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The Nationbal Government’s (NG) outstanding debt rose to a fresh high of PHP 16.63 trillion as of end-February, the Bureau of the Treasury (BTr) reported.

Latest data from the BTr showed that the debt jumped by 1.96% from PHP 16.31 trillion at the end of January.

Year on year, outstanding debt went up by 9.57% from PHP 15.18 trillion as of end-February 2024.

“The rise was primarily driven by the net issuance of new domestic and external debt to support more public programs and projects,” the BTr said in a statement on Tuesday.

Despite hitting another record high, the Treasury said the outstanding debt “remains manageable.”

NG debt is the total amount owed by the Philippine government to creditors such as international financial institutions, development partner-countries, banks, global bondholders and other investors.

“Nevertheless, the increase was partially offset by the strengthening of the peso against the US dollar, which appreciated from PHP 58.375 at the end of January to PHP 57.99 at the end of February, helping manage foreign debt obligations,” it added.

The bulk or 67.5% of the total debt was owed to domestic creditors, while the rest was owed to foreign creditors.

“This financing mix reflects a prudent approach to debt management to help mitigate exposure to external risks while taking advantage of the country’s liquid domestic market,” the BTr said.

Domestic debt, which was composed of government securities, increased by 1.26% to PHP 11.22 trillion as of end-February from P11.08 trillion as of end-January.

Year on year, it also rose by 6.12% from PHP 10.58 trillion in February 2024.

“This was mainly due to PHP 140.72 billion in net domestic financing, as the PHP 268.25-billion gross issuance of government securities exceeded redemptions of PHP 127.53 billion for the month,” the BTr said.

However, the rise in domestic debt was tempered by the peso appreciation against the US dollar, which reduced the overall valuation by PHP 1.1 billion.

Meanwhile, external debt rose by 3.44% to PHP 5.41 trillion from PHP 5.23 trillion in the previous month.

Year on year, foreign debt climbed by 17.52% from PHP 4.6 trillion.

“This was attributed to the net availment of foreign borrowing amounting to PHP 193.71 billion and the PHP 20.41-billion net appreciation effect on third currency-denominated debt,” the BTr said.

“However, these factors were partially offset by a PHP 34.48-billion reduction due to the peso appreciation against the US dollar,” it added.

External debt was composed mainly of PHP 2.53 trillion in loans, and PHP 2.88 trillion in government securities.

“For the month, the NG secured a total of PHP 197.3 billion in external financing, including PHP 190.82 billion through a triple-tranche global bond issuance comprised of 10- and 25-year USD bonds (USD 2.25 billion), and 25-year EUR bonds (1 billion euros) and PHP 6.48 billion in project loans,” the Treasury said.

The BTr said the project loans will fund rail projects through the Japan International Cooperation Agency (PHP 3.86 billion) as well as physical connectivity and health sector efforts with the Asian Development Bank (PHP 1.71 billion).

For February, NG-guaranteed obligations slipped by 1.49% to PHP 341.11 billion as of end-February from the end-January level of PHP 346.27 billion.

Year on year, it fell by 1.11% from PHP 344.93 billion.

“The decrease resulted from the net repayment of both domestic and external guarantees, amounting to PHP 5.83 billion and PHP 0.15 billion, respectively,” the BTr said.

However, this was partially offset by the PHP 1.43-billion net appreciation effect on third currency-denominated guarantees, it added.

Oikonomia Advisory and Research, Inc. Economist Reinielle Matt M. Erece said the increase in the debt level reflected new government borrowings.

“This trend may continue this year as the government plans to borrow again, mainly from domestic sources, to support their programs,” he said.

“Moreover, the forecasted peso depreciation against the US dollar may inflate the dollar value of foreign debt,” Mr. Erece added.

He also said the debt is still manageable “as long as the government continues to enhance its revenue generation, and (economic) growth exceeds the growth in expenditures.”

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the higher NG debt level is due to the need to finance the budget deficit.

“There is a need to bring down the share of debt servicing costs as a percentage of the total national budget as a test of the need for more tax reform and other fiscal reform measures to structurally narrow the budget deficit and curb the growth in overall debt in view of the large borrowings/debt since the COVID-19 pandemic,” he said.

Mr. Ricafort said there is a need to bring the NG debt-to-gross domestic product (GDP) ratio below the international threshold of 60%.

