The Weekly Review

Local equities edged down as investors took profits later in the week. This was following gains from higher net foreign buying amid a stronger local currency and the MSCI rebalancing results which showed no deletions of Philippine names.​

Top performers were Converge Information and Communications Technology Solutions, Inc. (PSE Ticker: CNVRG; +7.41%), Puregold Price Club, Inc. (PGOLD; +6.12%), and Jollibee Foods Corp. (JFC; +4.63%). Meanwhile, BDO Unibank, Inc. (PSE Ticker: BDO; -3.13%), DigiPlus Interactive, Corp. (PLUS; -7.71%), and San Miguel Corp. (SMC; -8.97%) were the laggards of the week.

▼ The PSEi closed at 6,384.58 (-0.10% WoW). 

Local fixed income yields inched lower amid bets of further Fed rate cuts after the soft January retail sales and significant downward revisions to job gains in 2025. This was also following the Bureau of the Treasury’s reissued 7.5-year bonds offering.

▼ On average, yields fell by 1 bp, with the 2Y closing at 5.18% (+2 bps) and the 10Y closing at 5.97% (+1 bp).

The Philippine peso strengthened after the country’s gross international reserves hit a 16-month high in January and as investors positioned ahead of the US inflation report. 

▼ The USD/PHP pair closed at 58.02 (-0.96% WoW).

US equities slipped amid fears that Artificial Intelligence can disrupt certain industries. Investors also parsed through the January US jobs reports, which showed a significant downward revision to nonfarm payroll additions by 862,000 jobs for the 12 months through March 2025.​

▼ S&P 500 closed at 6,836.17 (-1.39% WoW).​

▼ DJIA closed at 49,500.93 (-1.23% WoW). 

US Treasury yields tumbled on stronger bets of further Fed policy easing after a slew of economic data releases, particularly (1) the significant downward revisions to 2025 nonfarm payrolls, (2) steady January US retail sales (Consensus: +0.4% MoM), and (3) the cooler-than-anticipated January consumer price index (CPI) inflation of 2.4% (Dec.: 2.7%, Consensus: 2.5%).

▼ On average, yields fell by 10 bps, with the 2Y closing at 3.41% (-9 bps) and the 10Y closing at 4.05% (-16 bps).

The US dollar weakened as traders weighed a slew of economic data including: (1) the significant downward revisions to the 2025 nonfarm payrolls, and (2) the slower-than-expected January US CPI data release.

▼ The DXY closed at 96.92 (-0.74% WoW). 

Sources: BusinessWorld, Inquirer, Philippine Star, Manila Bulletin, Businessmirror, PSE Edge, Bloomberg, CNBC, Reuters, CNN, Wall Street Journal, Financial Times, Market Watch

The views expressed herein by BPI Wealth – A Trust Corporation (“BPI Wealth”) are based on sources deemed reliable, but may be subject to change without notice. This material, which is strictly for information purposes only, is for your sole use, does not constitute a recommendation or an offer to sell or a solicitation to buy any financial product. Any information is subject to change without notice and BPI Wealth is not under any obligation to update or keep current the information contained herein. You are advised to make your own independent judgement with respect to the matter contained in the report. No liability whatsoever is accepted for any loss that may arise (whether direct or consequential) from any use of the information contained herein.

Unit Investment Trust Funds (UITFs) are NOT DEPOSIT products and are not an obligation of, or guaranteed, or insured by BPI Wealth or Bank of the Philippine Islands (BPI) or its affiliates or subsidiaries, and are not insured by the Philippine Deposit Insurance Corporation (PDIC). Due to the nature of the investment, yield and potential yields cannot be guaranteed. Any income or loss arising from market fluctuations and price volatility of securities held by a UITF, even if invested in government securities, is for the account of the investor/trustor. As such, units of participation of the investor/trustor in a UITF, when redeemed, may be worth more or be worth less than his/her initial participation/contribution. Historical performance, when presented, is purely for reference purposes and is not a guarantee of future results. BPI Wealth is not liable for losses, other than due to willful default, evident bad faith or gross negligence. Investors are advised to read the Declaration of Trust of the relevant UITF before deciding to invest. For inquiries and comments, visit the BPI Wealth website or call us at (02) 8580 - 2682.  

BPI Wealth is a subsidiary of the Bank of the Philippine Islands (BPI). BPI and BPI Wealth will never ask to verify or divulge your personal information such as your user ID, password and OTP (One-Time PIN) via phone, call, text messages (SMS) or link provided in emails. If you receive a call or email asking you to provide any confidential information, do not engage. Immediately change your online banking password and report the incident to 889-10000.  

BPI Wealth – A Trust Corporation is regulated by the Bangko Sentral ng Pilipinas. Visit the BSP website for more details.