Japan Essentials - 17 Jul 2026

Research evidence excerpt

Japan Essentials - 17 Jul 2026

Macquarie Equity Research

16 July 2026

Consumer Staples Dist & Retail

ASEANPhilippine consumer and retail sector

Some relief for consumers

Karisa

Key Points Magpayo

• The government has announced a second wave of cash aid for low-

income households amid renewed tension in the Middle East.

• Minimum wages in Metro Manila are set to increase next week, while FigureWoW 1 - Diesel prices are up again

wages elsewhere could also be raised in the coming months.

160.00 50%• Staples-oriented and value-positioned companies could benefit. Our P/liter Diesel Pump Price in Metro Manila (P/liter)

top picks are PGOLD, CNPF, and JFC. 140.00 40%

120.00 30%

100.00 20%

• New round of cash aid. The government announced another round of 80.0060.00 10%0%

cash assistance to low-income households amid rising oil prices driven by 40.00 -10%

the renewed tension in the Middle East. 20.000.00 -20%-30%

Þ This will benefit 7.5m households (~25% of total households) or

37.5m Filipinos nationwide (~33% of the population). Diesel Pump Price in Metro Manila (P/liter) WoW

▪ P2,000/month for six months (July-December 2026) will be given

to 1.5m low-income workers and their families, and 2.5m poor/ Source: Bloomberg, Macquarie Research, July 2026

near-poor households. We estimate this could lift the monthly

Figure 2 - Despite recently slowing income of a low-income household by ~10-20% (based on an down, inflation remains elevated

average monthly income of ~P10,000-18,000).

Philippine inflation

▪ One-time additional cash assistance of up to P2,000 will 25.0% May 2026 / June 2026

be given to 3.5m beneficiaries of the government's flagship 20.0% Headline:Food: +5.8%+6.7%/ +5.4%/ +6.4%