Outstanding debt as a share of GDP inched up to 60.7% as of end-2024 from 60.1% a year earlier.

The NG’s outstanding debt is projected to reach PHP 17.35 trillion by end-2025. – Aubrey Rose A. Inosante, Reporter

Bank lending growth slowed in February, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.

Outstanding loans of universal and commercial banks rose by 12.2% year-on-year to PHP 13.03 trillion in February from PHP 11.61 trillion in the same period in 2024. This was slower than the 12.8% expansion in January, which was the fastest in two years.

Year on year, the growth in lending was faster than the 8.7% increase in February 2024.

On a seasonally adjusted basis, big banks’ outstanding loans inched up by 0.6% month on month.

Central bank data showed outstanding loans to residents climbed by 12.6% to PHP 12.7 trillion in February, slower than the 13.3% growth in January.

Meanwhile, loans to nonresidents declined by 3.2% to PHP 324.82 billion in February, slightly better than the 3.5% decline in the previous month.

Outstanding loans to residents for production activities expanded by 11.2% to PHP 11.08 trillion last month, slower than 11.8% in January.

“The growth was driven largely by increased lending to key industries such as electricity, gas, steam and air-conditioning supply (21.5%); wholesale and retail trade, repair of motor vehicles and motorcycles (13.7%); manufacturing (0.9%); construction (12.7 %); and transportation and storage (20.6%),” the BSP said.

On the other hand, consumer loans jumped by 24.1% in February to PHP 1.62 trillion, slightly slower than 24.4% in the previous month.

BSP data showed credit card loans rose by an annual 28.9% to PHP 950.97 billion in February.

Loans for motor vehicles went up by 19.2% to PHP 470.13 billion in February, while salary-based general purpose consumption loans rose by 11.5% to PHP 158.16 billion.

“Loan growth still grew on a month-on-month basis. The year-on-year growth is still among the fastest in more than two years and also more than twice faster than GDP (gross domestic product) growth,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Bank lending’s continued expansion in February was also supported by lower borrowing costs, he added.

Since August last year, the central bank has brought down benchmark interest rates by a total of 75 basis points (bps) to 5.75%.

The Monetary Board kept benchmark rates unchanged at its Feb. 13 meeting.

For the next few months, Mr. Ricafort said the BSP’s further easing could lift demand for loans.

BSP Governor Eli M. Remolona, Jr. said last week that there is a “good chance” that the Monetary Board will cut rates by 25 bps at their April 10 review.

He said the BSP remains on an easing cycle and could reduce borrowing costs by as much as 75 bps this year, depending on data.

MONEY SUPPLY

Meanwhile, domestic liquidity (M3) grew by 6.3% in February, slower than the 6.8% expansion in January, preliminary BSP data showed.

M3 — which is considered as the broadest measure of liquidity in an economy — increased to PHP 17.98 trillion from PHP 16.92 trillion a year earlier.

Month on month, M3 dipped by 0.3% on a seasonally adjusted basis.

Data from the BSP showed domestic claims increased by 10.1% during the month, slower than 10.9% in January.

“Claims on the private sector grew by 12.3% in February from 13.1% in the previous month, driven by continued expansion in bank lending to nonfinancial private corporations and households,” the BSP said.

The growth in net claims on the central government eased to 5.9% in February from 7.4% in the previous month due to lower National Government borrowings.

Meanwhile, growth in net foreign assets (NFA) in peso terms quickened to 5.8% last month from 2.6% in January.

“The BSP’s NFA expanded by 8.9%, reflecting the increase in gross international reserves. Meanwhile, the NFA of banks declined, largely due to higher foreign currency-denominated bills and bonds payable,” it added. — Aaron Michael C. Sy, Reporter

Lending to the real estate sector will need tighter supervision amid emerging risks that could impact the financial system, a Philippine central bank report showed.

“Real estate loan (REL) exposures need closer monitoring amid evolving market conditions,” the Bangko Sentral ng Pilipinas (BSP) said in its latest financial stability report.

“The high-interest rate environment, shifting consumer preferences, remote work arrangements and recent government pronouncements banning Philippine offshore gaming operators (POGO) have implications on the sector’s loan quality.”

