SECEconomics – 2025

The SEConomics September 2025 issue features key developments in the global equities and fixed income markets, the country’s national debt, and the enactment of Republic Act No. 12253, or the Enhanced Fiscal Regime for Large-Scale Metallic Mining Act.

Global equities climbed in September, supported by rallies in U.S. markets following the Fed’s first rate cut since 2024, and by gains in Europe and the UK driven by advances in the technology and basic materials sectors. Across Asia, optimism over AI fueled market growth, although the PSEi slipped by 3.28% amid investor caution. In fixed income, U.S. yields declined, European yields held steady, and the Philippine yield curve steepened on in anticipation of monetary easing.

Domestically, the enactment of RA 12253 established a fairer tax system for the mining industry. Meanwhile, the country’s outstanding debt eased to PHP17.47 trillion in August, reflecting improved fiscal management and a stronger debt profile. Reinforcing investor confidence, the Japan Credit Rating Agency reaffirmed the Philippines’ A– investment-grade rating with a stable outlook, citing fiscal discipline and sound macroeconomic fundamentals.

Read more on these topics, including the SEC’s launch of Southeast Asia’s first Green Equity Guidelines and the first awardee of the Philippine Green Equity Label at https://www.sec.gov.ph/seconomics-2025/September-2025/

Copies of previous issues are also available free of charge at http://www.sec.gov.ph/investors…/economic-publications.