How PSEi member stocks performed — September 30, 2025
Here’s a quick glance at how PSEi stocks fared on Tuesday, September 30, 2025.
Philippine stocks slide for seventh straight day
PHILIPPINE STOCKS slid for a seventh straight session on Tuesday as selling persisted due to worries over corruption issues and the peso’s weakness against the dollar.
The benchmark Philippine Stock Exchange index (PSEi) sank by 0.73% or 44.14 points to close at 5,953.46, while the broader all shares index dropped 0.42% or 15.55 points to 3,620.79.
This was a fresh near six-month low for the PSEi as this was its worst close since it finished at 5,822.85 on April 7. The bellwether last posted losses for seven consecutive days in mid-December last year in the lead-up to a US Federal Reserve policy meeting where it was expected to adopt a hawkish tone due to concerns over growth prospects in the world’s largest economy.
“The Philippine market remains in the red after seven consecutive trading days. Selling pressure across the board persists as investors remain cautious about the overall state of the market,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
Net foreign selling surged to P2.01 billion on Tuesday from P405.93 million on Monday
“The local market extended its decline to a seventh straight day as dismay over the Philippines’ corruption issues continued to weigh on sentiment,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
The peso’s continued decline against the dollar also continued to affect market sentiment, both analysts said. The local unit sank to a fresh two-month low of P58.196 per dollar on Tuesday, down by 5.10 centavos from the prior day.
“Finally, the lack of a positive catalyst added to the market’s decline,” Mr. Tantiangco added.
The majority of sectoral indices ended in the red on Tuesday. Property declined by 2.02% or 47.15 points to 2,278.19; services retreated by 1.12% or 24.51 points to 2,152.39; holding firms went down by 1.03% or 50.93 points to 4,880.73; and industrials sank by 0.42% or 37.42 points to 8,777.65.
Meanwhile, mining and oil climbed by 1.45% or 183.84 points to 12,837.50, and financials went up by 0.31% or 6.37 points to 2,053.54.
“Bank of the Philippine Islands was the day’s top index gainer, climbing 3.6% to P115. ACEN Corp. was the main index laggard, falling 3.69% to P2.35,” Mr. Tantiangco said.
Value turnover increased to P9.09 billion on Tuesday with 1.57 billion shares traded from Monday’s P4.72 billion with 1.37 billion shares changing hands.
Decliners overwhelmed advancers, 129 to 79, while 45 names closed unchanged.
Caution prevailed in world markets on Tuesday, with the dollar and equities slipping and gold hitting another record high amid fears a US government shutdown could delay key jobs data, Reuters reported. US Vice-President JD Vance said the government appeared “headed to a shutdown” after little progress in budget talks between President Donald Trump and Democratic opponents. — A.G.C. Magno with Reuters
PEZA approves nearly P49B worth of investments in Sept.
THE Philippine Economic Zone Authority (PEZA) said it approved P48.87 billion worth of investment proposals in September, helping it exceed 60% of its approvals target in the year to date.
The September total is 9.8% lower year on year, it said. The 36 approved projects are expected to create 10,312 jobs and generate $1.113 billion worth of exports.
Of the total, 16 are manufacturing projects, while nine are information technology and business process management (IT-BPM) projects.
Five of the approved investment pledges were economic zone (ecozone) developments, three are to develop facilities, two are logistics projects, and one is a domestic market enterprise.
Eighteen of the projects approved in September plan to locate in Region IV-A, while others selected sites in the National Capital Region, Region VII, Region III, Region I, Region V, and Region XI.
Approvals in September brought the nine months’ total to P154.7 billion, up 33.5% from a year earlier.
These comprise 215 projects which are projected to generate 50,430 jobs and $4.49 billion in exports.
“These approvals demonstrate enduring investor confidence in the Philippines,” PEZA Director General Tereso O. Panga said in a statement on Tuesday.
“Backed by sustained momentum and robust investment activity, we are on track to attain our P250-billion goal and strengthen our standing as a leading investment destination in Asia,” he added.
He said that he expects the approvals to further increase in the last quarter amid the agency’s “expanded regional engagements.”
