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6.00
329.42 (0.48)
6.00
329.42 (0.48)
88.00
29.42 (0.48)
88.00
29.42 (0.48)
58.55
-0.25 (-0.43)
58.55
-0.25 (-0.43)
6,185.33
29.42 (0.48)
6,185.33
29.42 (0.48)
58.55
-0.25 (-0.43)
58.55
-0.25 (-0.43)
185.33
29.42 (0.48)
185.33
29.42 (0.48)
85.33
29.42 (0.48)
85.33
29.42 (0.48)
6,185.33
29.42 (6.00)
6,185.33
29.42 (6.00)
Closing levels as of 7 am PHT, September 15, 2025
Chart of the day
Our peso portfolio is tilted slightly toward fixed income. While local inflation remains low and monetary easing is likely to continue, yields may be pushed higher by upcoming bond auctions. Continued rate cuts and rising consumer strength are also favorable for local equities, especially real estate and retail.
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The USD/PHP exchange rate opened 7.5 centavos lower at 57.05 on Thursday, before rapidly rising to a morning’s high of 57.24 as dealers tracked the global buying tone for dollar.
While importer interest was noticeably light on the move higher, fixing demand supported the pair during the morning session.
Rallies remain capped for the rest of the day, despite the pair touching a new high for the day at 57.28.
Local GS sees muted activity despite global rally
The local government securities (GS) market saw muted trading activity on Thursday despite a rally in global yields, with most bonds opening little changed from prior levels.
The market focus is on the US inflation data, which printed higher than expected at 0.4% versus a market consensus of 0.3% month-on-month. This is seen as a key driver of medium-term risk sentiment.
Trading activity was concentrated in the 5- to 10-year segment. Retail Treasury Bond 5-19 traded around 5.81% while Fixed Rate Treasury Note 10-73 saw interest near 5.955%.
Overall, most benchmark bonds closed within 1 basis point of their previous levels.
With no major local catalysts ahead, local yields are expected to track global market developments.
The Philippine Stock Exchange index (PSEi) ended 6.80 points higher at 6,126.89 on Thursday, as investors largely stayed on the sidelines ahead of the US inflation data release.
Sectoral performance leaned weak, with only Financials (+0.82%) and Services (+0.56%) offsetting losses in Mining & Oil (-1.28%) and Property (-0.60%).
Stock-level action reflected the lack of conviction, with DigiPlus Interactive Corp. (+6.82%), Puregold Price Club Inc. (+2.45%) and Aboitiz Equity Ventures Inc. (+2.33%) posting gains.
Meanwhile, Converge Information & Communications Technology Solutions Inc. (-8.30%), GT Capital Holdings Inc. (-3.57%) and Semirara Mining & Power Corp. (-1.89%) saw heavy selling.
Value turnover was just PHP 4.88 billion, underscoring the defensive mood. While foreign investors were net sellers of PHP 164.8 million, participation stayed muted at 45% of total trades for the day.
| 2025 Metrobank Forecast | 2026 Metrobank Forecast | 2027 Metrobank Forecast | |
|---|---|---|---|
| GDP | 5.70% | 5.70% | 5.70% |
| Inflation | 2.10% | 3.60% | 3.0% |
| BSP Target Reverse Repurchase Rate | 4.75% | 4.25% | 5.70% |
| Federal Funds Rate | 4.00% | 3.00% | 3.00% |
| USD/PHP | 56.1 | 55.4 | 55.2 |
The report above is circulated for general information only. The opinions expressed are solely those of the contributors and are based on prevailing market conditions and public sources that are believed to be reliable. Metrobank and the report contributors/support staff do not make any guarantees or representation as to the accuracy, completeness or suitability of this report.
The report may contain confidential or legally privileged material and may not be copied, reshared, redistributed, or published without prior written consent. Opinions or strategies contained in this publication may change without prior notice and should not take the place of professional investment advice or sound judgment on the part of the reader.