Latest data from the BSP showed Philippine banks and trust entities’ real estate exposure ratio rose to 19.75% as of end-December from 19.55% at end-September.

The central bank monitors lenders’ exposure to the real estate industry as part of its mandate to maintain financial stability.

Broken down, real estate loans increased by 7.9% year on year to PHP 2.95 trillion at end-December. This as residential real estate loans climbed by an annual 9.6% to PHP 1.1 trillion, while commercial real estate loans went up by 6.9% to PHP 1.85 trillion.

The BSP also noted the rise in nonperforming loans in the real estate sector. Data showed the bulk or 62.5% of the NPL portfolio consists of commercial real estate.

“However, majority of the nonperforming RELs are residential RELs at 65.2% against commercial RELs at 34.8% as of September 2024,” it added.

The BSP also said that the rise in bad loans was driven by the mid- and low-cost housing segments as they account for a large share in residential loans.

“What does not show up as higher NPLs for commercial real estate are likely to be seen in the financial statements of real estate developers,” it added.

Joey Roi H. Bondoc, director and head of research at Colliers Philippines, said consumers could be struggling to pay back their loans, which is why developers are finding ways to offer more flexible payment terms.

“Based on anecdotes that we have been getting, a lot of buyers right now are scouting and looking for the most attractive payment terms or incentives, especially in the ready-for-occupancy (RFO) market,” he said in a phone call.

Mr. Bondoc said there is a “pretty substantial” number of unsold RFO units in the market, especially in the mid-income segment, which covers nearly 60% of unsold RFO units.

“Essentially, six out of 10 unsold RFO (units) are from the mid-income segment, which is heavily dependent on bank mortgages,” he added.

He noted some developers are extending downpayment terms among other measures to make financing more accessible.

“Banks should also be more cautious moving forward because the ready-for-occupancy (RFO) promos are getting sweeter, they’re getting extended, but you don’t want to see the market falling into that trap again,” Mr. Bondoc said.

The BSP noted the oversupply in the property market, especially in the condominium segment. It noted it would take 34 months for the current condominium supply to be sold.

“Despite recovery in prices, vacancies remain elevated amid the increase in residential real estate supply,” the central bank said.

The rise in new units is outpacing net take-ups in the secondary market, it added.

“It will be very interesting this first quarter because we’re seeing tepid launches. Developers are almost not launching new projects at this point,” Mr. Bondoc said.

OTHER RISKS

Meanwhile, the BSP also flagged other risks to the real estate sector.

“A potential risk is the buildup of in-house financing as reflected in the installment contract receivables of real estate developers. These contribute to revenues but also expose developers to credit risk.”

“Past due and impaired receivables remain elevated including in real estate developers exposed to POGOs,” it added.

While property developers are seeking ways to provide more enticing payment terms, Mr. Bondoc noted it is unlikely that there will be significant price reductions.

However, he noted that once the central bank continues cutting interest rates, this would result in lower mortgage rates.

“Probably that’s when we might start seeing low interest rates having a positive impact, kicking in and resulting in lower mortgage rates. Therefore, perhaps chipping in to greater take-up in the pre-selling sector.”

Housing prices rose by 6.7% year on year in the fourth quarter, according to the latest Residential Real Estate Price Index. This was a turnaround from the 2.3% decline in the previous quarter.

The Monetary Board cut the key rate by a total of 75 basis points last year.

While the central bank delivered a pause at its first meeting in 2025, BSP Governor Eli M. Remolona, Jr. has said it is still on an easing trajectory and has signaled further rate cuts this year.

Apart from lower interest rates, real estate loan demand could also be impacted by remittance flows, Mr. Bondoc said.

“I think that will be crucial because data from the central bank would also show that more remittance-receiving households are in fact allocating money for real estate requirements,” he said.

The BSP’s latest Consumer Expectations Survey also showed that 5% of households plan to buy or acquire real property in the next 12 months, up from 4.8% a year ago. — Luisa Maria Jacinta C. Jocson, Senior Reporter

Domestic trade in goods grew by 23.1% to PHP 1.31 trillion in 2024, reflecting the uptick in overall economic activity, analysts said.

According to the Philippine Statistics Authority’s (PSA) Commodity Flow in the Philippines report, the value of goods traded rose to PHP 1.31 trillion in 2024 from the revised PHP 1.07 trillion in 2023.