Of the projects approved so far this year, 98 are manufacturing projects, 55 are IT-BPM projects, 18 are domestic enterprises, 17 are ecozone developments, 16 are facilities projects, seven are logistics projects, and four are utilities projects.
“The manufacturing sector remains the backbone of PEZA’s growth, with notable gains in electronics, automotive and auto parts, and food processing,” PEZA said.
“These industries collectively contributed more than P42.4 billion in approvals from January to September, reinforcing the Philippines’ position as a vital hub for advanced and diversified manufacturing in Asia,” it added.
JAPANESE INVESTMENTS
Investments from Japan led the foreign investment approvals in the first nine months, worth P14.778 billion, or 9.55% of the total.
“This rebound firmly puts Japan back on top as PEZA’s leading investment partner, reaffirming its long-standing role as a driver of Philippine industrial growth and innovation,” PEZA said.
These approvals include a P9.1-billion project of a domestic market enterprise that will manufacture food products and processed foods inside the TARI Estate, which will cater to both domestic and export markets.
“Japan’s return as our leading partner reflects the fruit of our investment missions and strong collaborations with stakeholders,” said Mr. Panga.
“With nearly 10% of this year’s total project approvals coming from Japanese companies, we see undeniable proof of the Philippines’ standing as a trusted and highly competitive hub in Asia,” he added.
Meanwhile, P13.142 billion came from the Cayman Islands, P10.765 billion from South Korea, P6.322 billion from China, and P6.105 billion from the US.
“Given the robust interest and caliber of projects underway, we are not merely on track to meet our goal; we are positioned to deliver even bigger economic wins for the country and our people as we achieve our 2025 investment targets,” he added. — Justine Irish D. Tabile
Ornamental plants seen as potential growth pillar for agriculture industry
ORNAMENTAL PLANTS are being touted as a potential growth driver for agriculture according to participants at the 2nd annual Philippine Horticulture and Urban Agriculture Summit, also known as Pagsibol.
Roger V. Navaro, agriculture undersecretary for Operations and Agri-Fisheries Mechanization, said horticulture or garden cultivation, as well as urban agriculture are potential “pillars of national strategy” if backed by proper investments.
Urban residents make up around 49.3% of the population, Mr. Navarro said.
Antonieta J. Arceo, agriculture training institute director said the drive for profits must be balanced “with protecting biodiversity and safeguarding our ecological heritage.”
Nevertheless,” (We must) hold fast to our vision of agriculture as a profitable investment and a viable and modernized career for Filipinos,” Ms. Arceo said in a speech.
The International Association of Horticulture Producers valued the global industry at $70 billion in 2024. — Andre Christopher H. Alampay
Carabao genetic program boosts milk yields
THE Philippine Carabao Center (PCC) said a carabao genetic improvement program has improved milk output, allowing farmers to tap into the rise in milk prices.
The PCC, an arm of the Department of Agriculture, said 12 million kilograms of milk have been produced since the program began, putting carabao raisers in position to benefit from the rise in milk prices from P63.27 per liter in 2020 to P84.87 in 2024.
The program produced 145,181 calves with upgraded genetics between 2019 and 2024, directly assisting 227 cooperative-led enterprises.
About 90% of such calves are raised for milk and meat. Smallholder farmers grow 99% of carabaos.
PCC Executive Director Liza G. Battad said: “The accelerated shift toward a more productive carabao population is expected to strengthen farmer cooperatives due to higher volumes of milk and meat handled collectively.”
Carabaos are the most numerous dairy animal in the Philippines with 82,908 heads, according to the National Dairy Animal Inventory. The program produced 36,618 calves in 2024. — Andre Christopher H. Alampay
Gov’t lacked authority to deny VAT zero-rating to DMEs — SC
By Erika Mae P. Sinaking
THE Supreme Court (SC) said domestic market enterprises (DMEs) registered under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act are entitled to Value-Added Tax (VAT) zero-rating on local purchases.
In an en banc decision made public on Sept. 29 and written by Associate Justice Mario V. Lopez, who has since retired, the SC struck down Rule 18, Section 5 of the CREATE Act IRR and BIR issuances — including Revenue Regulations No. 21-2022 and Revenue Memorandum Circulars No. 24-2022 and 49-2022 — which had limited VAT incentives to registered export enterprises (REEs).
