Business World

LoA issuance to resume within Q1

THE BUREAU of Internal Revenue (BIR) may resume the issuance of letters of authority (LoA) within the first quarter, as the agency seeks to boost revenue collection. Finance Secretary Frederick D. Go said tax audits should be resumed as the BIR seeks...

Gov’t raises $2.75B from dollar bonds

THE PHILIPPINE government has raised $2.75 billion (about P163 billion) worth of dollar bonds, as it returned to the international capital markets for the first time in a year. The triple-tranche dollar bond issuance was the Philippine government’s...

Philippine agriculture output likely increased in 2025

THE PHILIPPINES’ agricultural production is estimated to have grown modestly in 2025 as gains in poultry and crop output likely offset the decline in livestock and fisheries, analysts said. Former Agriculture Secretary William D. Dar told...

PHL discovers new natural gas source

THE PHILIPPINES has made its first major natural gas discovery in more than a decade, a development that could strengthen domestic energy supply and support rising power demand, President Ferdinand R. Marcos, Jr. said on Monday. The reservoir, called...

Philippines slips in Conflict Index, now classified as ‘turbulent’

The Philippines fell two places to 31st out of 244* countries in the 2025 release of the Conflict Index by the Armed Conflict Location and Event Data (ACLED). The country was reclassified as “turbulent,” down from “high” in the previous edition. The...

How powerful is the Philippine passport?

The Philippine passport ranked 73rd out of 199 passports in the January 2026 update of the Henley Passport Index (HPI). Filipino citizens enjoy visa-free or visa-on-arrival access to only 64 out of 227 destinations worldwide. The country’s passport...

PSE chief eyes four IPOs this year

THE Philippine Stock Exchange (PSE) is setting a modest target of about four initial public offerings (IPOs) this year, underscoring the cautious pipeline for equity fundraising after listings fell short of expectations last year. “We only targeted...

November misery index drops to 3-month low

The Philippines’ adjusted misery index slid to 15.8% in November, the lowest in three months when it logged 15.7% in August. This reflected easing inflation and underemployment rates during the period. The index, which now incorporates adjusted...

Inflation eases to 1.7% in 2025, slowest in 9 years

HIGHER FOOD PRICES during the holiday season lifted inflation to 1.8% in December, although the full-year average eased to 1.7% — the slowest in nearly a decade, the Philippine Statistics Authority (PSA) reported on Tuesday. PSA data showed that last...

PHL trims 2026, 2027 growth goals

THE PHILIPPINE government lowered its economic growth targets for this year and 2027, with the impact of the corruption scandal still expected to be felt in the first half, according to Economy Secretary Arsenio M. Balisacan. At a briefing on Monday,...

Poll: Inflation further eased in Dec.

HEADLINE INFLATION may have eased to a five-month low in December amid the continued drop in rice prices and cheaper electricity costs, which likely brought full-year inflation well below the target, analysts said. A BusinessWorld poll of 14 analysts...

Philippines to be 24 th largest economy by 2040

The Philippines is expected to become the 24th largest economy globally by 2040, according to the latest edition of the World Economic League Table. Published by London-based think tank Center for Economics and Business Research (CEBR), the country’s...

Philippines’ fight against illegal fishing improves

The Philippines improved one spot to 54th out of 152 coastal countries (from worst to best) in the 2025 edition of the biennial Illegal, Unreported and Unregulated (IUU) Fishing Index by the Global Initiative Against Transnational Organized Crime. This...

Philippines lands 72nd in globalization ranking, seventh-most globalized among its peers in the region

The Philippines placed 72nd out of 195 countries in the 2025 edition of the KOF Globalisation Index published by KOF Swiss Economic Institute. On a scale of 1 to 100, where 100 indicates a country is most globalized, the country scored 65.22, better...

Philippines ranks 57th in digital quality of life list

The Philippines placed 57th out of 121 countries in the 2025 edition of the Digital Quality of Life (DQL) Index, published by VPN provider Surfshark. With an overall score of 0.4888, the country was better than the global average score of 0.4804. The...

