菲律宾综合股价指数 (PSEi) 加自选

菲律宾10年期政府债券收益率降至5.86%，为2024年11月以来的最低水平。在过去的4周里，菲律宾10年期债券收益率下降了1.10个基点，在过去的12个月里，它下降了5.20个基点。

Philippines 10 Year Government Bond Yield decreased to 5.86%, the lowest since November 2024. Over the past 4 weeks, Philippines 10Y Bond Yield lost 1.10 basis points, and in the last 12 months, it decreased 5.20 basis points.

周五，菲律宾证券交易所指数下跌1%，至5776点，徘徊在三年多来的最低水平附近，因为腐败丑闻导致经济增长急剧放缓，市场情绪仍然不佳。2025年第三季度，国内生产总值同比增长4.4%，较上一季度5.5%的增长有所放缓。这是自2021年初以来最慢的扩张，反映了与基础设施腐败调查和连续台风造成的中断相关的公共支出减少。调查发现，立法者、公共工程官员和承包商涉嫌挪用基础设施资金，导致项目不合标准或未完成。与此同时，疲软的数据加强了央行进一步降息以支持经济的理由。主要下跌股包括SM Investments（-1%）、马尼拉电力公司（-2%）和环球电信公司（-3.2%）。与此同时，完成PSEi历史上第二大IPO的Maynilad Water Services在首次交易时没有变化。

The Philippine Stock Exchange Index dropped 1% to 5,776 on Friday, hovering near its lowest level in over three years, as market sentiment remained sour following a sharp slowdown in economic growth amid a corruption scandal. GDP grew 4.4% yoy in Q3 2025, easing from a 5.5% gain in the prior quarter. This marked the slowest expansion since early 2021, reflecting reduced public spending tied to an infrastructure corruption probe and disruptions from successive typhoons. Investigations uncovered an alleged scheme among lawmakers, public works officials, and contractors to divert infrastructure funds, leaving projects substandard or unfinished. Meanwhile, the weak data strengthened the central bank’s case for additional rate cuts to support the economy. Major decliners included SM Investments (-1%), Manila Electric (-2%), and Globe Telecom (-3.2%). Meanwhile, Maynilad Water Services, which completed the second-largest IPO in PSEi history, was unchanged on its trading debut.

2025年9月，菲律宾制造业产量同比增长2.4%，高于上个月下调后的1.6%的增长率。这是自5月以来工业活动的最大增幅，主要是由于计算机、电子和光学产品（8月份为5.1%对1.1%）、运输设备（12.1%对6.6%）和电气设备（9.3%对8.2%）的产量增加。焦炭和精炼石油产品（1.7%对-6.8%）、基础药品和药物制剂（8.9%对-4.7%）以及饮料（2.4%对-7.3%）的产量也出现反弹。与此同时，食品（13.7%对22.3%）的活动增长放缓，而家具（-9.8%对3.9%）、木材、竹子、藤条和藤条产品（-6.2%对2.3%）以及化学品和化学产品（-32.8%对-24.1%）的产量下降。经季节性调整的月度数据显示，工业活动下降1.0%，较前一时期的3.1%有所缓解。

Manufacturing production in the Philippines rose by 2.4% year-on-year in September 2025, accelerating from a downwardly revised 1.6% growth in the previous month. This marked the largest increase in industrial activity since May, mainly driven by higher output of computer, electronic, and optical products (5.1% vs 1.1% in August), transport equipment (12.1% vs 6.6%), and electrical equipment (9.3% vs 8.2%). Production also rebounded for coke and refined petroleum products (1.7% vs -6.8%), basic pharmaceutical products and pharmaceutical preparations (8.9% vs -4.7%), and beverages (2.4% vs -7.3%). Meanwhile, activity growth slowed for food products (13.7% vs 22.3%), while output declined for furniture (-9.8% vs 3.9%), wood, bamboo, cane, and rattan products (-6.2% vs 2.3%), and chemicals and chemical products (-32.8% vs -24.1%). On a seasonally adjusted monthly basis, industrial activity fell 1.0%, easing from a 3.1% decline in the previous period.

11月初，菲律宾比索兑美元汇率跌破59，回到历史低点，因为疲软的GDP数据加强了进一步降息的理由。第三季度经济急剧放缓，这是四年多来最疲软的速度，远低于预期，因为腐败丑闻抑制了公共支出，而一系列台风和宣布灾难状态增加了财政压力。这些数据强化了央行的观点，即在10月份发布温和的通胀报告后，可能需要进一步降息以支持经济增长。比索此前曾在10月底创下历史新低，此前菲律宾中央银行的评论表明，与其他干预以支持本国货币的亚洲央行不同，它更愿意让人民币贬值。在总督Eli Remolona淡化了BSP针对特定汇率的猜测后，跌幅有所缓解。

The Philippine peso weakened past 59 per dollar in early November, returning to its record low, as weak GDP data strengthened the case for further rate cuts. The economy slowed sharply in the third quarter, its softest pace in more than four years and well below forecasts, as a corruption scandal curbed public spending while a series of typhoons and the declaration of a state of calamity added fiscal pressure. The data reinforced the central bank’s view that additional rate cuts may be needed to support growth, following a benign inflation report in October. The peso had previously hit a record low in late October after comments from the Bangko Sentral ng Pilipinas suggested it was more willing to let the currency weaken, unlike other Asian central banks that intervened to support their currencies. The decline later eased after Governor Eli Remolona downplayed speculation that the BSP targets a specific exchange rate.