Philippine Perspective: The Weekly Rewind: Foreign selling resumes; may accelerate

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Philippine Perspective: The Weekly Rewind: Foreign selling resumes; may accelerate

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Philippine Perspective

The Weekly Rewind: Foreign selling

resumes; may accelerate

Country Overview

Market: Foreign selling resumes 22 May 2026

The PSE index (PSEi) fell 0.3% this week even as as crude oil prices began to recede Equity Strategy

($102/bbl) though the peso continued to test new lows (P61.7/$). Foreign selling ASEAN

resumed ($22mn of outflows this week, $17mn MTD) and may accelerate in the coming Jojo Gonzales ^^

week to coincide with MSCI rebalancing at end-May. Research Analyst

Philippine Equity Partners

Macro: Expect a wider current account gap +63jojo.gonzales@pep.com.ph2 8640 6767

The mix of higher oil prices and slower economic growth may lead to a wider-than- Philip Albert Felix ^^

expected current account gap, which we place at US$21bn (4.1% of GDP) in 2026E. Early ResearchPhilippineAnalystEquity Partners

2026 data suggest accelerating import growth and slowing remittances. The Philippines philip.felix@pep.com.ph

dollar reserves also slipped 8% from recent highs, which implies a thinning cushion for Julian Roxas ^^

the peso. See Asia Economic Weekly: Philippines: Current account deficit to widen. ResearchPhilippineAnalystEquity Partners

julian.roxas@pep.com.ph

Consumer: Downgraded JFC to Neutral Russ Toribio ^^

We downgraded JFC from Buy to Neutral and lower the PO 46% to P150. We should see ResearchPhilippineAnalystEquity Partners

the full impact of cost pressures in 2Q26. JFC plans to put through single-digit price russ.toribio@pep.com.ph

increases and cost control to mitigate the margin squeeze but these we think may not Ryle Daniel Mungcal ^^

be enough to restore margins to 2025 levels.