Philippines climbs in AI readiness, outpaces global and regional averages

The Philippines rose seven places to 49th out of 195 countries in the latest edition of the Government AI Readiness Index by Oxford Insights. Out of a possible 100, the country scored 57.76, significantly higher than the global average of 41.40 and...

Go: Economy back on track by Q1

FINANCE Secretary Frederick D. Go is confident the economy will be back on track by the first quarter, once individuals linked to the flood control scandal are swiftly prosecuted. In a Dec. 18 briefing with reporters, Mr. Go said government revenues...

Philippines lands 74th in sustainability list, but still lags behind its regional peers

The Philippines ranked 74th out of 192 countries in the 2025 edition of the Global Sustainable Competitiveness Index (GSCI) by Swiss–Korean think tank and management consultancy SolAbility. This put the country as the sixth least sustainable country...

Philippines climbs in Human Freedom Index

The Philippines improved four places to 96th out of 165 countries and territories in the 2025 edition of the Human Freedom Index (HFI), copublished by the Fraser Institute and the Cato Institute. On a scale of 0 to 10, where 10 means more freedom, the...

Philippines edges up to 54th in public integrity index

The Philippines climbed nine places to 54th out of 119 countries with a score of 6.48 out of 10 in the 2025 edition of the Index of Public Integrity (IPI) by the European Center for Anti-Corruption and State-Building. This put the Philippines as the...

Philippines improves in the anti-money laundering index

The Philippines improved 25 places to 74th out of 177 jurisdictions in the 2025 edition of the Basel Anti-Money Laundering Index by nonprofit organization Basel Institute on Governance. This was its best performance since the index was first published...

Inflation risks may limit BSP easing

EMERGING RISKS to inflation may limit the Philippine central bank’s ability to ease further in 2026 despite an expected economic slowdown, analysts said. John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development...

Misery index worsens in October

The Philippines’ adjusted misery index hit a three-month high of 18% in October from 16.2% in September. This was the highest recorded since the 20.2% in July. Despite steady inflation in October, the jobless rate and underemployment rate climbed to a...

Unemployment rate rises to 5%, highest in 3 months

THE NUMBER of jobless Filipinos rose by about 570,000 to 2.54 million in October from a year earlier, even as overall employment increased by 460,000, the Philippine Statistics Authority (PSA) reported on Wednesday, underscoring persistent...

How does the Philippines’ sectoral debt as a share of GDP compare with other emerging markets in East and Southeast Asia in Q3 2025?

The Philippines’ total debt went up by 3% to $486.5 billion in the third quarter of 2025 from $472.5 billion in the same period last year, the latest figures from the Global Debt Monitor of the Institute of International Finance (IIF) showed. The...

Manila slips in Global Green Finance Index

Manila fell four places to 91st out of 94 financial centers in the 16th edition of The Global Green Finance Index (GGFI) released by commercial think-tank Z/Yen Group as part of its Long Finance initiative. With an overall rating of 486, the Philippine...

How minimum wages compared across regions in November

In November, inflation-adjusted wages were 19.7% to 26.1% lower than the current daily minimum wages across the regions in the country. Meanwhile, in peso terms, real wages were lower by around P81.14 to P148.29 from the current daily minimum wages set...

Manila ranks ninth in Prime Global Cities Index in Q3

The Philippine capital’s prime residential prices rose 5.4% year on year in the third quarter of 2025 based on the latest edition of the Prime Global Cities Index by real estate consultancy firm Knight Frank. Manila placed ninth among 46 residential...

BSP: Slow growth raises rate cut odds

THE PHILIPPINE ECONOMY will likely undershoot the target this year amid spending cuts and weak investor sentiment due to the graft scandal, increasing the possibility of further easing this month, Bangko Sentral ng Pilipinas (BSP) Governor Eli M....

Philippines holds its ground in Asia Power Index

The Philippines held its rank steady at 15th spot out of 27 countries in the 2025 edition of the Asia Power Index by Lowy Institute. With an overall score of 15.2 out of 100, the country is classified as a “middle power” in the region. The index...