This was a turnaround from the 3.1% contraction in 2023.

By volume, domestic trade likewise rose by 8.4% to 30 million tons from the revised 27.66 million tons in 2023.

The PSA reported that the majority of the commodities that flowed within the country in terms of value were traded through water.

Domestic trade by value is the outflow value of commodities transported from the place of origin to the destination.

Philippine Chamber of Commerce and Industry (PCCI) Chairman George T. Barcelon attributed the increase in domestic trade in 2024 to the economy’s performance.

In 2024, the Philippine economy expanded by 5.6% from 5.5% a year earlier.

Mr. Barcelon said the improved domestic trade data reflect the government’s investments in infrastructure projects and increased foreign direct investments.

In 2024, seven out of 10 traded commodity groups monitored by the PSA grew by value.

Food and live animals, which accounted for the largest share of trade in terms of value at 35.6%, rose by 96.6% to PHP 466.65 billion in 2024. By volume, it climbed by 48.8% to 8.55 million tons.

The value of machinery and transport equipment fell by 15% to P308.23 billion in 2024, accounting for 23.5% of domestic trade. By volume, it declined by 46.5% to 2.89 million tons.

Manufactured goods rose by 12.5% to PHP 175.5 billion. In terms of volume, it grew by 15.6% to 3.95 million tons.

“Food items are still the primary driver of growth of domestic trade, especially as foreign exchange concerns and global supply-chain uncertainty make locally sourced food items more attractive,” Reinielle Matt M. Erece, an economist at Oikonomia Advisory and Research, Inc. said in an e-mail.

Mr. Erece also noted that the National Capital Region continues to be the primary hub for higher value-added items, particularly manufactured goods, contributing to the high value of outflows from the region.

Among regions, Metro Manila posted the largest value of traded commodities with total outflows amounting to PHP 451.41 billion for a trade surplus of PHP 225.11 billion.

The National Capital Region (NCR) accounted for 34.4% of the total value of domestic trade in 2024.

This was followed by Western Visayas with traded commodities reaching PHP 313.07 billion for a trade surplus of PHP 134.15 billion. The region accounted for 23.9% of domestic trade.

Central Visayas followed with PHP 135.02 billion, bringing the trade deficit to PHP 101.43 billion.

Meanwhile, in terms of favorable trade balance among the regions, NCR led the regions with PHP 225.11 billion. Western Visayas trailed with PHP 134.15 billion and Central Luzon with PHP 51.69 billion.

On the other hand, regions with the most unfavorable trade balances were Central Visayas (PHP 101.43-billion trade deficit), Calabarzon (PHP 93.69-billion trade deficit) and Caraga (PHP 83.27-billion trade deficit).

According to the PSA, the trade balance is the difference between the outflow value and inflow value.

Mr. Erece said low inflation, especially for food items, may have increased demand for locally sourced goods in the first quarter.

“The increasing international trade tensions and foreign exchange worries can also make local sources a viable alternative to imports,” Mr. Erece said in a Viber message.

He said the ongoing election season will likely boost domestic trade.

“The growth brought by the election season may materialize during the second quarter,” Mr. Erece said. — Abigail Marie P. Yraola

Headline inflation likely settled within a range of 1.7% to 2.5% in March, the Bangko Sentral ng Pilipinas (BSP) said on Monday.

If realized, the BSP’s forecast would be slower than the 3.7% inflation print in March 2024.

At the upper end of the BSP forecast, inflation likely accelerated from 2.1% in February.

The low end of the forecast showed inflation may have slowed below 2% for the first time since the 1.9% print in September 2024. It could also mark the slowest inflation since 1.6% in May 2020.

A BusinessWorld poll of 18 analysts conducted last week yielded a median estimate of 2% for the March consumer price index.

March inflation data will be released on April 4.

“Upward price pressures for the month emanate from higher electricity rates and higher prices for fish and meat,” the BSP said in a statement.

In March, Manila Electric Co. (Meralco) raised the overall rate by P0.2639 per kilowatt-hour (kWh) to P12.2901 per kWh from P12.0262 per kWh in February.

The Philippine Statistics Authority said the price of a kilo of round scad (galunggong) averaged PHP 235.26 in early March, slightly higher than the PHP 226.43 in the previous month. The price of fresh pork belly (liempo) rose to PHP 384.08 per kilo in early March from PHP 375.02 a month earlier.

