5,677.12PSEi · Tue Oct 6 close · −1.15%

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₱62.771USD/PHP · Tue Oct 6 close · peso −0.24%
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, WED., OCT. 7, 2026No. 3 · Morning, 6:00 a.m. PHT6 a.m. PHT
PSEi5,677.12▼1.15%10/6USD/PHP62.77▲0.24%10/6S&P 5007,818.93▲0.58%10/6WTI$89.44▲0.01%10/6Gold$4,187.10▲0.73%10/6
Economy · InflationPress ✓ 5 outlets · figures per the Philippine Statistics Authority

Inflation jumps to 7.2 percent in September, the fastest in three and a half years and above forecasts

Food, transport and utilities drove the rise from 6.1 percent in August. The reading lands near the top of the central bank's 6.4 to 7.4 percent estimate.

Consumer prices rose 7.2 percent in September from a year earlier, up from 6.1 percent in August, the Philippine Statistics Authority reported on Tuesday, October 6. It is the fastest pace since March 2023, when inflation hit 7.6 percent, and it ended four months of easing, according to GMA News and Trading Economics. Economists in a BusinessWorld poll of 22 analysts had expected a median of 6.7 percent, so the number came in hot, although it stayed inside the Bangko Sentral ng Pilipinas estimate of 6.4 to 7.4 percent.

The details point to energy and food. Food and non-alcoholic beverage inflation rose to 6.7 percent from 4.6 percent, housing, water, electricity, gas and other fuels to 8.4 percent, and transport to 14.6 percent, Trading Economics reported. Core inflation, which strips out volatile food and energy, reached 4.7 percent, the highest since November 2023. Analysts link much of the pressure to the Middle East conflict and the closure of the Strait of Hormuz, which raised fuel and transport costs.

The reading raises the odds of another interest rate hike when the central bank meets on October 22. Governor Eli Remolona has said inflation is likely to peak around the fourth quarter before easing, the same report noted. DailyDrop has not seen a government plan for new relief measures tied to the September data.

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By the numbers
7.2%September inflation, from 6.1% in August (PSA)
14.6%transport inflation in September (Trading Economics)
4.7%core inflation, highest since Nov 2023
Markets · PhilippinesPress ✓ 4 outlets · closes as reported

PSEi drops 1.15 percent to 5,677.12 as inflation surprises; peso ends at ₱62.771

The PSEi lost 66.09 points, or 1.15 percent, to close at 5,677.12 on Tuesday, October 6, giving back most of Monday's 2.03 percent jump, according to BusinessWorld and the Inquirer. The all shares index fell 0.86 percent to 3,170.73. The drop followed the inflation print, which beat the 6.7 percent median forecast.

The peso weakened by 15 centavos to ₱62.771 per dollar from ₱62.621 on Monday, BusinessWorld reported. GMA News printed ₱61.771 for the close, which DailyDrop treats as a typographical error because the same article gives a ₱15 centavo depreciation. RCBC's Michael Ricafort said the figure could lead to more rate hikes from the central bank, which would raise borrowing costs for some listed firms.

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Economy · Central bankPress ✓ 4 outlets · forecasts attributed to the banks named

Economists expect the central bank to raise rates again on October 22; some see two more hikes this year

After the inflation shock, banks expect the Bangko Sentral ng Pilipinas to raise its policy rate for a fourth straight time at its October 22 Monetary Board meeting, BusinessWorld and the Daily Tribune reported. BMI, a unit of Fitch Solutions, sees a 25 basis point hike to 5.25 percent. BPI's Emilio Neri Jr. expects 25 basis points in October and another in December, taking the rate to 5.50 percent by year-end, and has said a 50 basis point move cannot be ruled out. UOB expects three consecutive 25 basis point hikes through the first meeting of 2027.

Not everyone agrees tightening will go far. BMI argues weak growth should limit moves beyond October, as the economy slowed to 2.3 percent in the second quarter, a post-pandemic low. The central bank has raised rates three times since the Gulf conflict began in March. These are forecasts, not decisions, and DailyDrop has seen no announcement from the central bank itself.

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Politics · SenatePress ✓ 3 outlets · testimony as reported, no finding yet

AMLC official is cross-examined for a second day; firm tied to Sara Duterte's husband had ₱1.2 billion in flagged transactions

AMLC Executive Director Ronel Buenaventura returned to the stand on Tuesday, October 6, for Day 34 of the Senate impeachment trial, facing cross-examination by defense counsel Mark Vinluan on the unexplained wealth article, GMA News reported. The day before he had told the court that banks flagged at least ₱4.4 billion in covered and suspicious transactions involving Vice President Sara Duterte and her husband, Manases Carpio.

GMA News reported that Cale88 Foods Corp., a company linked to Carpio, had about ₱1.2 billion in covered and suspicious transactions. Buenaventura confirmed that the firm received about ₱319 million from China and Hong Kong. He was excused after about 12 cumulative hours of testimony. The AMLC flags transactions; it does not say they are illegal. Duterte denies wrongdoing and her camp calls the allegations political.

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Business · StocksUpdate ✓ 2 outlets

Update: GCash's public share offer is open; ₱6.60 a share until October 12

The retail portion of the Mynt IPO opened on Tuesday, October 6, and runs to October 12 at ₱6.60 per share, GMA News and The Star reported. Shares are expected to start trading on the Philippine Stock Exchange on October 20 under the ticker GCASH. The base deal is about 8.03 billion shares, or ₱53 billion.

DailyDrop has not seen subscription figures for the first day. The listing arrives while the index sits near its lowest levels in months and the central bank is expected to hike, which could weigh on demand. Retail investors should read the prospectus and remember that shares can fall after listing.

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In brief
  • PSEi −1.15% to 5,677.12; all shares index 3,170.73BusinessWorld, Inquirer
  • Peso ends at ₱62.771 per dollar, 15 centavos weakerBusinessWorld
  • Inflation 7.2% in September; core 4.7%GMA News, Trading Economics
  • S&P 500 7,818.93 (+0.58%), WTI 89.44 (+0.01%), gold 4,187.1 (+0.73%)market data
  • BMI sees BSP hike to 5.25% on October 22BusinessWorld
  • AMLC says Cale88 Foods had about ₱1.2 billion in flagged transactionsGMA News
  • Four Metro Manila cities resume NCAP; Parañaque and Valenzuela deferPhilstar
  • DepEd and PhilHealth launch campus YAKAP health screeningDaily Tribune
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Unverified — what we cannot confirm

"Inflation is 6.7 percent." That was the median forecast of 22 analysts. The PSA reported 7.2 percent for September (GMA News, BusinessWorld).
"The peso closed at ₱61.771 on Tuesday." One GMA News report prints that figure, but the same article says the peso weakened by 15 centavos from ₱62.621. BusinessWorld gives ₱62.771.
"NCAP is back in all of Metro Manila." Four cities resumed on October 5. Valenzuela and Parañaque deferred, and Makati was not part of the plan (Philstar, Autoindustriya).
Glossary · dotted words — economic, legal, security and science terms explained in context. The list grows every day.
INSIDEInflation jumps to 7.2 percent in September, the fastest in three and a half years and above forecastsEconomy · InflationPSEi drops 1.15 percent to 5,677.12 as inflation surprises; peso ends at ₱62.771Markets · PhilippinesEconomists expect the central bank to raise rates again on October 22; some see two more hikes this yearEconomy · Central bankAMLC official is cross-examined for a second day; firm tied to Sara Duterte's husband had ₱1.2 billion in flagged transactionsPolitics · SenateUpdate: GCash's public share offer is open; ₱6.60 a share until October 12Business · Stocks