflation slowing from 7.2% in April to 6.8% in May, it is that the Bangko Sentral ng Pilipinas (BSP) now has greater flexibility in calibrating monetary policy. The moderation in inflation reduces the urgency for either an off-cycle policy meeting or an aggress...

Mindanao Earthquake: A Humanitarian Crisis and a Test of Governance

PHILIPPINES · Report · 10 Jun 2026

Every year, the Philippines confronts major natural disasters, from typhoons and floods to volcanic eruptions and earthquakes. Yet 2026 has proven particularly devastating. On the morning of June 8, a powerful magnitude 7.8 earthquake struck offshore near Sarangani Province, making it one of the ...

Mindanao Earthquake: A Humanitarian Crisis and a Test of Governance

PHILIPPINES · In Brief · 09 Jun 2026

Institutional instability and economic collateral damage

PHILIPPINES · In Brief · 02 Jun 2026 · 1 response

Two weeks ago, we argued that if something in the Philippine political system must finally fall into the ravine, it should not be constitutional accountability. It should be the culture of impunity that has long weakened Philippine democracy. Yet recent developments in the Senate suggest the oppo...

The Philippine Senate: Impeaching the culture of impunity

PHILIPPINES · In Brief · 15 May 2026

Last May 11, the Philippines’ House of Representatives overwhelmingly voted to impeach Vice President Sara Duterte on allegations involving misuse of confidential funds, unexplained wealth, SALN discrepancies, corruption, and threats against top government officials. The Articles of Impeachment w...

What in the Middle East "ceasefire" did not cease

PHILIPPINES · Report · 05 May 2026

The so-called Middle East “ceasefire” was not a true ceasefire but a fragile and ambiguous pause that failed to resolve underlying geopolitical tensions. While global markets initially reacted with optimism, the relief proved short-lived as oil prices remained elevated and volatility persisted. ...

Trumping monetary policy: time for BSP to tighten

PHILIPPINES · In Brief · 21 Apr 2026

The Bangko Sentral ng Pilipinas (BSP) faces a clear policy imperative: shift decisively to tightening. The evidence is no longer ambiguous— inflationary pressures are broadening, deepening, and becoming more persistent. We therefore believe that the BSP will initiate tightening monetary policy in...

Stagflation is no longer a risk—it is now a policy test

PHILIPPINES · Report · 07 Apr 2026

The Philippines is entering a more dangerous phase of inflation, with March 2026 data confirming a shift from temporary supply shocks to a broader, more persistent inflation cycle. Rising oil prices, food costs, and early signs of second-round effects are pushing inflation beyond target, while ex...