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Overseas news
In the US, weekly initial jobless claims fell to 227,000 as the labor market showed signs of stabilization following winter weather disruptions. However, continuing claims rose to 1.862 million.
"Initial claims" cover new applications for unemployment benefits while "continuing claims" reflect the total number of Americans who continue from previous weeks to seek aid.
These labor figures could hint at the state of the US job market which the US Federal Reserve (the Fed) uses to guide its monetary policy decisions along with inflation.
Meanwhile, existing US home sales dropped by 8.4% to hit a 2-year low in January. This happened as the median home price reached a record high for the month of $396,800 following a 0.8% dip in the number of available houses.
Like employment data, home sales can reflect the state of the economy as it shows how money is spent by consumers and helps the economy grow.
In Japan, annual wholesale inflation slowed to 2.3% in January from 2.4% in December as falling fuel costs provided relief. However, a weak yen pushed up import prices during the same period.
Wholesale inflation refers to the rise in the prices of goods before they reach consumers. It can hint at how much consumer prices might eventually increase.
Local developments
The Bangko Sentral ng Pilipinas (BSP) will remove reserve requirements for trust accounts and mortgage-backed certificates starting February 27 to increase liquidity and lower costs for lenders.
Reserve requirement is the minimum amount of cash a bank should have on hand. When lowered or removed for certain account types, banks would have more money to lend out or invest.
Additionally, Finance Secretary Frederick Go said he is confident that the Bureau of Customs (BOC) will hit its record-high revenue target of P1 trillion in 2026.
Government revenue accounts for a large portion of the country’s gross domestic product (GDP), which is used to measure overall economic growth.
It may be too early to tell whether the latest news will have a lasting impact. Maintaining your strategy might be a good move for now.
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