Your Morning Fix

• The Philippine government’s debt soared to a record PHP 17.56 trillion by July 2025—an 11.9% jump from the previous year—exceeding its projected annual ceiling.
• President Ferdinand Marcos Jr. enacted a new law revamping the tax system for large-scale metallic mining, introducing royalties and profit-based taxes to enhance government earnings and ensure host communities benefit from mining revenues.
• The Philippine peso strengthened to PHP 56.98 against the dollar on Thursday, gaining 32 centavos amid growing expectations of a US Federal Reserve rate cut following disappointing US jobs data.
• Global stock markets, including Wall Street, rose on Thursday while US Treasury yields declined, driven by signs of a softening labor market and Federal Reserve officials hinting at a possible rate cut this month.
• A Reuters survey of economists revealed that China’s new-home prices are now expected to fall by a milder 3.8% in 2025 and dip just 0.5% in 2026, with modest growth projected for 2027, as government policies slow the decline but fail to resolve the ongoing property crisis.