“The issuances altered the provisions of existing law by carving out DMEs from those entitled to the VAT zero-rating incentive,” according to the ruling, declaring the rules “ultra vires” (beyond legal authority) and void.
The CREATE Act, signed in 2021, exempts all registered business enterprises (RBEs), including DMEs and REEs, from VAT on imports. It also allowed VAT zero-rating on local purchases of goods and services directly used in their registered projects.
Benjamin E. Antonio III, Subic Bay Freeport Chamber of Commerce, Inc. chairman, had mounted a legal challenge to the IRR and BIR rules, claiming they unfairly excluded DMEs from the exemption, forcing them to pay 12% VAT on purchases from local suppliers.
“There is no distinction between DMEs and REEs under the CREATE Act. All registered enterprises should enjoy the same benefits,” Mr. Antonio said in his filing.
His legal challenge was initially dismissed at the Regional Trial Court level, but the SC exercised its discretion and intervened due to the “strong public interest involved.”
The High Court ruled that government agencies cannot expand or restrict incentives beyond what the law permits. “The legislative power to grant or withdraw tax exemptions is vested exclusively in Congress,” it read.
Senior Associate Justice Marvic M.V.F. Leonen, in a concurring opinion, supported the SC’s deviation from normal procedure, noting the urgent need to correct the unlawful exclusion of DMEs.
The ruling places DMEs on equal footing with export enterprises in enjoying VAT zero-rating.
Eight builders submit bids for Bataan-Cavite interlink bridge phase 1
THE first phase of the $3.91-billion Bataan-Cavite Interlink bridge has attracted eight bidders, the Department of Public Works and Highways (DPWH) said.
The DPWH said the contract involves a package to build the Bataan-side approach to the bridge, capped at P7.25 billion.
The foreign builders were identified as Beijing Urban Construction Group Co. Ltd., which offered P5.88 billion; China Harbour Engineering Co. Ltd. with P4.87 billion; Sino Road and Bridge Group Co. Ltd., P6 billion; the consortium of China Wu Yi Co. Ltd. and Fujian Road & Bridge Construction Group Co. Ltd., P5.87 billion; and the joint venture of Hunan Road & Bridge Construction Group Ltd. and China Civil Engineering Construction Corporation, P4.94 billion.
The EEI Corp. joint venture with Premium Megastructures, Inc. offered P7.20 billion, while D.M. Consunji, Inc., offered P7.83 billion.
The Bataan land approach contract package consists of a five-kilometer road, an interchange connecting to the Roman Highway, the Roman Interchange Bridge, the Alas-Asin Main Bridge, the Alas-Asin Overpass, the Mt. View Overpass, the Mt. View Waterway Bridge, and the Bataan Land Viaduct, the DPWH said.
The 32.15-kilometer interlink bridge across the mouth of Manila Bay is expected to boost regional economic integration and development.
In 2023, the Asian Development Bank (ADB), which is co-financing the project, approved a $2.11-billion loan. The government is responsible for the remaining $664.23 million.
According to the ADB, the civil works for the Bataan-Cavite Interlink bridge will be broken up into six contract packages.
Contract package 2 or the Cavite land approach covers 1.3 kilometers of roads, while Contract package 3 involves the north and central marine viaducts. Contract package 4 covers the south marine viaducts. Contract packages 5 and 6 involve the bridge’s navigational channel cable and high-level approach spans.
Nigel Paul C. Villarete, senior adviser on public-private partnerships at the technical advisory group Libra Konsult, Inc., said China has capable construction firms with experience in such projects.
“China is a large country with plenty of competent firms. As long as the bidding process is robust and strictly follows our laws and processes, Chinese involvement is all right. What matters is that those qualified are really qualified,” he said when asked to comment.
“DPWH must closely monitor the works, especially if the winning bidder starts sub-contracting many of the works. While that is generally allowed, it should be strictly monitored and ensure that the quality and workmanship is not compromised,” he said. — Ashley Erika O. Jose
DPWH commissions digital ledger to track foreign-funded projects
THE Department of Public Works and Highways (DPWH) said it tapped Blockchain Council of the Philippines (BCP) to develop a blockchain digital ledger that will track foreign-assisted infrastructure projects.
