Shares to move sideways before PMI, inflation data
PHILIPPINE STOCKS may move sideways this week as investors await the release of key domestic economic data that could affect the Bangko Sentral ng Pilipinas’ (BSP) rate decision this month.
On Friday, the bellwether Philippine Stock Exchange index (PSEi) jumped by 1.69% or 105.61 points to end at 6,328.97, while the broader all shares index went up by 0.99% or 35.20 points to close at 3,583.23.
Week on week, however, the PSEi declined by 4.29 points from its Jan. 23 finish of 6,333.26.
“The local bourse remained defensive [last] week as a hawkish US Fed pause and lackluster 3% fourth-quarter gross domestic product (GDP) print weighed on sentiment. However, late-session bargain hunting on Friday, pared losses, leaving the PSEi modestly lower,” 2TradeAsia.com said in a market note.
“Pessimism took over last week on the back of the Philippines’ disappointing Q4 2025 economic performance. This caused the local bourse to decline for a second straight week. On a positive note, losses were trimmed on the final day, keeping the market above crucial lines,” Japhet Louis O. Tantiangco, research manager at Philstocks Financial, Inc., said in a Viber message.
Philippine GDP growth slowed to 3% in the fourth quarter of 2025 from 5.3% in the same period a year prior and 3.9% in the third quarter. This brought the full-year average to 4.4%, well below the government’s 5.5%-6.5% goal.
For this week, the market may continue to price in growth expectations, especially with new economic reports set to come out, Mr. Tantiangco said.
“The underperformance of the local economy last quarter and the pessimistic views on how it would perform this year may still weigh on the market. Investors are expected to watch out for the S&P Global Philippines Manufacturing PMI (purchasing managers’ index) as this would give fresh clues on the state of the economy. Investors are also expected to watch out for the upcoming February inflation data,” he said. “Hopes that the BSP would cut policy rates in their February meeting may give the market support.”
PMI data will be released on Monday (Feb. 2), while the January inflation report is scheduled for Thursday (Feb. 5).
Analysts said that the weak GDP data give the BSP room to lower rates further to support domestic demand. The Monetary Board will hold its first policy meeting for this year on Feb. 19.
“At its current position, the local market is deemed attractive. As of Friday’s closing, the market’s price-to-earnings ratio stands at 10.5 times, below its historical average of 14.4 times,” Mr. Tantiangco added. “Chart-wise, despite the two-week decline, the local market is still considered to be on an uptrend from mid-November 2025 to date.”
For this week, he put the PSEi’s major support at 6,150 and major resistance at 6,400.
For its part, 2TradeAsia.com placed the PSEi’s immediate support at 6,300, secondary support at 6,100, and resistance at 6,450. — Alexandria Grace C. Magno
Swift dismissal of Marcos ouster raps unlikely as lawmakers take caution
By Kenneth Christiane L. Basilio, Reporter
THE House Justice Committee is unlikely to immediately dismiss impeachment complaints against President Ferdinand R. Marcos, Jr. when it begins evaluating their merits on Monday, political analysts said over the weekend.
Lawmakers are expected to take a deliberative approach that could draw out the impeachment process against Mr. Marcos, allowing momentum for his ouster to fade rather than risk political backlash from an outright dismissal, they added.
“The likely outcome is neither drama nor vindication nor a genuine reckoning,” Ederson DT. Tapia, a political science professor at the University of Makati, said in a Facebook Messenger chat. “It is managed quiet.”
“A slow, technical process dissipates attention,” he added. “Enough procedure to claim due process, enough delay to drain attention, and enough legality to justify dismissal, without ever allowing the issue to become a sustained national conversation.”
The 39-member House panel will begin meeting on Monday, Feb. 2, to assess the merits of two impeachment complaints against Mr. Marcos, a process that could set the stage for a full-blown inquiry which could fuel further discontent against the 68-year-old leader who is facing growing criticism over a multibillion-peso graft scandal.
Batangas Rep. Gerville R. Luistro, who heads the Justice committee, had said they would consolidate the complaints and examine whether they meet both “form and substance” requirements under House rules.
“The consolidation stage is especially important because it allows the majority to frame the matter as technical rather than substantive,” Mr. Tapia said. Marcos allies dominate Congress, including his son who leads the majority bloc in the lower chamber. The House speaker, a party ally of the President, has already rejected the accusations against Mr. Marcos.
