Govt to borrow ₧1.12T from local market in Q3 By Reine Juvierre S. Alberto
T
HE Marcos Jr. administration plans to borrow up to P1.120 trillion in the domestic debt market in the third quarter, as it shores up funding amid persistent financing requirements and expectations of higher interest rates. The schedule of government securities offering the Bureau of the Treasury released on Tuesday revealed the government seeks to raise up to P700 billion in Treasury bonds (T-bonds) and up to P420 billion in Treasury bills (Tbills). National Treasurer Sharon P. Al-
WORLD » A7
CHINA HITS BACK AT US SANCTIONS ON TECH GIANTS, RESTRICTING EXPORTS TO AMERICAN DEFENSE FIRMS
ROTARY CLUB OF MANILA JOURNALISM AWARDS
2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion
manza said this is the maximum amount the government is willing to borrow, providing them “flexibility” on the actual volume to be issued, which they could adjust accordingly depending on market conditions. Almanza added the borrowing target was set after consultations with primary dealers to provide guidance on the maximum volume the Treasury may raise for a given month, guided by the government’s financing requirement for the year. The national government seeks to borrow a total of P2.682 trillion this year, of which P2.054 trillion will come from domestic sources.
Broken down, P250 billion is programmed for the auction of T-bills, with tenors of 91-day, 182day and 366-day, every Monday for the month of June. As much as P200 billion is planned for T-bill auctions in August, while up to P250 billion is targeted for September. The Treasury said it reserves the right to change the final issuance volume, which will be determined upon the release of the Notice of Public Offering in the days leading up to the auction date. The total volume of up to P700 billion does not include the potential issuance of cash management bills, or ultra-short-term debt pa-
pers used for managing liquidity. Meanwhile, the Treasury will also offer T-bonds with maturities ranging from three to 20 years every Tuesday. Up to P160 billion will be raised in July, as much as P130 billion in August and a maximum of P120 billion in September. The Treasury noted that it reserves the right to revise the tenors and total volume to be issued, which will be determined upon the release of the Notice of Public Offering in the days prior to the auction date. According to John Paolo R. Rivera, senior research fellow at the See “P1.12T,” A2
BusinessMirror A broader look at today’s business
EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
(2017, 2018, 2019, 2020, 2021) DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
THINK TANK CUTS PHL’S ’26-’27 GROWTH OUTLOOK www.businessmirror.com.ph
T
n
Wednesday, June 24, 2026 Vol. 21 No. 253
P25.00 nationwide | 3 sections 24 pages | 7 DAYS A WEEK
By Andrea E. San Juan @andreasanjuan
HE Philippine economy is seen to remain sluggish this year compared to its peers in Asia as its growth pace could be hampered by weak household and business confidence, elevated inflation, and higher interest rates. In its latest quarterly report, ANZ Research slashed its 2026 and 2027 gross domestic product (GDP) forecasts for the Philippines. For 2026, ANZ Research slashed its growth forecast for the Philippines to 3.9 percent from 4.7 percent. For 2027, it shaved off 0.6 percentage points from its initial 5.6 percent GDP forecast, bringing down its revised growth forecast for the Philippines to only 5 percent for next year. For 2028, meanwhile, ANZ Research pegged the Philippines’s growth rate at 5.5 percent. “The Philippines’s outlook is more constrained by weak household and business confidence, elevated inflation, and higher interest rates,” ANZ Research, the research arm of Australia-based ANZ Banking Group Limited, underscored in its latest quarterly report. It also noted that public spending, which “likely bottomed” in
the first quarter of 2026, won’t likely see a material recovery until governance issues surrounding infrastructure projects are fully resolved. Among the Asian economies scrutinized by ANZ Research, only the macro situation in Indonesia and the Philippines are expected to be “less sanguine,” which it attributed to weak growth and external positions. Moreover, it pointed out that monetary tightening will further “impede” growth in these two economies.
