End-Aug GIR hits $104.8B, highest in 5 mos By Andrea E. San Juan
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MUGSHOT FROM A HOSPITAL BED Interior Secretary Jonvic Remulla presents the official mugshot of former House Speaker Martin Romualdez during a press briefing at Camp Crame in Quezon City on Tuesday, September 8, 2026. The image shows Romualdez lying in a hospital bed with the orange PNP-CIDG detainee shirt draped over his medical gown. Authorities said the shirt could not be worn in the usual manner because of medical apparatus attached to him during the booking procedure at Cardinal Santos Medical Center in San Juan City. The hospital booking recalls previous high-profile plunder cases involving hospital detention, including those of former President Joseph Estrada and former President Gloria Macapagal-Arroyo. Romualdez was arrested Monday after the Sandiganbayan issued a warrant in connection with a P7.4-billion plunder case filed against him and three others. NONOY LACZA
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HE country’s foreign reserves, its buffer against external shocks, rose to $104.8 billion as of end-August 2026, the highest level in five months or since March 2026, data from the Bangko Sentral ng Pilipinas (BSP) showed. Preliminary data from the central bank showed that the latest gross international reserves (GIR) figure is 1.43 percent higher than the $103.32 billion recorded in endJuly 2026. Year-on-year, however, foreign reserves declined by 2.15 percent
from the $107.098 billion as of endAugust 2025. According to the central bank, the increase in reserves was mainly driven by the upward valuation adjustments in the BSP’s gold holdings due to the increase in the price of gold in the international market. The BSP’s net income from its investments abroad also contributed to the increase in reserves. These were partly offset, however, by the national government’s (NG) drawdowns on its foreign currency deposits with the central bank for external debt service. Explaining the central bank’s
net income from its investments abroad, Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines (UBP) said: “Part of the BSP’s reserves is invested in safe foreign assets that generate interest and investment income, which can help support reserve growth over time.” On a month-on-month basis, data from the BSP showed gold holdings climbed by 9.26 percent to $19.11 billion as of end-August 2026 compared to the $17.49 billion as of end-July 2026. Gold holdings also inched up compared to the same period a year ago, by 31.61 percent from $14.52
billion as of end-August 2025. In contrast, securities, which BSP said refer to highly liquid and marketable debt securities, declined by 4.68 percent to $64.02 billion as of end-August 2026 compared to the $67.16 billion as of end-July 2026. Securities exclude investments under the Asian Bond Fund (ABF) and Bank of International Settlements Investment Pool (BISIP). In the same vein, BSP data showed currency and deposits plunged to $1.55 billion as of endAugust 2026, or 17.55 percent lower than the $1.88 billion recorded as of See “GIR,” A2
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Wednesday, September 9, 2026 Vol. 21 No. 330
P25.00 nationwide | 2 sections 20 pages | 7 DAYS A WEEK
TRIALS AND TRADITIONS As the Senate continues to navigate the impeachment proceedings against Vice President Sara Duterte, employees pause for a religious observance marking the Nativity of the Blessed Virgin Mary. Top right and bottom row: Senator-judges, prosecution members and the
defense team confer on the next steps in the impeachment proceedings on September 8, the 23rd day of the trial. No witnesses were presented as the parties discussed procedures for the proceedings, which resume on September 14. Top left: Senate employees attend Mass and offer flowers at the Senate Chapel in Pasay City on September 8 for the Feast of the Nativity of the Blessed Virgin Mary, celebrated nine months before the Feast of the Immaculate Conception on December 8. ROY DOMINGO/SPPA POOL
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By Justine Xyrah Garcia
HE economy may have recovered from the pandemic but jobs have yet to catch up, with unemployment returning to post-pandemic levels in July as the labor market failed to transform fast enough, economists said.
On Tuesday, the Philippine Statistics Authority (PSA) reported 3.14 million jobless Filipinos in July, pushing the unemployment rate to 6 percent. This is the highest unemployment rate since June 2022, when the economy was still recovering from Covid-19. The latest reading also brought the January-to-July unemployment rate to 5.2 percent, significantly higher than the 4.1 percent recorded in the same period last year. The increase came even as employ-
ment grew, as more Filipinos entered the labor market than the economy could absorb. Employment rose by 3.16 million year-on-year to 49.21 million, but the labor force expanded by 3.71 million to 52.36 million. De La Salle University economist Marites M. Tiongco said this gap reflects a deeper weakness in the post-pandemic recovery: the economy has restored jobs, but has not transformed its job base enough to absorb the growing labor force. See “Jobless,” A2
PESO COULD TEST NEW LOWS IN THE NEAR TERM–ANALYSTS
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HE Philippine peso could test new lows in the near term if the dollar stays strong and oil prices remain elevated, according to analysts. Experts said this after data from the Bankers Association of the Philippines (BAP) showed that the local currency fell to a fresh record low of P62.625 against the dollar on Tuesday. The rate is 3.9 centavos weaker than its P62.58 finish against the greenback on Monday. For the month of September alone, this is the fourth time the peso hit a fresh all-time low. Ruben Carlo Asuncion, chief economist at Union Bank of the Philippines (UBP), said the peso’s depreciation reflects a combination of external factors, including “elevated
oil prices, persistent inflation concerns, and higher US Treasury yields, which have supported demand for the US dollar.” Asuncion said the peso may remain under pressure in the near term as markets continue to assess developments in oil prices, global inflation and monetary policy expectations. “While further weakness cannot be ruled out, the pace and extent of any depreciation will depend largely on evolving external conditions and shifts in global risk sentiment,” the chief economist of Union Bank of the Philippines explained further. Looking ahead, Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., said: “The peso may remain under pressure and could test new lows in the near term if the dollar See “Peso,” A2
IBPAP looks beyond US for future growth By Bless Aubrey Ogerio
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OR years, the United States (US) has been the Philippine information technology and business process management (ITBPM) industry’s biggest market. Now, the industry is looking farther afield. The Information Technology and Business Process Association of the Philippines (IBPAP) is broadening its investment push, with Europe, Japan, the Middle East and AsiaPacific among the markets it wants to tap. The country remains second only to India among the world’s largest ITBPM destinations, but its lead is no longer uncontested. IBPAP previously
said South Africa, Egypt, Poland, Colombia, Costa Rica and Vietnam are expanding their presence in the global outsourcing market. Now, IBPAP, together with a coalition of advisory firms, real-estate developers, banking partners and investment-promotion agencies, has launched a coordinated initiative to attract global companies looking to establish or expand operations in the Philippines. The initiative targets companies headquartered in Australia, Japan, the Middle East and the United Kingdom, as well as fast-growing mid-market firms and organizations in banking, financial services, insurance and healthcare. See “IBPAP,” A2
PESO EXCHANGE RATES n US 62.6980 n JAPAN 0.4062 n UK 84.9746 n HK 7.9975 n CHINA 9.3426 n SINGAPORE 49.5362 n AUSTRALIA 45.2491 n EU 72.8864 n KOREA 0.0466 n SAUDI ARABIA 16.6963 Source: BSP (September 8, 2026)