Several officials, politicians and private contractors have been accused of being involved in a large-scale corruption scheme that siphoned up to hundreds of billions of pesos from dikes and floodwalls, infrastructures considered vital in a country that faces months of heavy monsoon rains.
In July, Mr. Marcos said his government had uncovered corruption in the projects and pledged to root out wrongdoers, but slow progress and subsequent implication of Cabinet members and political leaders have stirred public resentment against his administration.
The ouster bids are now making the case that the chief executive had benefited from shady government contracts tied to flood control works and allowed corruption to fester through a budget allocation formula for congressional districts. Both accuse Mr. Marcos of graft, constitutional violations and betrayal of public trust — three of the five grounds for impeachment under the 1987 Constitution, alongside bribery and other high crimes.
“In a House overwhelmingly dominated by allies of Marcos, impeachment is approached less as a search for truth and more as a problem of political containment,” Mr. Tapia said.
There is a real possibility that lawmakers could toss the ouster bids against Mr. Marcos, said Ephraim B. Cortez, president of the National Union of People’s Lawyers, though he saw no basis for doing so.
The first complaint cites Mr. Marcos received alleged benefits from the graft scandal, bypassed domestic legal processes by sending former President Rodrigo R. Duterte to The Hague, while also making claims that a panel formed to investigate massive corruption shielded his political allies.
“As far as the first impeachment complaint is concerned, it should be dismissed because it does not pass the sufficient in substance test,” Michael Henry Ll. Yusingco, a senior research fellow at the Ateneo de Manila University Policy Center, said in a Facebook chat. “It is based mainly on opinion and speculation because the allegations are not supported by strong evidence.”
A second impeachment complaint followed just a week after the first filing, amid speculations that the initial case was deliberately weak and was intended only to trigger the one-year bar on proceedings against the same official.
Activists sought to strengthen their complaint with the testimony of a former Public Works department official who alleged Mr. Marcos received P8 billion in kickbacks from anomalous infrastructure deals, and by citing a so‑called “parametric formula” that allocated funds among congressional districts.
Arjan P. Aguirre, an assistant political science professor at the Ateneo de Manila University, said lawmakers are likely to scrutinize the second complaint more closely because it carried broader accusations than the first.
“By contrast, the other complaint, which centers primarily on Duterte’s arrest, is likely to face greater difficulty in establishing sufficiency in substance, notwithstanding compliance with formal requirements,” he said in a Facebook chat.
He added that an immediate dismissal of the impeachment bids against Mr. Marcos could further undermine his administration and erode public support, with lawmakers risking being seen as evading their constitutional mandate to favor the President.
“Even if the expected consolidation of the two impeachment complaints against Marcos would improve the factual substance of the allegations, it would still have a very slim chance of success without the support of the majority of the members of the House,” Dennis C. Coronacion, who heads the Political Science department of the University of Santo Tomas, said in a Facebook chat.
The House Justice Committee has 60 session days to complete hearings and must forward its findings to the plenary which will vote on whether to dismiss the case or transmit it to the Senate, acting as the impeachment court that would decide whether Mr. Marcos should be removed from office over corruption allegations.
Manila expected to take diplomatic route amid China tensions — analysts
By Chloe Mari A. Hufana, Reporter
THE Philippines is expected to keep its diplomatic response to China measured in the coming months, prioritizing dialogue and economic stability as political and security tensions simmer, analysts said over the weekend.
By opting to exhaust diplomatic channels, the Philippine government is signaling its commitment to peaceful settlement of disputes and a pragmatic approach to managing disagreements with Beijing, said Josue Raphael J. Cortez, Association of Southeast Asian Nations (ASEAN) Studies lecturer at the De La Salle-College of St. Benilde’s School of Diplomacy and Governance.
“Manila has to tread wisely,” he said via Facebook Messenger. “Our economic ties could be put in a perilous situation.”
This comes amid calls for the government to declare Chinese Ambassador Jing Quan persona non grata after verbal exchanges with Philippine officials — an option President Ferdinand R. Marcos, Jr. already rejected.