Broader Asian economy
SANJAY MATHUR, the ANZ Research’s Chief Economist for Southeast Asia and India, said that with the global tech super cycle “more than offsetting” the fallout from the Middle East conflict—which he said also appears to have concluded—“We are raising our 2026 GDP growth forecast for Asia [ex-China, India] to 4.7 See “Growth,” A2
ROAD TO RELIEF Motorists queue at a fuel station to fill up their tanks following significant fuel price rollbacks implemented nationwide on Tuesday, June 23, 2026. The reductions in gasoline, diesel
$202-M U.N. APPEAL FLAGS PHL AMONG AT RISK FROM EL NIÑO By Bless Aubrey Ogerio
T
HE Philippines is among 22 countries identified by the Food and Agriculture Organization of the United Nations (FAO) and World Food Programme (WFP) as vulnerable to a possible strong El Niño event in late 2026, prompting the agencies to launch a $202-million appeal for early interventions to protect food security, agricultural production, and livelihoods. The Joint Anticipatory Action Appeal, the first of its kind launched by FAO and WFP, seeks flexible funding to allow governments and humanitarian orga-
nizations to act before climaterelated disruptions escalate. The appeal targets nearly nine million people across 22 priority countries, including the Philippines, Afghanistan, Pakistan, and Timor-Leste in the AsiaPacific region. According to FAO and WFP, El Niño is expected to strengthen during the forecast period, increasing the likelihood of climate disruptions such as drought, floods, and storms across parts of Asia, the Pacific, Africa, and Latin America. In the Philippines and other parts of Southeast Asia, drierthan-normal conditions are See “Risk,” A2
and kerosene prices, driven by softer global oil market movements, are expected to ease transportation and household costs, albeit temporarily. NONOY LACZA
Govt eyes auction of nuke capacity By Lenie Lectura
T
HE Department of Energy (DOE) is soliciting stakeholder feedback on a draft circular that aims to auction nuclear energy capacity for staggered delivery beginning 2038 and spanning a 10-year period. “The DOE is requesting parties to submit their comments on the proposed department circular on the “Guidelines for the Conduct of the Nuclear Power Generation Capacity Tender for the Nuclear Power Plant and Succeeding Nuclear Power Plants,” the draft circular stated. The comments should be submitted on or before June 30.
Once the circular takes effect, it will take six months before the terms of reference (TOR) and generic site selection parameters are issued. “The tender capacity shall be designed for staggered delivery beginning 2038 onwards, unless otherwise modified by the DOE in the TOR....The initial staggered delivery program shall cover a 10year delivery horizon beginning 2038 and ending 2047, unless otherwise provided in the TOR,” the draft circular stated. Thereafter, the bid invites will be made public followed by bidder registration and pre-bid conference. The auction proper is expected to take place in June 2027
while the notice of award is seen to happen by end of 2027. The winning bidder has four years to construct its nuclear power facility, with first target delivery date in 2038 and second target delivery in 2040. The subsequent delivery tranches is from 2041 to 2047. “The full staggered delivery horizon is from 2038 to 2047,” the DOE said, adding that it may revise the delivery schedule in the TOR to reflect the results of grid studies, generic site selection, licensing pathway assessment, market demand, technology readiness, investor feedback, or public consultation. The DOE emphasized that the
construction of a nuclear power plant will commence once authorization from Philatom is secured. Likewise, the DOE will form a nuclear tender committee to supervise, administer, and conduct the bidding. The agency will also determine the nuclear capacity to be tendered for a specified delivery period. In the past, the agency said it was targeting to integrate nuclear power into the national mix by 2032, aiming for at least 1,200 megawatts (MW) of capacity by that year and 4,800 MW by 2050. The strategy includes exploring Small Modular Reactors (SMRs) and potentially rehabilitating the existing BNPP.
PESO EXCHANGE RATES n US 60.9880 n JAPAN 0.3775 n UK 80.8274 n HK 7.7799 n CHINA 8.9988 n SINGAPORE 47.2117 n AUSTRALIA 42.7099 n EU 69.7032 n KOREA 0.0398 n SAUDI ARABIA 16.2453 Source: BSP (June 23, 2026)