Your Morning Fix

• The House of Representatives has approved the proposed PHP 6.793-trillion 2026 national budget, significantly boosting funding for education, health, and agriculture.
• Foreign Direct Investment (FDI) net inflows into the Philippines reached a one-year high of USD 1.268 billion in July, despite a year-on-year decline of 7.5%.
• The nonperforming loan (NPL) ratio for Philippine banks climbed to a nine-month high of 3.5% in August, rising from 3.4% the month prior and marking the highest level since November 2024.
• Japan’s wholesale inflation remained at 2.7% in September, with 90% of households expecting prices to rise over the next year.
• St. Louis Fed President Musalem signaled openness to a possible rate cut to support the labor market, but emphasized the need to counter persistent inflation.