“By placing our foreign-assisted projects — those funded by Official Development Assistance (ODA) — on the Integrity Chain, we welcome the scrutiny of the private sector, academe, and civil society. This is DPWH’s strong response to the President’s directive to ensure transparency and accountability is enforced for its projects,” Public Works and Highways Secretary Vivencio B. Dizon said on Tuesday.
On Tuesday, the DPWH and BCP — a non-stock, non-profit organization of blockchain professionals and advocates, signed the memorandum of agreement to launch the Integrity Chain.
Integrity Chain will embed, digitize, and secure key data on selected national projects which will be made available to the public.
The data to be made available include budgets, procurement processes, and construction milestones, Mr. Dizon said.
“The Integrity Chain aims to transform infrastructure governance by offering a real-time public dashboard that tracks project spending and progress, enabling citizen feedback and anomaly reporting, and providing tamper-proof records to deter corruption,” the DPWH said.
The BCP said it hopes to have the Integrity Chain available within 60 days.
“In the coming weeks, we will gather all representatives of each organization. We are going to set up a technical working group,” BCP President Donald Patrick L. Lim told reporters.
In September, Senate Bill No. 1330 was filed by Senator Paolo Benigno A. Aquino IV calling for the use of the blockchain for the budget process.
The DPWH is currently engulfed in scandal due to substandard or non-existent flood control projects, and is under pressure to make public works procurement more transparent.
President Ferdinand R. Marcos, Jr. said 15 contractors cornered more than P100 billion worth of flood control projects between July 2022 and May 2025.
Last week, the DPWH asked the Anti-Money Laundering Council (AMLC) to freeze billions of pesos worth of aircraft and vehicles belonging to persons connected to the flood control projects.
In particular, the DPWH asked AMLC to freeze aircraft valued at P4.7 billion associated with Party-list Rep. Elizaldy S. Co and certain companies, such as Misibis Aviation and Development Corp. and Hi-Tone Construction and Development Corp., which was founded by his brother Christopher S. Co.
Hi-Tone and Sunwest, Inc. founded by Rep. Co were among the 15 contractors found to have won multiple flood-control projects.
On Tuesday, Mr. Dizon said the Civil Aviation Authority of the Philippines (CAAP) informed the DPWH that Rep. Co had tried to de-register his aircraft as a preliminary to their disposal.
“I have received new reports from CAAP that there were attempts to deregister three choppers,” he said.
“CAAP said you cannot sell the aircraft to anyone unless they are deregistered.” — Ashley Erika O. Jose
House bill seeks to raise taxes on sweet beverages
A HOUSE BILL filed on Tuesday seeking to raise excise taxes on sugar-sweetened beverages could raise about P55 billion annually, legislators said.
House Bill No. 5003 proposes to raise the excise tax on drinks sweetened using caloric or noncaloric sweeteners to P20 per liter from the current P6, and to charge P40 per liter from P12 for beverages containing high fructose corn syrup.
The proposal also seeks to levy a P6 per liter tax on flavored milk and non-dairy milk beverages, with excise tax rates to be hiked by 6% per year starting in 2026.
About 40% of revenue generated from the proposal would be allocated to the Philippine Health Insurance Corp. (PhilHealth), 10% to the Department of Health’s facilities improvement fund and 50% to the Department of Interior and Local Government (DILG), according to the measure.
“This is not just an economic measure, not just about increasing revenue,” House Deputy Minority Leader and Party-list Rep. Leila M. de Lima, author of the bill, said at a briefing. Her co-authors are Albay Rep. Cielo Krisel B. Lagman and Dinagat Islands Rep. Arlene J. Bag-Ao.
“Ultimately, it’s about improving our right to health,” she added.
Finance Secretary Ralph G. Recto said in August that the government is not keen on introducing new tax proposals in the 20th Congress, reaffirming the government’s fiscal consolidation strategy as debt levels hit records.