Prices of Noche Buena items climb in 2025

The general increase of the Noche Buena items, as measured by the basket's price index, rose by 1.8% annually this year, a turnaround from the 0.2% decline last year. This brought the average price hike of the basket to 2.3% from 2012 to the present....

Poll: Inflation likely eased in Nov.

HEADLINE INFLATION likely eased in November as lower prices of food, particularly rice, may have tempered higher utility costs during the month, analysts said. A BusinessWorld poll of 15 analysts yielded a median estimate of 1.6% for November...

PHL jumps to 75th in talent competitiveness index

THE PHILIPPINES jumped nine spots in an annual ranking of countries’ ability to attract and retain talent, according to a report by business school Institut Européen d’Administration des Affaires (INSEAD) and the Portulans Institute. In the Global...

NG posts P11.2-B surplus in October

THE NATIONAL GOVERNMENT’S (NG) fiscal position swung to a surplus in October as revenues and expenditures declined amid a corruption scandal, the Bureau of the Treasury (BTr) said on Wednesday. Data from the Treasury showed a P11.2-billion surplus in...

Philippines climbs in property rights ranking

The Philippines went up a notch to 83rd out of 126 countries in the 2025 International Property Rights Index (IPRI) by think tank Property Rights Alliance. Out of 10, the country scored 4.276, below the global average of 5.131 and remained the lowest...

BIR suspends all audit operations

THE Bureau of Internal Revenue (BIR) has ordered the immediate suspension of its audit operations, after complaints over the misuse of letters of authority (LOA). “I have ordered the immediate suspension of all field audits and other related...

Infrastructure spending falls in Sept.

PHILIPPINE INFRASTRUCTURE SPENDING fell for a third straight month in September, as public works projects continued to undergo tight scrutiny amid a corruption scandal, the Department of Budget and Management (DBM) said. In its latest disbursement...

How each segment contributed to Q3 2025 GDP

The Philippine economy, as measured by the gross domestic product (GDP), slowed to a four-year low of 4% during the third quarter, dragged by a corruption scandal involving government infrastructure projects that disrupted public construction and...

Philippines ranks 33rd in organized crime list

The Philippines placed 33rd out of 193 countries in criminality and 114th in resilience in the 2025 edition of the Global Organized Crime Index. Published biennially by the Global Initiative Against Transnational Organized Crime, the index measures a...

Philippines still behind in Women, Peace and Security Index

The Philippines ranked 131st out of 181 countries with an index score of 0.607 (where 1 is best) in the 2025/26 edition of the Women, Peace and Security Index. Published by the Georgetown Institute for Women, Peace and Security, the index measures...

Philippines rises in world openness index, still lags in the region

The Philippines climbed one spot to 82nd out of 129 economies with a score of 0.6588 in the 2025 edition of the World Openness Report. This is the country’s best ranking in three years. Published by the Chinese Academy of Social Sciences’ (CASS)...

PHL farm output jumps 2.8% in Q3

THE PHILIPPINES’ agricultural production grew by 2.8% in the third quarter, as strong crops and poultry output offset the decline in livestock and fisheries, the Philippine Statistics Authority (PSA) said. Data from the PSA showed the value of...

Inflation holds steady at 1.7% in Oct.

PHILIPPINE HEADLINE inflation steadied in October as slower price increases in vegetables and meat offset higher utility costs during the month, the Philippine Statistics Authority (PSA) said on Wednesday. PSA data showed that the consumer price index...

Philippines rises five spots in IMD’s digital competitiveness ranking

The Philippines climbed five spots to 56th out of 69 economies with an overall score of 50.87 (out of 100) in the latest edition of the IMD World Digital Competitiveness Ranking by IMD World Competitiveness Center. It was the country’s best ranking in...

Poll: GDP growth likely slowed in Q3

THE PHILIPPINE ECONOMY likely cooled in the third quarter as soft government spending, typhoons and corruption scandals weighed on growth momentum, economists said. However, resilient household spending supported by the central bank’s rate cuts may...