However, the BSP noted there was a drop in prices of rice and vegetables in March.

“Nonetheless, these are expected to be offset by lower prices of rice, fruits, and vegetables, owing to favorable domestic supply conditions as well as the peso appreciation,” it said.

Rice prices have been on a downtrend due to government interventions and lower global prices. In February, rice inflation decreased to 4.9% from the 2.3% drop in January.

The government had slashed tariffs on rice imports to 15% starting July 2024. The Department of Agriculture (DA) declared a food security emergency on rice, which authorized the National Food Authority to release buffer stocks at subsidized prices.

Starting March 1, the DA also further lowered the maximum suggested retail price of 5% broken imported rice to PHP 49 per kilo from PHP 52 per kilo previously. The MRSP was further reduced to PHP 45 per kilo starting March 31.

“Going forward, the Monetary Board will continue to take a measured approach in ensuring price stability conducive to balanced and sustainable growth of the economy and employment,” the BSP said.

The BSP’s baseline forecasts for inflation are at 3.5% for 2025 to 2026. Accounting for risks, inflation could reach 3.7% in 2026.

The BSP last month opted to keep its key rate steady at 5.75% amid global trade uncertainties.

However, BSP Governor Eli M. Remolona, Jr. has said they are still on an easing cycle, signaling the possibility of a 25-basis-point cut at the Monetary Board’s policy-setting meeting on April 10. — A.R.A. Inosante

Headline inflation likely eased slightly in March as prices of rice and fuel further dropped, analysts said.

A BusinessWorld poll of 18 analysts conducted last week yielded a median estimate of 2% for the March consumer price index (CPI).

If realized, this would be slower than the 2.1% in February and the 3.7% clip in the same month a year ago.

This would also be the lowest monthly inflation in six months or since the 1.9% print in September.

The Bangko Sentral ng Pilipinas (BSP) has not yet released its month-ahead inflation forecast for March.

The Philippine Statistics Authority (PSA) is set to release March inflation data on Friday, April 4.

“For March, I’m looking at 2% inflation as food prices will likely continue to slow down, driven by good weather and further softening in rice prices,” Sun Life Investment Management and Trust Corp. economist Patrick M. Ella said.

Security Bank Corp. Vice-President and Research Division Head Angelo B. Taningco gave a March inflation forecast of 2%, citing “low food inflation due to declining rice prices amid monthly price upticks in fish, meat, fruits, and vegetables.”

Rice inflation dropped to 4.9% in February from the 2.3% decline in January. This was the lowest rice inflation since the 5.7% contraction in April 2020.

The PSA had previously said rice inflation could remain in the negative for the rest of the year amid continued interventions by the government.

The government has slashed tariffs on rice imports to 15% starting July 2024.

“The reduction in rice tariffs will help bring prices lower than a year earlier,” Moody’s Analytics economist Sarah Tan said.

The Agriculture department in February declared a food security emergency on rice, which authorized the National Food Authority to release buffer stocks at subsidized prices.

In mid-February, the department also lowered the maximum suggested retail price (MSRP) of 5% broken imported rice to PHP 52 per kilo from PHP 55 previously. This was further slashed to PHP 49 per kilo, starting March 1.

Apart from rice, pork prices are also seen to contribute to the lower inflation print.

“The key driver of the deceleration will come from the food category, especially in the prices of pork and rice,” Ms. Tan said.

She cited the Agriculture department’s move to cap the retail price of pork in March to “insulate the domestic market from rising prices due to the African swine fever that has disrupted supply chains.”

On March 10, the MSRP was set at PHP 380 per kilo for liempo (pork belly) and at PHP 350 per kilo for kasim (shoulder) and pigue (rear leg).

Lower pump prices

Meanwhile, Nomura Global Markets Research analyst Euben Paracuelles noted the decline in energy prices, as well as stable core inflation in March.

In March, pump price adjustments stood at a net decrease of PHP 1.50 a liter for gasoline, PHP 1.10 a liter for diesel and PHP 2.40 a liter for kerosene.

Aris D. Dacanay, an economist for ASEAN at HSBC Global Research, said retail fuel prices fell in March “on the back of softer global oil prices and a stronger peso.”

