.jpg)
Overseas news
In the US, the University of Michigan’s Consumer Sentiment Index (CSI) dropped to 55.4 in September, the lowest since May. This happened as US consumers became increasingly worried about business conditions, the labor market, and inflation.
The University of Michigan’s CSI is a monthly survey that aims to find out how consumers view the US economy’s performance, as well as business and buying conditions, and their personal finances. It is seen as a relatively accurate forecast of future confidence and spending.
Meanwhile, the US and India are set to hold trade talks on Tuesday in New Delhi. This raises hopes for a trade deal after US President Donald Trump imposed tariffs on India for buying Russian oil.
The US has been India’s biggest trading partner for 4 consecutive years as of 2024-2025, and so such a deal is likely to have a significant impact on the latter country’s economy.
Local developments
Overseas Filipino Workers (OFW) remittances reached $3.179 billion in July, with sea-based workers leading growth. This was an increase of 3% from last year’s figures.
Remittances provide a crucial financial flow to the Philippines. They help increase the amount of money that is spent and saved locally.
The benchmark Philippine Stock Exchange index (PSEi) sank to the 6,000 level on Monday. This 5-month low was due to selling pressure amid a lack of leads, weak market sentiment, and lingering corruption concerns.
The PSEi is the main index of the Philippine Stock Exchange (PSE). It is composed of 30 companies selected by certain criteria, and provides a snapshot of the market’s overall condition.
The Bureau of Internal Revenue (BIR) collected P467 billion in value-added tax (VAT) in the first 7 months of the year. This was slightly short of its P473.41 billion target.
Taxes are a government’s primary source of income, and are used for things such as funding operations and infrastructure construction.
With no hints of big changes around the corner, you may want to hold off on making substantial modifications to your portfolio for now.
