菲律宾10年期国债 (Philippine10Y) 加自选

菲律宾银行的现金汇款同比增长2.7%，从去年同期的26.5亿美元增至2025年2月的27.2亿美元。这一增长主要归因于陆基（3.0%）和海基（1.2%）工人的收入增加。在1月至2月期间，由于美国、沙特阿拉伯、新加坡和阿拉伯联合酋长国的汇款增加，现金汇款增长2.8%，达到56.3亿美元。与此同时，就国家来源而言，美国所占份额最大，为40.9%，其次是新加坡（7.6%）、沙特阿拉伯（6.0%）、日本（5.2%）和英国（4.8%）。

Cash remittances coursed through banks in the Philippines grew by 2.7% year-on-year to reach USD 2.72 billion in February 2025 from USD 2.65 billion in the corresponding month of the previous year. The rise was mainly attributed to higher receipts from both land-based (3.0%) and sea-based (1.2%) workers. In the January to February period, cash remittances rose 2.8% to USD 5.63 billion, driven by increased remittances from the United States, Saudi Arabia, Singapore, and the United Arab Emirates. Meanwhile, in terms of country sources, the United States accounted for the largest share of 40.9%, followed by Singapore (7.6%), Saudi Arabia (6.0%), Japan (5.2%), and United Kingdom (4.8%).

菲律宾的商业信心指数从前三个月的44.5降至2025年第一季度的31.2。这是自2022年第四季度以来的最低水平，受到对节后商品和服务需求的担忧、商业活动放缓以及通胀压力可能重新抬头的影响。本季度，制造商（34.5比第四季度的18.3）、零售商（34.1比42.5）和服务提供商（35.9比52.9）的情绪明显减弱。另一方面，建筑商的情绪略有增强（35.8比35.6）。与此同时，下一季度的业务前景有所上升（45.4比40.3），而来年的业务前景保持不变（56.4）。

The Business Confidence Index in the Philippines dropped to 31.2 in the first quarter of 2025 from 44.5 in the previous three-month period. This marked the lowest reading since the fourth quarter of 2022, weighed down by concerns over post-holiday demand for goods and services, a slowdown in business activity, and the potential resurgence of inflationary pressures. During the quarter, sentiment notably weakened among manufacturers (34.5 vs 18.3 in Q4), retailers (34.1 vs 42.5), and service providers (35.9 vs 52.9). On the other hand, sentiment slightly strengthened among constructors (35.8 vs 35.6). Meanwhile, the business outlook increased for the next quarter (45.4 vs 40.3), while it remained unchanged for the coming year (56.4).

2025年1月，菲律宾的外国直接投资净额（FDI）同比下降20%，至7亿美元，主要原因是债务工具大幅下降（-37.7%）。与此同时，股本出现逆转，上涨了876.4%，而收益再投资（36%）也有所增加。本月股本配售主要来自日本（48%）、美国（23%）、新加坡（13%）和马来西亚（8%），投资主要集中在制造业、金融保险业和房地产行业。2024年，外国直接投资净流入达到89亿美元，比去年同期略高0.1%。

Net foreign direct investment (FDI) in the Philippines dropped by 20% year-on-year to USD 0.7 billion in January 2025, primarily driven by a sharp decline in debt instruments (-37.7%). Meanwhile, equity capital saw a reversal, jumping by 876.4%, while reinvestment of earnings (36%) also increased. Equity capital placements for the month mainly came from Japan (48%), the United States (23%), Singapore (13%), and Malaysia (8%), with investments directed mostly to the manufacturing, financial and insurance, and real estate industries. In 2024, FDI net inflows reached USD 8.9 billion, a slight 0.1% higher than a year earlier.

2025年2月，菲律宾的制造业产量同比下降1.6%，而1月份的增幅为3.0%。经济衰退的主要原因是基本金属产量下降（1月份为-35.6%，1月份为-9.5%），导致年产量下降34.5%。化学品（-21.1%对-1.2%）和基本药品和药物制剂（-16.8%对-21.5%）的产量也有所下降。与此同时，家具（26.2%对-1.6%）、食品（12.1%对10.9%）和纸制品（4.8%对2.6%）的产量有所增长。经季节性调整的月度数据显示，制造业产出下降3.5%，而前一时期增长1.3%。

Manufacturing production in the Philippines dropped 1.6% year-on-year in February 2025, from a downwardly revised 3.0% increase in January. The downturn was mainly driven by the lower production of basic metals (-35.6% vs -9.5% in January), contributing 34.5% to the annual decrement. Output also dropped for chemicals (-21.1% vs -1.2%) and basic pharmaceutical products and pharmaceutical preparations (-16.8% vs -21.5%). Meanwhile, output rose for furniture (26.2% vs -1.6%), food (12.1% vs 10.9%) and paper products (4.8% vs 2.6%). On a seasonally adjusted monthly basis, manufacturing output fell 3.5%, following a 1.3% rise in the previous period.