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PHL Overseas Loans, Taguig (2026)

08/06/2025

May 2025 GIR level rises to US$105.5 billion
June 06, 2025

The country’s gross international reserves (GIR) level, based on preliminary data, rose from US$105.3 billion as of end-April 2025 to US$105.5 billion as of end-May 2025.1 This latest GIR level provides a robust external liquidity buffer, equivalent to 7.3 months' worth of imports of goods and payments of services and primary income.2 Moreover, it covers about 3.7 times the country's short-term external debt based on residual maturity.3,4

The month-on-month increase in the GIR level reflected mainly the (1) upward valuation adjustments in the Bangko Sentral ng Pilipinas’ (BSP) gold holdings due to the increase in the price of gold in the international market, (2) net income from the BSP’s investments abroad, and (3) national government’s net foreign currency deposits with the BSP.

Similarly, the net international reserves (NIR) increased by US$0.08 billion from US$105.26 billion as of end-April 2025 to US$105.34 billion as of end-May 2025.5

08/06/2025

Consumers pessimistic in first half 2025, remains optimistic for next 12 months*
June 05, 2025

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Filipino consumers grew more pessimistic about the economy in the first quarter of the year, citing faster increases in the prices of goods and services, declining incomes, and fewer job opportunities as the main reasons.

Results of the latest Consumer Expectations Survey (CES) of the Bangko Sentral ng Pilipinas (BSP) showed that the overall consumer confidence index (CI) dropped to -13.0 percent in the first quarter of 2025 from -11.1 percent in the previous quarter and -10.9 percent in the first quarter of 2024.

A negative CI means more respondents are pessimistic than optimistic.

Results of the CES are among the factors the BSP monitors for the conduct of monetary policy.

In response to the survey results, the BSP reiterates its commitment to its mandates, among which is helping keep inflation manageable.

Based on its latest estimates, inflation—or the increase in prices of goods and services—is expected to remain manageable and within the target range of 2.0-4.0 percent for this year up to 2027. Within-target inflation supports investments and job creation.

In addition to their current sentiment, consumers were asked about their sentiment for the succeeding quarter and the next 12 months.

Survey results indicated that consumer sentiment for the next quarter reverted to negative territory, with the CI settling at -0.5 percent, down from 4.2 percent in the previous quarter and 2.7 percent in the first quarter of last year.

Nevertheless, consumers expect economic prospects to improve in the next 12 months. Survey results showed a positive CI at 12.4 percent for the next 12 months, unchanged from the previous quarter but slightly lower than the 13.4 percent recorded in the first quarter last year.

08/06/2025

May inflation eases further to 1.3 percent
June 05, 2025

Headline inflation eased further from 1.4 percent in April to 1.3 percent year-on-year in May. The May reading is within the forecast range of 0.9 to 1.7 percent for the month. The resulting average year-to-date inflation of 1.9 percent is below the Government’s inflation target range of 2-4 percent. On a month-on-month seasonally adjusted basis, headline inflation increased from -0.1 percent in April to 0.2 percent in May. Meanwhile, core inflation was steady at 2.2 percent.

Inflation moderated further due to slower price increases for non-food items. Lower electricity rates and rollbacks in the prices of domestic petroleum products brought down non-food inflation. Meanwhile, food inflation was unchanged in May. Rice prices continued to decline owing to lower international prices, ample supply amid the ongoing dry season harvest, and direct government measures to stabilize prices. However, this was offset by higher prices for fish, fruits and nuts, vegetables, and meat.

The latest data affirm the BSP’s outlook of a manageable inflation environment amid the continued easing of commodity price pressures. The BSP will reassess its monetary policy stance at the next meeting of the Monetary Board on 19 June 2025.

08/06/2025

JCR affirms PH's A- credit rating, stable outlook
June 05, 2025

The Japan Credit Rating Agency, Ltd. (JCR) has affirmed the Philippines’ investment-grade credit rating of “A-” with a “stable” outlook.

The rating action recognized the Philippines’ sustained economic growth. In Q1 2025, the country’s gross domestic product (GDP) expanded by 5.4 percent.

According to the Bangko Sentral ng Pilipinas (BSP), growth was attained amid stable prices. Inflation averaged 2.0 percent during the first four months of the year.

“Despite increased uncertainty due to changes in U.S. tariff policies, [the] Philippines’ foreign exchange liquidity position remains solid, and JCR expects the economy to retain high resilience to external shocks going forward,” JCR said.

It expects the country’s GDP growth to stay in the “upper 5% range” this year.

