菲律宾综合股价指数 (PSEi) 加自选

2025年6月，菲律宾的净外国直接投资（FDI）同比下降17.8%，至4亿美元的三个月低点。下降的主要原因是股本净流入减少（-167%）。与此同时，再投资收益大幅增长（37.6%），债务工具略有增长（9.3%）。本月股本配售主要来自日本（62%）、美国（16%）和韩国（9%），主要投资于制造业（64%）、房地产（14%）以及批发和零售业；机动车和摩托车维修（10%）。考虑到2025年1月至6月，外国直接投资净额达到34亿美元，比上年同期大幅下降23.8%。

Net foreign direct investment (FDI) in the Philippines fell by 17.8% year-on-year to a three-month low of USD 0.4 billion in June 2025. The decline was mainly driven by lower net inflows in equity capital (-167%). Meanwhile, a significant rise were seen in reinvestment earnings (37.6%) and modest gain in debt instruments (9.3%). Equity capital placements during the month mainly originated from Japan (62%), the United States (16%), and South Korea (9%), with investments directed largely toward manufacturing (64%), real estate (14%), and wholesale and retail trade; repair of motor vehicles and motorcycles (10%). Considering the January to June 2025, net FDI reached $3.4 billion, sharply lower by 23.8% compared with the corresponding period of the previous year.

菲律宾的失业率从去年同期的4.7%上升到2025年7月的5.3%，为2022年8月以来的最高水平。失业人数从2024年7月的238万人增加到259万人，而就业总人数从4768万人下降到4605万人。在主要工业部门中，服务业继续雇用最多的工人，占总就业人口的62.8%，其次是工业，占18.7%，农业占18.5%。与此同时，劳动力参与率从一年前的63.5%下降到60.7%，表明15岁及以上的菲律宾人在劳动力市场上的活跃程度较低。平均而言，就业人员每周工作42.0小时，略高于2024年7月记录的41.1小时，这表明就业人员的工作量略有增加。

The unemployment rate in the Philippines rose to 5.3% in July 2025 from 4.7% in the same month a year earlier, marking the highest level since August 2022. The number of unemployed individuals increased to 2.59 million from 2.38 million in July 2024, while the total number of employed persons fell to 46.05 million from 47.68 million. Among major industry sectors, the services sector continued to employ the largest share of workers at 62.8% of the total employed population, followed by industry at 18.7% and agriculture at 18.5%. Meanwhile, the labor force participation rate declined to 60.7% from 63.5% a year earlier, indicating fewer Filipinos aged 15 and over were active in the labor market. On average, employed individuals worked 42.0 hours per week, slightly higher than the 41.1 hours recorded in July 2024, suggesting a modest increase in workload among those employed.

2025年7月，菲律宾的年制造业产量从上个月向下修正的1.2%增长率降至1.3%。这标志着自2024年11月以来的首次收缩，因为食品制造业的产出放缓（17%对6月份的22.9%），这对下降趋势贡献了40%，特别是在植物和动物油脂制造业。此外，运输设备制造业（7.9%对11.8%）和木材、竹子、藤条、藤制品及相关产品（22.6%对47.2%）的产量显著下降。此外，橡胶和塑料制品（-6.6%对-3.1%）、饮料（-3.2%对-1.2%）、焦炭和精炼石油产品（-11.6%对-10.2%）、化学和化工产品（-22.3%对-25.3%）以及基本金属（-26.5%对-25.3%）的产量继续下降。经季节性调整的月度数据显示，工业活动增长3.5%，从前一个月向上修正的4.2%的跌幅反弹。

The annual manufacturing production in the Philippines tumbled to 1.3% in July 2025, from a downwardly revised 1.2% growth in the previous month. This marked the first contraction since November 2024, as output moderated for the manufacture of food products (17% vs 22.9% in June), which contributed 40% to the downtrend—particularly in the manufacture of vegetable and animal oils and fats. Moreover, output eased notably for the manufacture of transport equipment (7.9% vs 11.8%) and wood, bamboo, cane, rattan articles and related products (22.6% vs 47.2%). In addition, output continued to decline for the manufacture of rubber and plastic products (-6.6% vs -3.1%), beverages (-3.2% vs -1.2%), coke and refined petroleum products (-11.6% vs -10.2%), chemical and chemical products (-22.3% vs -25.3%), and basic metals (-26.5% vs -25.3%). On a seasonally adjusted monthly basis, industrial activity rose by 3.5%, rebounding from an upwardly revised 4.2% fall in the preceding month.

2025年8月，菲律宾的年通货膨胀率上升至1.5%，超过了市场预期的1.3%，高于上个月0.9%的五年半低点。最新数据为3月以来的最高水平，主要原因是食品和非酒精饮料价格上涨（7月份为0.9%对-0.2%）、家具、家用设备和日常家居维护价格上涨（2.4%对2.1%）以及健康价格上涨（2.9%对2.6%）。此外，运输成本下降速度较慢（-0.3%对-2%）。另一方面，服装和鞋类（1.7%对1.8%）、住房和公用事业（2.1%对2.2%）以及教育（2.9%对4.2%）的通货膨胀有所缓和。在7月份上涨0.3%之后，消费者价格指数环比上涨0.6%，为三个月来最强劲。与此同时，不包括某些食品和能源项目的核心通胀率从上一时期的2.3%上升至2.7%，为八个月来的最高水平。

The annual inflation rate in the Philippines rose to 1.5% in August 2025, surpassing market estimates of 1.3% and up from a more than five-and-a-half-year low of 0.9% in the previous month. The latest figure marked the highest reading since March, mainly driven by higher prices of food and non-alcoholic beverages (0.9% vs -0.2% in July), furnishings, household equipment and routine household maintenance (2.4% vs 2.1%), and health (2.9% vs 2.6%). Additionally, costs declined at a slower pace for transport (-0.3% vs -2%). On the other hand, inflation softened for clothing and footwear (1.7% vs 1.8%), housing and utilities (2.1% vs 2.2%), and education (2.9% vs 4.2%). On a monthly basis, consumer prices rose 0.6%, the strongest in three months, following a 0.3% gain in July. Meanwhile, core inflation, which excludes certain food and energy items, increased to 2.7%, the highest in eight months, from 2.3% in the preceding period.