“No matter our dispute with China, we cannot remove the fact that our relationship with them is among the most important and crucial,” Francis M. Esteban, a faculty member at the Far Eastern University Department of International Studies, said via Facebook Messenger.
China ranked as the Philippines’ fourth-largest export trading partner, with $790.15 million worth of exports in December, or 11.3% of the country’s total exports, according to data released by Manila’s statistics bureau on Jan. 27. It is also the Philippines’ leading supplier of imported goods, with shipments valued at $2.98 billion, accounting for 28.4% of total imports.
Despite vibrant economic ties, security remains the most persistent fault line in Philippine-China relations as tensions in the South China Sea overshadow trade gains.
Philippine officials have repeatedly flagged Chinese incursions into contested waters as a threat to sovereignty, even as bilateral commerce continues to expand.
Mr. Esteban said declaring an envoy persona non grata is the “highest and harshest” form of punitive action and is typically treated as a last resort after all other measures have failed.
He said it is highly unlikely that such a move would be taken against China’s ambassador, given the depth of bilateral ties.
“I think it’s becoming a battle of the narratives, which might influence the outcomes of the 2028 elections, as we know China seems to support a Duterte candidacy,” said Mr. Esteban.
DIPLOMATIC TOOLS
Manila has a range of tools at its disposal, including mechanisms already in place. The Bilateral Consultation Mechanism with China could be expanded to address incidents and prevent their recurrence, Mr. Cortez said.
The Philippines, as chair of the ASEAN, may also raise concerns through platforms such as the ASEAN Regional Forum to ensure disputes do not derail cooperation in other areas. It could also serve as an avenue for the Philippines to push for the long-delayed legally binding sea code with China.
Concluding such an agreement would serve the interests of all parties amid growing global volatility, Mr. Cortez noted.
At the global level, the Philippines could consult the United Nations if tensions worsen, a route it has considered in the past.
While powerful states often follow international norms selectively, China’s push to project itself as a proponent of multilateralism may leave room for engagement should the issue be elevated to international forums, according to Mr. Cortez.
Charter change push seen as threat to judicial independence
By Adrian H. Halili, Reporter
CHARTER CHANGE could weaken the Supreme Court (SC) by concentrating power to Congress and the Executive, analysts warned, following Senate President Vicente C. Sotto III’s proposed amendments in response to the High Court’s ruling on Vice-President Sara Duterte-Carpio’s impeachment case.
Anthony Lawrence A. Borja, an associate political science professor at De La Salle University in Manila, said that Charter change could risk weakening the High Court and concentrating power in the Legislative and Executive branches.
“It ultimately depends on how constitutional change would re-assert the separation of powers between concerned branches,” he said in a Facebook Messenger chat.
Mr. Borja added that the ruling had exposed the High Court to current political power struggles surrounding constitutional amendments “instead of staying out of the fray.”
Last week, the Senate chief said that he is pushing for Charter change after the Supreme Court affirmed with finality its July 2025 decision to block the impeachment of Ms. Duterte.
The Vice-President had been charged with fund misuse, unexplained wealth, destabilization efforts, and plotting to assassinate the President Ferdinand R. Marcos, Jr., his wife and former Speaker Ferdinand Martin G. Romualdez. She has denied any wrongdoing.
Mr. Sotto said that the ruling effectively amended the Constitution “unconstitutionally” through judicial overreach and left Congress with little choice but to pursue amendments.
Hansley A. Juliano, who teaches political science at the Ateneo de Manila University, said that the push for Charter reforms based on the High Court’s ruling was a “shortsighted basis for justification.”
“If the agenda is just patching perceived procedural problems and not an overall review of the Constitution, this cannot inspire confidence in the public,” he said in a Facebook Messenger chat. “It still smacks of partisan score settling unbefitting of the Constitution’s overall structure.”
Jose Enrique A. Africa, executive director of think tank IBON Foundation, said that the recent ruling had made it harder to hold officials accountable.
“The SC’s ruling has the practical effect of bolstering impunity by making impeachment more difficult given how the House is so subject to partisanship and patronage,” Mr. Africa said in a Messenger chat.
“It is precisely that partisanship and patronage that will be so influential in a Charter change process, rather than an impulse for democratic reforms,” he added.
Mr. Africa said that officials will likely move to shield themselves from accountability more than improve the Constitution to enhance it.
