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Overseas news
In the US, Wall Street’s 3 major indices fell over 1% on Monday. This happened as investors dumped riskier stocks amid mounting concerns over AI-driven disruption.
Another factor was the increased volatility following US President Donald Trump’s unpredictable trade remarks and the US Supreme Court’s decision to strike down reciprocal tariffs as unconstitutional.
The Nasdaq Composite (Nasdaq), Standard and Poor’s 500 (S&P 500), and Dow Jones Industrial Average (Dow) are 3 of the largest and most significant stock indices in the US. Their movements typically reflect investor sentiment and expectations in the US stock markets.
Meanwhile, gold surged over 2% to a 3‑week high on Monday. This was due to investors seeking safety amid renewed uncertainty over Trump’s tariff plans.
Gold is seen as a safe haven asset, which means that it is likely to hold its value when other assets are having difficulty doing the same.
Local developments
The peso climbed by 57.5 centavos to close at a 5-month high of P57.575 per dollar, after the US Supreme Court’s ruling.
Aside from their direct effects, tariffs can also impact the value of a currency because of how they may affect trade between countries.
Also, authorities and industry leaders expressed support for a unified excise tax on vape juices. This is meant to address regulatory gaps and boost revenue amid declining collections under the current system.
An excise tax is a business tax on the production, sale, or consumption of specific commodities. It applies to goods manufactured or produced in the Philippines or to goods imported for domestic sale or consumption or for any other disposition.
Further, the House Committee on Tourism endorsed a consolidated bill abolishing the Philippines’ travel tax. This proposal was then forwarded to the Appropriations and Ways and Means panels to finalize funding provisions.
The abolishment is subject to the creation of a suitable alternative funding mechanism for important programs that are supported by the current tax collections.
The latest news doesn’t suggest that big market shakeups are on the horizon. You may want to wait for stronger signals of change before making significant updates to your portfolio.
