PBBM signal cited in strong peso finish By Samuel P. Medenilla & Andrea E. San Juan
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RESIDENT Ferdinand R. Marcos Jr.’s signal that he does not want the US dollar/ peso exchange rate to reach P60 could have had a hand in the Philippine peso posting on Thursday its strongest finish in two weeks, according to an economist. Data from the Bankers’ Association of the Philippines (BAP) showed the Philippine peso closed at P59.16 per $1, its strongest level against the dollar in two weeks. This is 10 centavos stronger from its previous finish of P59.261.
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“The US dollar/peso exchange rate corrected improved for the second straight trading day, by -0.101 or -0.2 percent to close at 59.16, the lowest/best in more than 2 weeks or since January 5, 2026 and already lower vs. the intraday record high of 59.50 posted on January 20, 2026, after President Marcos signaled that he does not want the US dollar/peso exchange rate to reach 60,” Michael Ricafort, chief economist at Rizal Commercial Banking Corp. said on Thursday. On Thursday, Presidential Communications Office (PCO) Undersecretary Claire Castro revealed
that the president expressed concern over the weakening of the peso as the local currency has been hitting record lows since the year started, nearing the P60 mark to a dollar. “Ayaw po sana, ayaw po ng Pangulo na umabot pa ito sa 60 pesos na palitan. So, abangan na lang po natin kung ano po muli ang mapaguusapan at kung ano ang gagawin ng BSP patungkol po rito,” Castro said at a briefing in Malacañang Thursday morning. Ricafort, however, noted that there are other factors which contributed to the strengthening of the local currency on Thursday, saying
the Bangko Sentral ng Pilipinas focused on “dampening large swings in the exchange rate rather than setting a specific level.” The Philippine peso hitting its strongest point in two weeks could also be attributed to the improved “global risk appetite” after US President Donald Trump withdrew threats of higher tariffs on some European countries related to his plans to acquire Greenland, said Ricafort. The RCBC chief economist said the peso may have finished strong on Thursday due to “some progress recently on the judicial process in See “Peso,” A2
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Friday, January 23, 2026 Vol. 21 No. 103
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PHL is still pushing for credit rating upgrade–Go
By Reine Juvierre S. Alberto
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@reine_alberto
HE government has cut its revenue target for this year after lowering its economic growth outlooks, as slower activity is expected to drag on collections and overall fiscal performance. This adjustment was revealed to reporters on Thursday after disclosure of the Cabinet-level Development Budget Coordination Committee’s (DBCC) December meeting results. Here, economic managers lowered the revenue target to P4.824 trillion, a 3.19-percent reduction from the P4.983-trillion goal set in June 2025. This comes after the DBCC decided to trim the gross domestic product (GDP) growth target to 5 to 6 percent for this year from the earlier 6 to 7 percent. As a result, revenue targets of the government’s two main tax-collecting agencies were also adjusted downward. The Bureau of Internal Revenue (BIR) is now expected to collect P3.579 trillion this year, 4.31 percent lower than its previous target of P3.431 trillion. Meanwhile, the Bureau of Customs’ (BOC) target was reduced by 0.98 percent to P1.003 trillion from the earlier estimate of P1.013 trillion. See “Revenue,” A2
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JAPAN, IOM SIGN BASULTA HEALTH PROJECT Tristan A. Burnett, Chief of Mission of the International Organization for Migration (IOM), and H.E. Endo Kazuya, Japanese Ambassador to the Philippines, are seen at the ceremonial signing and exchange of notes for “The Project for Strengthening Maternal and Child Health Services for Internally Displaced Persons on the Remote Islands of Conflict-Affected Areas in BaSulTa” on Thursday, January 22, 2026. The project targets Basilan, Sulu, and Tawi-Tawi (BaSulTa), island provinces long affected by armed conflict, displacement, limited health infrastructure, and difficult sea access that constrain maternal and child health services, particularly for internally displaced persons (IDPs). The signing was witnessed by (from left) Dr. Joel H. Buenaventura, Director IV, Department of Health; Dr. Kadil M. Sinolinding Jr., Ministry of Health-BARMM; Carlito G. Galvez Jr., Secretary of the Office of the Presidential Adviser on Peace, Reconciliation and Unity (OPAPRU); and Mr. Baba Takashi, Chief Representative of the Japan International Cooperation Agency (JICA) Philippine Office. NONOY LACZA