Ms. Lagman said the campaign for the proposed sugar tax hike will be pitched as a public health initiative rather than an added levy on consumption. — Kenneth Christiane L. Basilio
Oil and gas developers offered more perks
THE Department of Energy (DoE) said it will offer petroleum service contractors “special allowances” to encourage investment in the upstream energy industry.
“There is a need to offer improved fiscal terms to service contractors to complement the other government initiatives in attracting more exploration and production companies to spur exploration activity,” the DoE said in a department circular dated Sept. 23.
Oil and gas exploration in the Philippines has attracted limited investment due to the risks, it said.
According to the circular, the special allowances will consist of deductions from gross proceeds with the proviso that the government’s share be less than 60% of the difference between gross income and operating expenses.
Reimbursement of all operating expenses is capped at 70% of the gross proceeds from production in any year.
The DoE is also granting special allowance on cost recovery of exploration expenses for some service contracts.
For marginal petroleum operations, the government is extending a special allowance when annual operating expenses exceed the cost recovery allowance of 70%.
To encourage the development of new petroleum fields discovered in frontier areas, the DoE is providing an allowance of 5% of the gross proceeds to the first commercial development.
“Providing special allowances that allow for maximum benefits to the country and at the same time provide reasonable returns to private companies that render financial and technical services and assume all the risk of petroleum exploration will make the Philippine service contract regime more attractive to investment and will improve the state of the oil and gas exploration in the country,” the DoE said.
Edgar Benedict C. Cutiongco, president of the Philippine Petroleum Association, welcomed the development, saying the allowances are attractive for companies of all sizes.
“Granting special allowances to petroleum service contractors creates a more supportive environment for exploration and production,” he told BusinessWorld via Viber.
“It supports marginal fields by giving companies the flexibility to continue operations even when the economics are tight — this helps avoid stranding petroleum reserves that still have potential,” he said.
Mr. Cutiongco said the incentives promote exploration in areas that have not been tested.
“It boosts local gas production, especially in new and emerging plays, which is key to strengthening our energy independence,” he said. — Sheldeen Joy Talavera
Prices steady in typhoon-hit areas — DTI
THE Department of Trade and Industry (DTI) said that prices and the supply of basic necessities and prime commodities were stable in areas affected by severe tropical storms.
“The DTI Regional Operations Group confirmed stable supply in affected regions, noting no reports of delivery delays or panic buying in the provinces and municipalities placed under a state of calamity,” the department said in a statement on Tuesday.
According to the DTI, a 60-day price freeze is in effect in Cagayan, Masbate, Oriental Mindoro, Biliran, and Romblon provinces.
The freeze is also in place for Pagudpud, Ilocos Norte, Dagupan City, Pangasinan, Calbayog and San Vicente, Samar, and Ibajay, Aklan.
Meanwhile, the DTI said most markets, groceries, and supermarkets remain operational apart from some business closures in Masbate.
Trade Secretary Ma. Cristina A. Roque said: “Despite the impact of the storms, we assure the public that prices of essential goods will remain stable and consistently accessible.”
“Our regional and provincial monitors are on the ground daily to safeguard market stability,” she added.
The DTI warned that violators of the price freeze may face penalties of up to 10 years’ imprisonment and fines of up to P1 million. — Justine Irish D. Tabile
People’s Survival Fund approves 24 projects
THE Department of Finance (DoF) said 24 climate adaptation projects and project development grants were approved by the People’s Survival Fund (PSF) Board.
In a statement on Tuesday, the DoF said the approved projects were worth a combined P1.42 billion.
The PSF was established under Republic Act No. 10174 to finance adaptation programs and projects of local government units and accredited community organizations.
The board organized a caravan starting in Mindanao to help local government navigate climate finance and deliver locally led adaptation projects.
“The purpose of this caravan is to help fast-track and scale up local governments’ access to the Fund. And because the PSF provides long-term finance specifically for local adaptation projects, it has the power to shape communities’ resilience and save lives,” Finance Chief of Staff and Undersecretary Maria Luwalhati C. Dorotan Tiuseco said.
The caravan conducted seminars, technical consultations, and interactive workshops in Butuan City on Sept. 18 to 19.
The next leg will be held in October and will continue until the first quarter of 2026. — Aubrey Rose A. Inosante