“The push for Charter change is coming from political and economic elites out to roll back progressive economic, political and human rights provisions, rather than from social movements for reform,” he added.
Mr. Africa said that Charter change that weakens policy leverage for industrialization and development will set back real economic reforms.
Since the 1980s, nearly every administration has grappled with the contentious issue of constitutional change, attempting — unsuccessfully — to alter portions of the 38-year-old Constitution.
Lawmakers have been pushing to alter portions of the Charter, yet such initiatives have consistently stalled, lacking both public backing and Senate approval amid suspicions of political agendas.
Social security coverage for ‘gig’ workers urged
PHILIPPINE labor coalitions are demanding a systemic overhaul of social protections for “gig” workers, urging the government to mandate Social Security System (SSS) integration over the private insurance models currently favored by digital platforms.
During the National Tripartite Conference on Jan. 31, the Nagkaisa Labor Coalition, the Federation of Free Workers (FFW), and SENTRO intensified calls for the Labor department to issue formal implementing rules and regulations (IRR) to codify recent judicial wins into executive policy, Jose Sonny G. Matula, FFW president and Nagkaisa chair, said in a statement on Sunday.
“Whether in the digital economy or traditional media, the worker’s right to security and social protection is non-negotiable,” Mr. Matula said. “We call for an IRR that mirrors the Supreme Court’s clear stand: workers deserve dignity, not just a gig.”
The labor groups argue that the current reliance on private insurance schemes leaves many platform workers — such as delivery riders and courier personnel — without adequate coverage for retirement, sickness, disability, and unemployment.
The coalition said that while Labor Advisory No. 14-21 currently provides a framework for delivery and courier services, it remains an advisory rather than a binding regulation. They added that the SSS Law mandates a “universal, equitable, and comprehensive” social security net that must include all workers, regardless of whether they are labeled as independent contractors or “partners.”
Labor leaders pointed to a string of recent legal victories as the foundation for their demands, citing the three Supreme Court cases — Ditiangkin, Borromeo, and Mendaros — which found that platform riders function as regular employees rather than third-party contractors.
The push for regularization extends to the media sector, with the SC’s recent ruling involving GMA Network, Inc. talents, which, Mr. Matula said, provides the necessary legal weight to the right to security of tenure.
“Contractualization might be an employer’s cup of coffee, but it is anathema to the principle that labor is not a commodity,” Mr. Matula added.
Meanwhile, Dick Pacioles, president of the Wallstreet Courier Workers Union-FFW, confirmed a recent National Labor Relations Commission victory regularizing 131 workers. This also follows the recognition of 599 regularized workers in Palawan by the Department of Labor and Employment (DoLE) in Calabarzon.
According to the DoLE Bureau of Labor Relations, experts from the International Labour Organization (ILO), academe, workers’ groups, and platform companies discussed the platform economy at the 2026 National Tripartite Conference, highlighting an ILO survey that revealed income disparities and work-related costs for rider-drivers and online workers, and exploring measures to strengthen their social protection.
Platform work involves digital platforms that link service providers with clients for flexible, on-demand tasks, covering both in-person services like delivery and transport, and remote work such as freelancing or virtual assistance. Local platforms include Grab, JoyRide, Lalamove, Foodpanda, OnlineJobsPH, and Upwork. — Erika Mae P. Sinaking
Marcos orders review of policies
PRESIDENT Ferdinand R. Marcos, Jr. called for a review of outdated government policies and faster digitalization to improve public services, saying systems should make daily life easier for Filipinos rather than add to their burden.
In his latest online vlog released on Sunday, Mr. Marcos urged agencies to modernize rules that slow transactions and discourage productivity, while inviting citizens to propose policy solutions to longstanding problems.
“We need to make life easier for Filipinos, because systems should bring people comfort, not headaches,” he said in Filipino.
Many policies require revision, Mr. Marcos noted, pointing to public complaints over inefficiencies in service delivery, public health, discipline, and ease of doing business.
Effective rules, he added, are those that are clear, enforceable, and capable of delivering tangible improvements to daily life.
Digital tools such as the eGovPH app, the President said, provide clear solutions to longstanding inefficiencies by streamlining government services and improving accessibility. — Chloe Mari A. Hufana
PAGASA: LPA may form on Tuesday
THE Philippines may face its second typhoon of the year as the state weather bureau warned of a potential low-pressure area (LPA) forming within the country’s area of responsibility on Tuesday.
The Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) said in a 5 a.m. weather briefing on Sunday that the weather system could enter the country’s monitoring zone early this week, with a moderate chance of developing into a tropical cyclone.
If it strengthens, it would be locally named Basyang.
PAGASA said the earliest possible impact could be felt by Wednesday, bringing cloudy skies and rain to parts of the country.
Forecasts for February indicate that the Philippines may see zero to one tropical cyclone during the month, with any storm likely to follow a recurving path away from land, though systems may still pass near the Visayas or parts of Mindanao.
The agency added that the northeast monsoon, or amihan, continues to affect much of the country, keeping temperatures cooler, particularly in mountainous areas of Luzon where minimum temperatures could drop to 10-12°C.
Several areas in southern Luzon and the Visayas are also experiencing heavy rainfall due to a shear line, prompting advisories for possible flooding and landslides.
PAGASA urged residents in affected areas to remain alert, as weather conditions may still change in the coming days. — Chloe Mari A. Hufana
Basilan ferry sinking probe pushed
A RESOLUTION seeking to probe the sinking of the M/V Trisha Kerstin 3 off the coast of Basilan province has been filed in the Senate, aiming to strengthen maritime safety laws and prevent future disasters.
Senate Resolution No. 266, filed by Senator Robinhood “Robin” C. Padilla, directs the chamber to investigate the sinking of the passenger ferry which led to the deaths of at least 33 individuals.
“An inquiry in aid of legislation is necessary to identify policy gaps, strengthen maritime safety standards, enhance passenger protection, and prevent similar tragedies in the future,” the resolution stated.
It added that there is a need to examine whether issues such as technical maintenance, vessel age and condition, loading capacity, weather advisories, crew competence, and regulatory supervision contributed to the sinking of the ferry.
The passenger ferry sank about five kilometers northeast of Baluk-Baluk Island, Basilan while en route to Zamboanga City to Jolo, Sulu. It was carrying 332 passengers and 27 crew members.
According to initial reports from the Philippine Coast Guard, the vessel was not overloaded by passengers or cargo at the time of departure and was operating within its authorized capacity. — Adrian H. Halili
NBI told to send team to Interpol
A CONGRESSMAN on Sunday urged the National Bureau of Investigation (NBI) to send a Philippine delegation to meet with International Criminal Police Organization (Interpol) and follow up on its red notice request for a resigned lawmaker tagged in a multibillion-peso graft scandal.
Navotas Rep. Tobias Reynald M. Tiangco said requests for a global alert for law enforcement to arrest individuals based on a warrant of arrest issued by a country typically take weeks. The NBI had asked for a red notice on former Party-list Rep. Elizaldy M. Co in November, he said.
“It usually takes only three to four weeks to get a response from Interpol,” he said in a statement. “Perhaps it’s time for the NBI to send a high-level team to Interpol headquarters to find out why, until now, we still haven’t received a reply to our request.”
Ruy Alberto S. Rondain, Mr. Co’s legal counsel, did not immediately reply to a Viber message seeking comment.
The resigned lawmaker, who previously chaired the House Appropriations Committee, simultaneously owned a construction firm that has bagged several infrastructure projects under the Marcos administration. — Kenneth Christiane L. Basilio
Groups flag growing vulnerability of low-income workers
LEADERS from the Catholic Church and the Philippine labor sector said governance, economic policy, and environmental management are deeply interconnected, warning that systemic corruption and precarious labor conditions continue to undermine public welfare and economic development.
Gerardo A. Alminaza, Bishop of the Diocese of San Carlos and president of Caritas Philippines, said that disasters, compounded by corruption in infrastructure projects, disproportionately affect low-income workers, including agricultural laborers, fisherfolk, and informal employees.
“The environment, the economy, and governance are deeply interconnected,” Mr. Alminaza told BusinessWorld on the sidelines of the Labor Consultative Assembly on Saturday.
“When the environment is destroyed, calamities follow — and those who suffer most are the working class,” he added.
He framed the issue within Catholic social teaching, citing the principle that human dignity and labor must take precedence over capital.