Poll: Inflation likely picked up in Oct.

PHILIPPINE inflation may have slightly accelerated in October amid elevated prices of food, fuel and electricity as well as a weak peso, analysts said. A BusinessWorld poll of 17 analysts yielded a median estimate of 1.8% for the consumer price index...

Trade gap narrows to $4.35 billion

THE PHILIPPINES’ trade deficit in goods narrowed in September, as exports posted double-digit growth, the Philippine Statistics Authority (PSA) reported on Thursday. Preliminary data from the PSA showed the country’s trade-in-goods balance — the...

Mid-income condos to drive property market recovery — Colliers

RESIDENTIAL VACANCY in Metro Manila is expected to decline steadily by 2027, driven by renewed demand for middle-income condominium, according to real estate consultancy firm Colliers Philippines. In its Third Quarter Property Market Report, Colliers...

Peso slumps to new all-time low

THE PHILIPPINE PESO breached the P59-per-dollar level for the first time on Tuesday, amid market concerns of slowing economic growth and expectations of further monetary easing. At the same time, the Bangko Sentral ng Pilipinas (BSP) said it will...

Political uncertainty may stall growth

PHILIPPINE economic growth is expected to remain within target this year, although global trade woes and domestic political uncertainty may cloud the outlook, Fitch Ratings said. “We expect the Philippines’ economy to expand by 5.6% in 2025, broadly...

Gross borrowings fall in September

THE NATIONAL Government’s (NG) gross borrowings declined by 65% in September, reflecting a slowdown in public spending. The latest data from the Treasury showed that total gross borrowings fell by 64.89% to P128.913 billion in September from P367.183...

How does the Philippines compare in mining contribution?

The Philippines fell a notch to 44th out of 110 countries with an index score of 54.8 out of 100 in the latest edition of the Mining Contribution Index (MCI) by the International Council on Mining and Metals (ICMM). The index, which used 2022 data,...

How reliable is the Philippines as an investment destination?

The Philippines ranked 169th out of 226 countries and territories in the Global Investment Risk and Resilience Index by Henley & Partners in partnership with AlphaGeo. With a risk score of 44.06, where lower is better, and 48.42 in resilience, where...

Manila steadies in global cities ranking

Manila held its 78th place out of 158 cities in the 2025 edition of the Global Cities Report by global consulting company Kearney. Meanwhile, its position in the Global Cities Outlook went up two places to 132nd from 134th in the previous edition. The...

ERC approves higher FIT-All rate

CONSUMERS may see higher electricity bills starting next month as the Energy Regulatory Commission (ERC) approved a new feed-in tariff allowance (FITAll) that goes to paying renewable energy (RE) developers. At a press briefing on Monday, ERC...

Condo glut weighs on home prices

SLUGGISH DEMAND and oversupply of condominium units in the market have dampened the growth in prices of residential properties in the National Capital Region (NCR), analysts said, which could persist until yearend as the glut remains. Joey Roi H....

Philippines’ pension system still third worst in the world

In the 2025 edition of Mercer CFA Institute’s Global Pension Index, the overall score of the Philippines improves to 47.1 out of 100 from 45.8 recorded a year ago. However, this remains below the 64.5 global average. The country’s retirement income...

DoF vows to address businesses’ tax concerns

FINANCE SECRETARY Ralph G. Recto has ordered the formation of a multi-sectoral working group to address tax woes raised by business leaders, the Department of Finance (DoF) said. According to a DoF statement, Mr. Recto gave the order after a dialogue...

MISERY INDEX DIPS TO 6-MONTH LOW IN AUGUST

The Philippines’ adjusted misery index fell to 15.7% in August, the lowest in six months or since the 15.6% logged in February. It reflected easing in unemployment and adjusted underemployment rates that overtook the uptick in inflation rate for the...

House OKs budget bill on 3rd reading

THE HOUSE of Representatives on Monday passed on final reading the proposed P6.793trillion national budget for 2026, concluding 62 days of deliberations marked by heightened scrutiny over a widening corruption scandal involving flood control...

