Your Morning Fix

• Factory activity in the Philippines contracted for the first time in 19 months to 49.4 in March from 51 in February, as manufacturers reduced output due to uncertainties around US tariff policies.
• The Philippine government’s budget deficit rose to PHP 171.4 billion in February, a 4.11% increase from last year. This reversed January’s surplus on a month-on-month basis despite revenues growing 12.39% to PHP 251.8 billion, driven by higher tax collections from the Bureau of Internal Revenue and the Bureau of Customs.
• The government raised PHP 30 billion through seven-year Treasury bonds on Wednesday, with demand nearly triple the offering amid hopes of BSP easing. The total volume for the bond series reached PHP 254.7 billion.
• US President Donald Trump introduced a sweeping trade policy overhaul, imposing a minimum 10% tariff on all imports, with higher rates targeting nations like the European Union and China, deemed the “worst offenders” for unfair trade practices.
• New orders for US-manufactured goods rose 0.6% in February, following a revised 1.8% increase in January, as businesses likely accelerated orders ahead of tariffs. On an annual basis, factory orders grew by 1.5%.