Labor leaders echoed this assessment, stressing that stagnant wages, insecure contracts, and limited union protections have left workers vulnerable amid rising costs and ongoing ecological and economic pressures.
Julius H. Cainglet, vice-president of the Federation of Free Workers, told BusinessWorld that labor conditions should be treated as a key indicator of national economic and governance performance.
“The Filipino workforce is the primary driver of the economy,” Mr. Cainglet said.
“Without them, production halts. Workers must therefore be at the center of policy decisions, not just capital owners or entrenched political dynasties.”
“The working class has a major role in societal change. Collective action and solidarity are essential to address corruption, improve governance, and ensure the economy serves the people, not just a few,” added Leodegario “Ka Leody” de Guzman, chairperson of the Partido Lakas ng Masa.
IBON Foundation Executive Director Jose Enrique “Sonny” A. Africa said corruption has wide-ranging effects on public services.
“Reducing corruption understood as spending better will definitely improve public social and economic services that workers, like every Filipino, use. But this is only up to a point — providing all public services at the scale needed will take much more than fixing corruption,” Mr. Africa told BusinessWorld in a Viber chat.
Mr. Alminaza said that failing to provide fair wages, safe working conditions, and secure employment within Church institutions undermines the credibility of its broader moral claims.
Labor representatives called for concrete reforms, including legislated wage increases, an end to contractualization, strengthened union rights, and accountability for extrajudicial actions against workers.
They added the need for ecological programs aligned with labor protections, pointing to climate-related disasters and mismanaged infrastructure as areas where systemic change is critical.
While acknowledging some initiatives by the current administration, such as investigations into flood control projects, both Church and labor leaders said these efforts remain insufficient. They pointed to entrenched political dynasties, longstanding corruption, and policy inconsistencies as structural barriers to sustainable economic and social development.
“The challenges are systemic, spanning multiple administrations,” Mr. Cainglet said. “Workers are increasingly aware that issues like corruption, climate risk, and governance directly affect their livelihoods. Only a unified approach across sectors can achieve meaningful reform.” — Erika Mae P. Sinaking
Security Bank partners with PRA to offer retirees priority banking
SECURITY BANK Corp. has partnered with the Philippine Retirement Authority (PRA) to provide foreign and returning Filipino retirees priority banking privileges and special deposit rates.
In a statement on Sunday, the bank said under the partnership, retirees applying for the Special Resident Retiree’s Visa (SRRV) may open Security Bank accounts as part of the application process and with an exclusive Time Deposit rate, premium onboarding support, and priority relationship management.
Account opening and servicing are handled at the Reposo-J.P. Rizal Branch in Makati City, the bank’s dedicated hub for SRRV retirees.
Eligible clients may also be offered enrollment in Security Bank’s VIP Gold Circle Membership program.
Privileges under the program include priority queuing across branches, waived fees for certificates, statements, and over-the-counter transactions, complimentary annual checkbook, an optional Platinum Mastercard, unlimited free InstaPay and PESONet transfers, and unlimited free BancNet ATM withdrawals nationwide.
Spouses and dependents may also enjoy SRRV banking benefits.
Simple Time Deposit placement with automatic renewal for retirees are likewise aligned to SRRV visa terms. — Aaron Michael C. Sy
DoTr directs CAAP to allocate up to P300M to fix transmission line issues
THE Department of Transportation (DoTr) has directed the Civil Aviation Authority of the Philippines (CAAP) to allocate between P200 million and P300 million to address transmission line issues that have limited operations at the Bicol International Airport.
This came as the agency works to maximize the operations of the Bicol International Airport to enable it to accommodate international flights.
Transportation Acting Secretary Giovanni Z. Lopez said that the entire stretch of Bicol International Airport is about 2,500 meters, allowing it to accommodate jet operations.
“[However] the problem is funding. I talked to CAAP to allocate between P200 million to P300 million to fund these transmission line issues to optimize the runway. Hopefully, we can do it within the year,” Mr. Lopez said in a statement.
The DoTr said that it signed a memorandum of agreement with the National Grid Corp. of the Philippines to resolve the transmission line issue, which it said obstructed the runway.
Once the issue is fixed, the airport can utilize its runway length and can service jet operations and international flights, the Transportation department said. — Ashley Erika O. Jose