According to BSP Governor Eli M. Remolona, Jr., “JCR’s affirmation will support and strengthen investment from Japan, one of the Philippines’ most important partners. The BSP will continue to safeguard price and financial stability to boost the country’s resilience amid global headwinds.”

JCR also cited the country's strong external position and ample foreign exchange reserves as well as government efforts towards fiscal consolidation under the Medium-Term Fiscal Framework.

As of end-April 2025, the Philippines’ gross international reserves stood at US$105.3 billion, sufficient to cover 7.3 months of imports and 3.6 times short-term external debt based on residual maturity.

Fitch Ratings also affirmed its ‘BBB’ with a stable outlook for the Philippines in April 2025, citing easing inflation, sound monetary policy, and stable public debt as key factors.

An investment-grade rating signals low credit risk and favorable financing terms for critical public services and infrastructure.

08/06/2025

BSP polymer banknotes win best new series award
June 03, 2025

Photo_FPP_Best New Series Award.jpg

The Bangko Sentral ng Pilipinas’ (BSP) First Philippine Polymer Banknote Series (FPPBS) received the “Best New Banknote or Banknote Series” award from the International Association of Currency Affairs (IACA) during a ceremony in Bangkok, Thailand on 28 May 2025.

The award-giving body lauded the FPPBS’ security features, overall design, and use of local elements, particularly flora and fauna endemic to the Philippines.

According to IACA, “The FPPBS introduces innovative features that redefine currency security in the Philippines. These advanced security features are seamlessly integrated into the overall design, ensuring both functionality and aesthetic appeal. These elements create a robust and secure currency system.”

IACA added, “The overall design of the Philippine polymer banknotes is captivating.” The featured species enhance “the banknotes’ aesthetic appeal” and serve as a testament to the “Philippines’ rich culture and natural heritage.”

“This recognition affirms our commitment to innovation in currency design, ensuring that our banknotes meet the global standards of security and sustainability,” said BSP Deputy Governor for Payments and Currency Management Mamerto E. Tangonan.

The BSP first issued the 1000-piso polymer banknote in 2022, followed by the release of the 500-, 100-, and 50-piso denominations in December 2024. The FPPBS is co-circulating with existing paper banknotes.

Polymer banknotes are considered smarter due to their more advanced security features against counterfeiting and lower carbon footprint; cleaner as they are more resistant to dirt, moisture, and microbes; and stronger as they have a lifespan two to five times longer than that of paper banknotes.

The 1000-piso polymer banknote was also named “Best New Banknote” for 2023 by High Security Printing™ Asia and “Banknote of the Year” for 2022 by the International Banknote Society.

Moreover, the BSP’s communication campaign for the 1000-Piso polymer banknote bagged the “Best New Currency Public Engagement Program” from IACA in May 2023.

IACA is an independent non-profit organization1 that promotes excellence in the cash cycle and serves as a platform for knowledge sharing and collaboration among its members on matters of strategic importance.

30/05/2025

PH in good position to support growth amid trade shocks
May 30, 2025

Photo_2025 BSP-PIDS Policy Forum.jpg

The Philippines is well-positioned to support economic growth, a key advantage amid ongoing global trade shocks,1 according to Bangko Sentral ng Pilipinas (BSP) Deputy Governor for the Monetary and Economics Sector Zeno Ronald R. Abenoja (above).

Speaking on behalf of BSP Governor Eli M. Remolona, Jr. at a joint policy forum organized by the BSP and the Philippine Institute for Development Studies (PIDS), Abenoja emphasized that the country’s current inflation rate of 1.4% (as of April 2025) allows the bank to lower interest rates.

“Low inflation gives us extra degrees of freedom to ease monetary policy and support growth,” Governor Remolona said in the speech delivered by Abenoja. “Trade shocks are more damaging than supply shocks. Left unchecked, they can erode decades of hard-won progress.” The forum was held at the BSP Head Office in Manila on 26 May 2025.

Themed “Seizing the Shift: Navigating Trump’s Reciprocal Tariffs,” the event convened key stakeholders from government, industry, and the academe to assess the evolving global trade environment, particularly the high and unpredictable tariffs by the United States. Monetary Board Members Romeo L. Bernardo and Jose L. Querubin, and BSP Assistant Governor Maria Margarita D. Gonzales also attended the event.

Discussions focused on the restructuring of global trade patterns, the Philippines’ comparative advantages, and vulnerable and high-potential sectors. Participants explored strategic and coordinated policy responses to enhance the country’s integration into global value chains.

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