Local key events

According to the United Nations Development Program (UNDP), the Philippines ranks third among Southeast Asian nations most affected by US tariffs. Cambodia is seen as the most vulnerable with a projected 23.9% drop in exports to the US, followed by Vietnam at 19.2% and the Philippines at 13%. The UNDP noted that small, trade-dependent economies focused on lower-value products are most vulnerable to tariff shocks.

Globe Telecom, Inc. (PSE Ticker: GLO) President and Chief Executive Officer stated that the initial public offering of GCash, its electronic wallet platform, is not a priority as the company concentrates on expansion. He also stated that GCash is not in need of capital as it is cashflow positive.

Local indices

Local equities fell amid profit-taking and lingering concerns over alleged government corruption issues. Meanwhile, local fixed income yields inched higher and the Philippine peso slightly strengthened ahead of the release of the August US Personal Consumption Expenditure (PCE) inflation report later this week. Market expects PCE inflation rise to 2.7% YoY in August (July: 2.6%).

The PSEi closed at 6,214.83 (-0.79% DoD). 

On average, yields rose by 0.32 bps, with the 2Y closing at 5.55% (-0.21 bps) and the 10Y closing at 5.98% (+1.47 bps).

The USD/PHP pair closed at 57.06 (-0.16% DoD). 

Global key events

Several Fed officials remained cautious about further rate cuts amid persistent inflation concerns. St. Louis Fed President Musalem sees limited room for easing after last week's cut, while Atlanta Fed President Bostic expects no further reductions this year. Additionally, Cleveland Fed President Hammack said that policy isn’t overly restrictive and warned against premature easing.

The People’s Bank of China kept its key lending rates steady, with the one-year loan prime rate (LPR) at 3.0% and the five-year LPR at 3.5%. This was in line with market expectations that policymakers will prioritize stability over new stimulus, balancing weak domestic demand with recent gains in the stock market.

US indices

US equities rose to new highs led by gains in the tech sector after Nvidia announced a $100 billion investment in OpenAI. The S&P 500 closed at 6,693.75 (+0.44% DoD), while the DJIA ended at 46,381.54 (+0.14% DoD). 

US Treasury yields jumped and the US dollar weakened as investors digested cautious remarks from several Fed officials. This was also ahead of the S&P Global Purchasing Managers’ Index and key inflation data reports this week.

On average, yields rose by 1.43 bps, with the 2Y closing at 3.61% (+3.10 bps) and the 10Y closing at 4.15% (+2.00 bps).

The DXY closed at 97.34 (-0.31% DoD).

Downloadable file

Download the latest edition of The Morning View.

The Morning View as of September 23, 2025

English

File-type

File-size

download-icon
The Morning View archive
Sources: BusinessWorld, Inquirer, Philippine Star, Manila Bulletin, Businessmirror, PSE Edge, Bloomberg, CNBC, Reuters, CNN, Wall Street Journal, Financial Times, Market Watch
The views expressed herein by BPI Wealth – A Trust Corporation (“BPI Wealth”) are based on sources deemed reliable, but may be subject to change without notice. This material, which is strictly for information purposes only, is for your sole use, does not constitute a recommendation or an offer to sell or a solicitation to buy any financial product. Any information is subject to change without notice and BPI Wealth is not under any obligation to update or keep current the information contained herein. You are advised to make your own independent judgement with respect to the matter contained in the report. No liability whatsoever is accepted for any loss that may arise (whether direct or consequential) from any use of the information contained herein.
Unit Investment Trust Funds (UITFs) are NOT DEPOSIT products and are not an obligation of, or guaranteed, or insured by BPI Wealth or Bank of the Philippine Islands (BPI) or its affiliates or subsidiaries, and are not insured by the Philippine Deposit Insurance Corporation (PDIC). Due to the nature of the investment, yield and potential yields cannot be guaranteed. Any income or loss arising from market fluctuations and price volatility of securities held by a UITF, even if invested in government securities, is for the account of the investor/trustor. As such, units of participation of the investor/trustor in a UITF, when redeemed, may be worth more or be worth less than his/her initial participation/contribution. Historical performance, when presented, is purely for reference purposes and is not a guarantee of future results. BPI Wealth is not liable for losses, other than due to willful default, evident bad faith or gross negligence. Investors are advised to read the Declaration of Trust of the relevant UITF before deciding to invest. For inquiries and comments, visit the BPI Wealth website or call us at (02) 8580 - 2682.  
BPI Wealth is a subsidiary of the Bank of the Philippine Islands (BPI). BPI and BPI Wealth will never ask to verify or divulge your personal information such as your user ID, password and OTP (One-Time PIN) via phone, call, text messages (SMS) or link provided in emails. If you receive a call or email asking you to provide any confidential information, do not engage. Immediately change your online banking password and report the incident to 889-10000.  
BPI Wealth – A Trust Corporation is regulated by the Bangko Sentral ng Pilipinas. Visit the BSP website for more details. 

Our investment solutions

Find the right products and services for you.

Need more help?

Get all the help for your banking needs.

prefered