5,700.99PSEi · Fri Oct 9 close · +1.61%

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₱62.801USD/PHP · Fri Oct 9 close · peso +0.16%
PSEi5,700.99▲1.61%10/9USD/PHP62.80▼0.16%10/9S&P 5007,811.54▲0.59%10/9WTI$91.85▲0.39%10/9Gold$4,216.30▲1.43%10/9
Economy · Week in reviewPress ✓ 6 outlets · weekly changes are DailyDrop calculations from reported closes

The week in numbers: inflation at 7.2 percent, a record-low peso and a PSEi that ended at 5,700.99; a rate hike is the base case for October 22

Stocks finished the week 1.3 percent higher despite a dip to an 11-month low, while the peso ended 0.4 percent weaker. Local markets are closed until Monday.

Philippine inflation jumped to 7.2 percent in September from 6.1 percent, the fastest since March 2023 and above the 6.7 percent median forecast, the Philippine Statistics Authority reported on Tuesday, October 6 (GMA News, BusinessWorld, Trading Economics). Economists now expect the Bangko Sentral ng Pilipinas to raise its policy rate, currently 5 percent, at its October 22 meeting: BMI sees 25 basis points, BPI sees one hike in October and another in December, and UOB sees three in a row (BusinessWorld, Daily Tribune). Palace Press Officer Claire Castro said President Marcos told agencies to prioritise food, fuel and electricity supply (OneNews, Philstar).

The PSEi closed the week at 5,700.99 after Friday's 1.61 percent rebound, up 1.28 percent from 5,629.03 a week earlier by DailyDrop's calculation, but only after sliding to 5,610.39 on Thursday, an 11-month low (Philstar, Daily Tribune, Inquirer). The peso closed at ₱62.801, from ₱62.535, about 0.4 percent weaker, after touching a record-low close of ₱62.90 on Thursday. On Wall Street, the S&P 500 ended Friday at 7,811.54 against 7,722.72 a week earlier, WTI crude at $91.85 against $91.11 and gold at $4,216.3 against $4,162.3.

Fuel is a mixed picture: gasoline rose ₱1.93 a litre and diesel fell ₱1.30 this week, and industry estimates point to diesel down about ₱2 and gasoline up about ₱2.20 from Tuesday, October 13, before the Department of Energy confirms on Monday (GMA News, Manila Bulletin, Philstar). Growth was just 2.3 percent in the second quarter, so higher rates would hit an economy that is already slow.

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By the numbers
7.2%September inflation, fastest since March 2023
+1.28%PSEi over the week, to 5,700.99 (DailyDrop calculation)
₱62.90record-low peso close on Thursday, Oct 8
Sports · SenatePress ✓ 4 outlets

Gilas missed its best players at the Asian Games, coach Cone tells Senate hearing; Sen. Go seeks a way to keep stars available

At a Senate sports committee hearing on Thursday, October 8, coach Tim Cone said Japanese and South Korean clubs refused to release their Filipino players about two weeks before preparations began, the Inquirer reported. Because the Asian Games are not a FIBA-sanctioned tournament, clubs are not obliged to release players. Cone named Kai Sotto, Dwight Ramos, Mike Phillips, AJ Edu and Quentin Millora-Brown among those unavailable. Justin Brownlee was sidelined by health concerns involving blood pressure and the heart, the Inquirer and Philstar reported.

The naturalization papers for Bennie Boatwright were not completed in time for the lineup deadline, so he could not play, and Cone hopes he will be cleared for a November FIBA qualifier against Syria and Iran. SBP executive director Erika Dy said she would take responsibility if he is not cleared this year, according to the reports. Gilas Pilipinas fielded an all-PBA roster and exited in the group stage, finishing ninth. Sen. Bong Go, who chairs the committee, pressed officials for a mechanism to keep top players available and is exploring a proposed Flag First bill, the Daily Tribune reported on October 11.

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Politics · SenatePress ✓ 4 outlets

Senate majority grows to 14 as Villar switches; Ombudsman inspects Jinggoy Estrada's stripped office

Sen. Mark Villar's move to the majority on October 8 brought it to 14 of 24 senators, Sen. Camille Villar stayed in the minority, and Majority Leader Juan Miguel Zubiri denied the switch was tied to the impeachment trial, saying Villar wanted committee work and that joining the majority does not mean voting to convict (Daily Tribune, Philstar). Sen. Raffy Tulfo did not rule out another minority senator switching. Commentary has linked the move to the vote count, since 14 votes are now enough to convict under the court's September ruling.

