Philippine banks have set aside the most funds for potential loan losses since at least 2008, bracing for defaults as the Middle East conflict weighs on an already weak economy.

The Philippines risks delaying planned reductions to its budget deficit if President Ferdinand Marcos Jr.’s tax relief proposals don’t come with revenue-generating measures, debt watchers said.

The Philippine central bank intervened in a small way to defend the peso last week, Governor Eli Remolona said, as the currency weakened to a record low.

Philippine President Ferdinand Marcos Jr. laid down his economic priorities in his annual address to Congress Monday, focusing on Filipino consumers battered by high prices due to the Iran War.

The Philippine central bank intervened in a small way to defend the peso last week, Governor Eli Remolona said, as the currency weakened to a record low.

A year ago, Philippines President Ferdinand Marcos Jr.’s annual address to Congress shocked the nation with revelations of billions of dollars of graft involving flood-control schemes. The disclosure triggered an economic slump as projects slowed and consumers and businesses cut spending.

US President Donald Trump assured Philippine leader Ferdinand Marcos Jr. that he would take up Manila’s concerns when he meets with Chinese President Xi Jinping, the Southeast Asian nation said.

The Philippine central bank intervened in the foreign-exchange market as the peso fell to a record low, joining India in protecting currencies hit by surging oil prices.

The Philippine Senate impeachment court will subpoena the bank and tax records of Vice President Sara Duterte as her opponents seek to oust the nation’s second-highest official on allegations that include corruption and unexplained wealth.

The Philippines’ main business-process outsourcing group cut its industry revenue and job forecasts — and even warned of possible shrinking future business — with the emergence of artificial intelligence, shifting geopolitical conditions and increased competition.

Philippine inflation eased for a second month, but the central bank said consumer price pressures remain strong and is prepared to take further monetary action to ensure that it returns to target.

Workers in the Philippine capital will see their wages rise by a record 12%, with implementation set to start this month, Labor Secretary Francis Tolentino said on Tuesday.

Workers in the Philippine capital will see their wages rise by a record 12%, with implementation set to start this month, Labor Secretary Francis Tolentino said on Tuesday.

The Philippine central bank raised its benchmark interest rate for a second consecutive meeting, and Governor Eli Remolona said another increase is possible in August with inflationary pressures still strong despite an interim US-Iran peace deal.

The Philippines raised $2.5 billion from its second international bond sale of the year, seizing the opportunity to finance government spending as borrowing costs ease amid optimism on a potential US-Iran peace agreement.

Oil’s much-awaited decline may offer little respite for hard-hit consumers in the Philippines, where local pump prices were quick to skyrocket but could take up to a year to normalize.

The Philippines’ underemployment rate surged to its highest in nearly three years in April even as joblessness eased, with transport workers spending less hours on the road due to high oil prices.

Philippine inflation unexpectedly decelerated last month as transport costs eased with the central bank saying it will take necessary actions to ensure inflation returns to its target.

The Philippine central bank has cautioned banks against using foreign-exchange derivatives transactions as a tool to profit from currency volatility that has pushed the peso to a record low.

Philippine central bank Governor Eli Remolona said monetary authorities will have to react aggressively to avoid falling behind the curve in taming price pressures spurred by the Iran war.