ENVOY: ACCOUNTABILITY WILL FUEL EUROPEAN INVESTMENT OPTIMISM By Bless Aubrey Ogerio
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EUROPEAN Union Ambassador to the Philippines H.E. Massimo Santoro. PHOTO GRABBED FROM EUROPEAN UNION IN THE PHILIPPINES FACEBOOK POST
ROGRESS in transparency and anti-corruption efforts is viewed as a key factor in attracting and retaining European investment in the country, according to the European Union (EU) Ambassador to the Philippines. Trade between the Philippines and the EU has steadily grown, with utilization of the Generalized System of Preferences (GSP+) reaching 80 percent in 2025, up from 70 to 75 percent in previous years. “I think investors wish to have predictability in the market, wish to have a good feeling of good governance being ensured in any mar-
ket where they do invest or already invest or they wish to invest,” Massimo Santoro said during the Doing Business in the Philippines Press Launch in Makati City on Thursday. He added that government measures promoting accountability can help maintain investor confidence and attract new investments. “So far, we do look at this positively, how it is being conducted, and we continue supporting any additional action intended to ensure accountability,” he added. The ambassador noted that the “full potential” of EU-Philippine trade hinges on continued reforms and effective implementation of
domestic legislation, as well as the country’s workforce advantages, including English proficiency. Regarding the negotiations with the European Free Trade Association (EFTA), Santoro said that completion could occur in 2026, though the timeline depends on both sides’ capacity to deliver results. The next full round of talks is scheduled for March. Santoro reported that the Philippines maintained a trade surplus with the European Union, with total bilateral trade reaching US$15.5 billion in 2024. EU foreign direct investment in the Philippines stood at €14.2 billion in 2023, while Philippine FDI in the EU totaled €2.1 billion.
HE Marcos Jr. administration is still pushing for a credit rating upgrade as it reinforces prudent fiscal discipline and keeps inflation under control, according to Finance Secretary Frederick D. Go. “We still want to get our upgrade. It’s becoming more and more challenging at this moment, but we are not giving up,” Go said in his keynote address during the Financial Executives Institute of the Philippines (FINEX) 2024 inaugural meeting on Wednesday night. Go said the Department of Finance’s (DOF) constant refrain is fiscal discipline and smart spending. “We will uphold this by reviewing all our respective expenditure programs to ensure that we spend on what is necessary and focus on productive and efficient spending, especially where the greatest multipliers are,” Go said. “This fiscal discipline approach will be DOF’s constant refrain from here on.” Inflation last year eased to 1.7 percent, which Go attributed to government measures to reduce tariffs on key commodities, including the cut in rice tariffs from 35 percent to 15 percent. However, full-year economic growth for 2025 is estimated at 4.7 percent to 4.8 percent by the Philippine Statistics Authority and several multilateral organizations. While a 4.8-percent growth rate seems like a “huge drop” from the usual 5.5-percent growth that the Philippines has been used to in the previous years, Go said this is still “way above” the Asean average of 3.8 percent and the global average of 2.9 percent. “I would like to assure you that the long-term fundamentals of the Philippine economy remain intact and is on solid footing,” Go said. “It is still not a bad performance.” “But having said that, our economy is expected to regain momentum and bounce back to the 5++ level this 2026,” Go noted. Moreover, Go said the government’s fiscal discipline has earned a credit rating upgrade See “Credit,” A2
PESO EXCHANGE RATES n US 59.3210 n JAPAN 0.3748 n UK 79.6859 n HK 7.6080 n CHINA 8.5183 n SINGAPORE 46.1966 n AUSTRALIA 40.1010 n EU 69.3166 n KOREA 0.0405 n SAUDI ARABIA 15.8194 Source: BSP (January 22, 2026)