NPL ratio rises to 9-month high in Aug.

PHILIPPINE BANKS’ gross nonperforming loan (NPL) ratio rose to a nine-month high in August, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed. The local banking sector’s gross NPL ratio worsened to 3.5% in August from 3.4% in the...

BSP unexpectedly cuts interest rates

THE BANGKO SENTRAL ng Pilipinas (BSP) unexpectedly slashed its policy rate by 25 basis points (bps) for a fourth straight meeting on Thursday, citing a weakened economic outlook and declining investor confidence amid a widening corruption scandal. The...

Jobless rate eases to 3.9% in August

THE PHILIPPINES’ unemployment rate dropped to 3.9% in August, driven by renewed hiring in the agriculture and construction sectors, the Philippine Statistics Authority (PSA) reported on Wednesday. The August jobless rate is an improvement from the...

Sept. inflation rises to 6-month high

HEADLINE INFLATION accelerated to a six-month high in September, mainly due to costlier fuel and vegetables, but remained below the central bank’s 2-4% target, the Philippine Statistics Authority (PSA) said on Tuesday. Preliminary data from the PSA...

MANILA’S APPEAL TO WORKERS DIPS, REMAINS THE SECOND-LOWEST AMONG ITS PEERS IN THE REGION

Manila fell two places to 115th out of 150 cities in the 2025 Global 150 Cities Index by human resources consulting firm Associates for International Research, Inc. (AIRINC). Among select cities in the East and Southeast Asian region, Manila remained...

Economists keep GDP growth forecasts as corruption allegations unfold

LOCAL ECONOMISTS kept their growth forecasts for the Philippines unchanged for now, even as a widening corruption scandal weighs on investor sentiment. “We’re keeping an eye on governance issues like corruption because they can affect investor...

Inflation likely quickened to 1.9%

HEADLINE INFLATION likely quickened to a six-month high in September, but still below the 2-4% target, due to a rise in food and fuel costs, analysts said. A BusinessWorld poll of 12 analysts yielded a median estimate of 1.9% for September inflation,...

MANUFACTURING PURCHASING MANAGERS’ INDEX (PMI) OF SELECT ASEAN ECONOMIES, SEPTEMBER 2025

Fed cut gives BSP more room to ease

THE BANGKO SENTRAL ng Pilipinas (BSP) now has more room to continue its policy easing to support economic growth after the US Federal Reserve delivered a much-awaited cut on Wednesday but may stay cautious amid lingering inflation risks. “The Fed...

DPWH cuts 2026 budget by P255B

THE Department of Public Works and Highways (DPWH) slashed around P255 billion worth of locally funded flood control projects from its proposed 2026 budget. We are revising the agency’s budget for 2026. We have removed complicated projects,...

PHL car sales down 7.6% in August

PHILIPPINE VEHICLE sales declined year on year in August to the lowest volume in four months, dragged by weaker demand for both passenger and commercial cars, according to industry data. A joint report by the Chamber of Automotive Manufacturers of the...

PHILIPPINES FALLS IN GLOBAL ATTRACTIVENESS INDEX

The Philippines slipped two places to 62nd out of 146 countries in the latest edition of the Global Attractiveness Index (GAI) by The European House – Ambrosetti. With an overall score of 34.1 out of 100, the country was categorized under “medium...

PHL external debt jumps to $149B

THE PHILIPPINES’ outstanding external debt jumped to a record $148.87 billion as of end-June amid the weakening of the US dollar, the Bangko Sentral ng Pilipinas (BSP) said. Central bank data showed the country’s external debt rose by 14.4% from...

JULY MISERY INDEX CLIMBS TO 1-YEAR HIGH

The Philippines’ adjusted misery index climbed to 20.2% in July, the highest in a year when it logged 20.7%. It reflected easing inflation but worsening labor market conditions. The index, which now incorporates adjusted underemployment rate* alongside...

UNEMPLOYMENT RATE RISES TO 3-YEAR HIGH IN JULY