Philippine Perspective: The Weekly Rewind: MSCI rebalancing at end-May may affect gentle inflows MTD

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Philippine Perspective: The Weekly Rewind: MSCI rebalancing at end-May may affect gentle inflows MTD

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Philippine Perspective

The Weekly Rewind: MSCI rebalancing at

end-May may affect gentle inflows MTD

Country Overview

Market: Modest foreign inflow so far in May 15 May 2026

The PSE index (PSEi) rose 0.3% this week and is up 2.5% over the last two weeks during Equity Strategy

which the market sustained modest net foreign buying of US$6mn, in contrast to ASEAN

US$435mn of net outflows in March-April. Jojo Gonzales ^^

Research Analyst

Philippine Equity PartnersEarnings season almost complete +63 2 8640 6767

At this point, 28 of 30 PSE Index constituents have already reported 1Q26 results. On jojo.gonzales@pep.com.ph

aggregate, core profit is estimated to have grown 4% YoY. Revenue grew 3%. This Philip Albert Felix ^^

compares with 4Q25 core profit and revenue growth of 15% and 5% respectively. The ResearchPhilippineAnalystEquity Partners

slowdown of corporate revenue and profit in 1Q26 is consistent with the slower rate of philip.felix@pep.com.ph

GDP growth (+2.8%). Links to our published reports this week discussing latest 1Q26 Julian Roxas ^^

results can be found in Exhibit 10. In summary: ResearchPhilippineAnalystEquity Partners

julian.roxas@pep.com.ph

At least three stocks provided 1Q26 earnings that were better than our FY26E Russ Toribio ^^

expectations. These are PGOLD, GLO and DNL. The revenue line at PGOLD and GLO Research Analyst

were especially better than anticipated and shows no sign of strain from higher inflation, Philippineruss.toribio@pep.com.phEquity Partners

slower growth, or pressure on consumer wallets. Ryle Daniel Mungcal ^^

The 1Q26 results of AC, TEL and RLC were within expectations. TEL felt 1Q26 could Philippine Equity Partners