“Nonetheless, upward price pressures continue in the less-weighted goods and services. Electricity prices were hiked by more than 2%, while the prices of some food items, such as fish and eggplants, steeply rose,” Mr. Dacanay said.

Chinabank Research also said inflationary pressures “stemmed from higher costs of key food items such as meat, fish, and fruits, along with increases in electricity rates.”

In March, Manila Electric Co. (Meralco) raised the overall rate by PHP 0.2639 per kilowatt-hour (kWh) to PHP 12.2901 per kWh from P12.0262 per kWh in February,

Analysts also noted upward price pressures during the month.

Mr. Dacanay said risks to inflation are still tilted to the downside as rice prices still have room to ease.

“Though not our baseline scenario, it is still possible for inflation to breach the lower end target of the central bank’s 2-4% target band,” he added.

Imminent rate cut?

Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines (UnionBank), said inflation is expected to ease further.

UnionBank’s nowcast models show that monthly inflation is seen settling below 2% until June.

“Without a doubt, the inflation forecasts with the key assumption that these would be close or in line with actual data, support a BSP rate cut of 25 basis points (bps) — 50 bps sooner than later,” Mr. Asuncion said.

“The fear of materially positive real interest rate setting taking root, posing deflationary threats to spending and growth prospects should prompt imminent BSP rate cuts,” he added.

The BSP’s baseline forecasts for inflation are at 3.5% for 2025 to 2026. Accounting for risks, inflation could reach 3.7% in 2026.

“Looking ahead, with inflation running near the lower end of the BSP’s 2-4% target range, we think the central bank could resume its easing cycle at its April 10 meeting,” Chinabank Research said.

“However, it will likely maintain its cautious messaging given persistent inflation risks and increasing global policy uncertainties,” it added.

Ms. Tan said inflation settling around the “low 2%” will support the case for a rate cut in April.

“Another month of subdued inflation gives BSP more than enough reason to finally pull the trigger on a rate cut in April,” Nicholas Antonio T. Mapa, chief economist at Metropolitan Bank & Trust Co., said.

Both Mr. Paracuelles and Mr. Ella also expect the BSP to deliver a 25-bp cut next month.

The Monetary Board had rescheduled its meeting to April 1 0 from April 3 previously.

“I’m sure that the Monetary Board will take this release into account for its next meeting in April and, if we’re right about it staying near the lower bound of the BSP’s target range, then members probably will have the all clear to go for another 25-bp rate cut,” Pantheon Macroeconomics Chief Emerging Asia Economist Miguel Chanco said.

“Of course, events could get in the way, as the planned announcement in Washington of potential worldwide reciprocal tariffs on April 2 could throw more uncertainty into the mix,” he added.

Mr. Taningco said the March CPI will be a crucial data point for the Monetary Board’s decision.

“Other factors to be considered for the upcoming meeting would include global tariffs, international oil prices, and the movement of the US dollar,” he added.

Markets are widely anticipating President Donald J. Trump’s announcement on reciprocal tariffs on April 2.

“The BSP will also have some time to consider the impact of the reciprocal tariffs by the US on the Philippine economy, which is slated to be rolled out from April 2,” Ms. Tan said.

“Further monetary policy easing in the country will help ease the pressure on households’ budgets, which will bring some relief to the domestic economy amid global uncertainties,” she added.

Reinielle Matt M. Erece, economist at Oikonomia Advisory and Research, Inc., also noted that the BSP could cut rates “to avoid faltering consumer demand and to boost economic growth.”

“I expect a 25-bp cut, which is a good compromise to boost market activity and to avoid extreme foreign exchange fluctuations,” he added.

On the other hand, Standard Chartered Bank economist and FX (foreign exchange) analyst Jonathan Koh Tien Wei said the central bank could opt to keep rates steady again amid persisting uncertainties.

“In our view, this uncertainty remains high even as USD-PHP is lower and we are still calling for the BSP to pause in April and only deliver the first rate cut in June,” he said.

“The risk to our view is, however, a 25-bp rate cut in April, given recent comments by BSP Governor [Eli M.] Remolona [Jr]. Key to watch will be USD-PHP movements given concerns over imported inflation and inflation expectations.” – Luisa Maria Jacinta C. Jocson, Reporter