Philippine Perspective: The Weekly Rewind: Sustained foreign buying eclipsed resurgent oil

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Philippine Perspective: The Weekly Rewind: Sustained foreign buying eclipsed resurgent oil

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Philippine Perspective

The Weekly Rewind: Sustained foreign

buying eclipsed resurgent oil

Country Overview

Market: Sustained foreign buying drives 3-week run-up 17 July 2026

The PSE index (PSEi) rose 1.9% this week, rose for a third straight week, gaining 5.5% Equity Strategy

over that 3-week stretch. The Index ended the week above the 6400-threshold – its best ASEAN

close since early March-2026. Shares were mainly lifted by continued foreign buying Jojo Gonzales ^^

which totaled US$14mn this week and US$71mn over the last three weeks. This Research Analyst

eclipsed concerns over resurgent crude oil prices and a soft peso. Philippine+63 2 8640Equity6767Partners

jojo.gonzales@pep.com.ph

Banks: BPI opens the 3Q earnings season with a miss Philip Albert Felix ^^

BPI profit fell 3% YoY in 2Q26, which brought 1H26 income growth to 0.4% - slightly ResearchPhilippineAnalystEquity Partners

below expectations. Pre-provision profit grew 10.4% in 2Q, powered by loan growth of philip.felix@pep.com.ph

12.4%, net interest income growth of 11.3%, and an 8bp QoQ increase in NIM. These Julian Roxas ^^

mostly offset the 12% YoY growth in opex in 2Q. However, 2Q provisions grew 85% YoY ResearchPhilippineAnalystEquity Partners

and 43% QoQ, implying annualized credit costs of 124bp through 1H26. The NPL ratio julian.roxas@pep.com.ph

was steady at 2.42% and the NPL cover increased to 93% from 87% a quarter ago. In Russ Toribio ^^

light of these 2Q results, we lowered FY26E income by 3% as we raised the credit cost ResearchPhilippineAnalystEquity Partners

assumption to 100bp from 80bp, partly cushioned by an improved loan growth russ.toribio@pep.com.ph

assumption of 10%, from 8%.