Philippine Perspective: The Weekly Rewind: Earnings headwinds ease for banks, persist for consumers

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Philippine Perspective: The Weekly Rewind: Earnings headwinds ease for banks, persist for consumers

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Philippine Perspective

The Weekly Rewind: Earnings headwinds

ease for banks, persist for consumers

Country Overview

Market: High oil, weak peso combo ends 3-week climb 24 July 2026

The PSE index (PSEi) fell 1.9% this week on a mix of moderate foreign selling, resurgent Equity Strategy

oil prices that reached a 2-month high ($100/bbl) and the peso that fell to a new record ASEAN

low (P61.7/$). This ended a 3-week run-up during which the Index rose 5.5%. Jojo Gonzales ^^

Research Analyst

Philippine Equity PartnersBanks: Earnings headwinds ease for banks +63 2 8640 6767

ASEAN bank performance was divergent in 1H26 dominated by concerns around growth, jojo.gonzales@pep.com.ph

inflation and rates, compounded by trade uncertainty and ME tensions. As these Philip Albert Felix ^^

headwinds begin to ease, we believe the sector is entering a more constructive phase ResearchPhilippineAnalystEquity Partners

that should support earnings growth. Margin pressures are becoming more manageable. philip.felix@pep.com.ph

Loan growth remains resilient, particularly in the Philippines. Asset quality is holding up Julian Roxas ^^

with little evidence of broad-based deterioration despite macro uncertainty. Meanwhile, ResearchPhilippineAnalystEquity Partners

capital returns are also playing a larger role in the investment case. Preferred exposures julian.roxas@pep.com.ph

remain diversified across the region. For PH banks, we believe the sector remains well- Russ Toribio ^^

positioned for growth with buffers to withstand possible outsized delinquencies, while ResearchPhilippineAnalystEquity Partners

trading at below book valuations.