Your Morning Fix

• US President Donald Trump announced a 50% tariff on copper imports, while announcing plans to impose tariffs on pharmaceuticals and semiconductors soon.
• The Philippine unemployment rate fell to 3.9% in May from 4.1% in April, with the Filipino labor force reaching 52.32 million people, its highest number since 2005.
• The Volume of Production Index, which measures the Philippines’ total manufacturing output, experienced 4.9% year-on-year growth in May, marking two straight months of increases and the quickest manufacturing growth in 10 months.
• Preliminary data from the Bangko Sentral ng Pilipinas showed that outstanding loans from universal and commercial banks increased by 11.3% year-on-year in May to PHP 13.37 trillion.
• The Philippine government’s dollar reserves ticked up to USD 105.32 billion in June, a 0.14% month-on-month increase from May and a 0.13% year-on-year increase from 2024.