Separately, the Ombudsman inspected the Senate office of detained Sen. Jinggoy Estrada, which was found stripped of furniture, sockets and tiles before it was turned over to Sen. Vicente Sotto III, Philstar and GMA News reported. Senate President Sherwin Gatchalian said it is not standard practice to leave Senate rooms bare. Estrada has been under a 90-day preventive suspension since June 22 and faces flood-control-related charges. DailyDrop has not seen a finding on who removed the fixtures.

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World · JusticePress ✓ 1 outlet · earlier dispute confirmed by VERA Files

ICC lets prosecutors keep seven added drug-war incidents in the Duterte case, Philstar reports; trial still set for November 30

The International Criminal Court has allowed prosecutors to add seven more incidents to the crimes against humanity case against former president Rodrigo Duterte and struck one out, Philstar reported on October 10, citing the court's ruling on a defense bid to reframe the charges. DailyDrop has seen this ruling in only one outlet and has not read the decision.

VERA Files reported in September that prosecutors had notified the court on August 31 of eight incidents added to their trial brief, six under Count 3 and two under Count 2, and that the defense asked Trial Chamber III to bar them or remove them. The charges confirmed in April cover murder and attempted murder in 49 incidents. The trial is set to open on November 30, after the court found Duterte fit to stand trial on October 8.

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Climate · WeatherPress ✓ 4 outlets · forecast, not an observation

PAGASA says El Niño is expected to strengthen into December, raising dry-spell risk for early 2027

The Philippine weather bureau, PAGASA, has said El Niño conditions have been present in the tropical Pacific since June and that climate models indicate it will strengthen, possibly to a very strong event by the October to December season, then persist into early 2027, according to PAGASA advisories, GMA News and DZRH. A Daily Tribune commentary on October 10 put the peak at December. El Niño usually brings below-normal rainfall to much of the country, and PAGASA defines a dry spell as 21 to 60 percent less rain than average over three straight months.

Western areas may still get heavy rain during the southwest monsoon, especially when storms enhance it. This weekend, the bureau expects scattered rain from the intertropical convergence zone and a low-pressure area, while Typhoon Koguma stays outside the Philippine Area of Responsibility. For households, the risks are to rice and vegetable supply and to power: dry weather can cut hydropower output. DailyDrop has not seen an official crop-loss estimate.

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In brief
  • PSEi closed Friday at 5,700.99 (+1.61%); week +1.28% by DailyDrop calculationInquirer, Tribune
  • Peso at ₱62.801, from ₱62.535 a week earlierDaily Tribune
  • S&P 500 7,811.54 (+0.59%), WTI 91.85 (+0.39%), gold 4,216.3 (+1.43%) on Fridaymarket data
  • Gilas absences explained at Senate hearingInquirer, Daily Tribune
  • Villar joins Senate majority; Ombudsman inspects Estrada officeTribune, Philstar
  • Calabarzon wage board approves raise of up to ₱45 from Oct 26Philstar
  • Lufthansa Group suspends Riyadh flights through Oct 16The Star, AP
  • Mynt public offer closes Monday; listing Oct 20GMA News, The Star
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Unverified — what we cannot confirm

"DICT Secretary Henry Aguda has resigned." The Palace said on October 7 and 8 that he is still working and Aguda said he remained focused on his duties. A later report of an accepted resignation has not been confirmed by DailyDrop (Philstar, Newswav).
"A typhoon will hit the Philippines this weekend." PAGASA said Typhoon Koguma is outside the Philippine Area of Responsibility and not expected to enter or directly affect the country; the nearby low-pressure area had a very low chance of becoming a cyclone (Manila Times, GMA News).
"The GCash IPO has closed and shares are trading." The public offer runs to October 12 and listing is expected on October 20 (GMA News, The Star).

Influencer watch

  • Volodymyr Zelenskyy, President of Ukraine Telegram · 10/10Zelenskyy wrote that Russia 'thanked' the US for easing diesel sanctions by dropping guided bombs on homes in Zaporizhzhia.
  • Donald Trump, US President Truth Social · 10/10Trump posted that he settled eight wars, in a rant about not winning the Nobel Peace Prize.

Statements as posted, not fact-checked.

Glossary · dotted words — economic, legal, security and science terms explained in context. The list grows every day.
INSIDEThe week in numbers: inflation at 7.2 percent, a record-low peso and a PSEi that ended at 5,700.99; a rate hike is the base case for October 22Economy · Week in reviewGilas missed its best players at the Asian Games, coach Cone tells Senate hearing; Sen. Go seeks a way to keep stars availableSports · SenateSenate majority grows to 14 as Villar switches; Ombudsman inspects Jinggoy Estrada's stripped officePolitics · SenateICC lets prosecutors keep seven added drug-war incidents in the Duterte case, Philstar reports; trial still set for November 30World · JusticePAGASA says El Niño is expected to strengthen into December, raising dry-spell risk for early 2027Climate · Weather