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The Retail Fund Manager PH, Taguig (2026)

08/05/2026

📉 Daily Market Index Report | May 8, 2026
The Retail Fund Manager PH

🇵🇭 Philippine Market Overview
PSEi Change: -1.22% (Closed at 5,960.97)

Net Foreign Flow: Strong Net Selling. The local index took a hard hit today, shedding 73.45 points to finish at 5,960.97. We’ve officially surrendered the 6,000 support level again, and it feels like the bears are back in control. Local sentiment was weighed down by a combination of weak regional cues and the reality that high inflation might stay "sticky" for longer than we hoped. Talagang ramdam ang pag-exit ng foreign funds as they pivot back to safer dollar-denominated assets.

Market Sentiment: Bleeding Friday. The mood on the floor is quite somber. Breaking below 6,000 just before the weekend is a psychological blow that triggered some panic selling in the final hour. Most traders are opting for a "cash-heavy" position muna to avoid any weekend surprises from the global headlines. It’s a classic "sell-on-news" environment, and the lack of a strong catalyst to defend the floor has left the index vulnerable to more downside.

📰 PSEi Stock Stories
PLDT Inc. (TEL): PLDT is under pressure as the market weighs its massive CAPEX requirements against its dividend-paying capacity. While data usage remains at record highs, investors are worried about the impact of higher interest rates on their debt-servicing costs. Talagang binabantayan kung kaya ba nilas i-maintain ang kanilang high-yield status. For now, the stock is being treated as a defensive play, but the price action suggests that even the "telco giants" aren't immune to the broader market sell-off.

Manila Electric Company (MER): Meralco is navigating a tough regulatory and commodity environment. While higher power demand during the dry season usually boosts revenues, the surging cost of fuel for their independent power producers is squeezing margins. Investors are looking for clarity on their next rate adjustment and their long-term transition toward more sustainable energy sources. For many, MER remains a "bond proxy," but the current volatility is testing the patience of even the most loyal yield-seekers.

ACEN Corporation (ACEN): ACEN is in the spotlight as they continue their aggressive push for renewable energy leadership in the region. However, the market is currently "growth-averse," preferring cash-flow-heavy companies over those with high expansion costs. The stock is feeling the heat as high borrowing costs make large-scale solar and wind projects more expensive to fund. It’s a "patience play" for those who believe in the green energy transition, but the short-term chart looks a bit shaky.

Union Bank of the Philippines (UBP): UnionBank is at the forefront of the digital banking revolution, but its stock price is feeling the weight of the "tech-selloff" sentiment. While their UnionDigital arm is showing impressive user growth, the market is concerned about the potential for higher loan defaults as inflation eats into the disposable income of their retail and SME clients. Investors are waiting to see if their heavy tech investments will finally translate into a significant bottom-line boost this quarter.

🌍 Global Market Watch
Operation Epic Fury (Day 69): We are now approaching Day 70 of the geopolitical crisis. The "war fatigue" is setting in for the markets, but the structural damage to global trade routes is far from over. This persistent uncertainty is keeping the "risk premium" elevated for emerging markets like the Philippines, making it hard for local stocks to sustain any rally.

Energy Crisis: Brent Crude has ticked up again, currently trading at $115.50 per barrel. This is a major blow to our local transport and manufacturing sectors. As long as oil stays above the $110 mark, the "inflationary ghost" will continue to haunt the PSEi, as it directly impacts the cost of almost everything we consume locally.

Gold Status: Gold has reclaimed its safe-haven crown, trading at $4,350.00/oz. Whenever the stock market bleeds like it did today, the "yellow metal" catches a bid. It remains the ultimate insurance policy for those who are skeptical about the stability of fiat currencies in the face of ongoing global conflict and energy supply shocks.

Peso Exchange Rate: The Philippine Peso closed at ₱60.75 against the US Dollar. We are seeing a steady slide toward the 61-level, which is making our imports—especially fuel and food—even more expensive. The market is looking at the BSP for any signal of a "defense" to keep the currency from spiraling further.

26/04/2026

The PSEi is still in the red Year-to-Date (YTD), while the US market has already recovered and is hitting all-time highs despite the Middle East conflict. Sa ngayon, kapag idinedefend mo ang PSEi at kung bakit kailangan mong mag-invest dito, nagmumukha ka nang "tanga."

Bakit ka nga naman mag-iinvest? There’s too much political noise, massive corruption headlines, and inflation is ticking up again. With the Q1 2026 GDP report just around the corner, I won't be surprised if it falls below 4%. The infamous tagline "BBM, anong gagawin natin?" is still very much in play, with no foreseen solutions or improvements in the near term.

I don't consider myself a "veteran," but I’ve been around long enough to observe that narratives follow price action.
-The Downward Spiral: If price action is going down, all the bad news gets amplified. This pushes prices to depressed levels, making valuations look attractive and dividend yields higher. This is a huge bonus as you wait for stocks to eventually get repriced.
-The Valuation Edge: Understanding valuation is what creates long-term wealth. Buying companies below their intrinsic value and waiting for the market to reprice them is the core of the game.

The real "magic" happens when multiples eventually expand again. When the market starts to rise, the price action is amplified by "good news," and suddenly, everyone wants in.

The reason why investing is still "unsolved" for most investors is simple: emotional endurance.

Very few investors have the stomach to hold stocks starting from the narrative of "bad news" and swinging all the way to the narrative of "good news." Most people lose money or trail the market because they only want to buy when every headline is positive. By then, the "cheap" valuations are gone, and you’re buying the peak of the hype.

If you can’t survive the "BBM, anong gagawin natin?" phase of the market, you don't deserve the "All-time High" phase.

My Journey on Patreon
I share my personal process on how I stay disciplined when the majority think investing in the Philippines is a joke. I don't provide recommendations; I document my internal framework so you can see how a valuation-based portfolio handles the noise:
-Monthly Strategy Deep Dives: How I filter out political drama and focus on the cash-generating ability of businesses.
-Fair Value Database: My personal internal valuation of PSEi stocks, showing which ones are trading at "insane" discounts due to fear.
-Yield & YOC Tracking: I share my portfolio’s actual Yield and YOC to show how these "depressed" prices are actually locking in high passive income for the future.
-Broker Statements: I share my actual performance records to show the reality of buying during the "Bad News" narrative.

DISCLAIMER: This is NOT financial advice. I do not provide buy or sell recommendations. Support only for the contents I provide. Wealth is not made by following the crowd; it’s made by understanding the value that the crowd is currently ignoring.

24/04/2026

The Keepers Holdings (KEEPR) has been one of my portfolio's primary growth drivers in recent years. We’ve seen how its Alfonso Brandy dominated the sector, generating year-on-year increases in sales and profitability. Sa sobrang lakas ng Alfonso, we even saw the brandy segment of its competitor, Emperador (EMP), struggle to keep up.

Because of this dominance, many investors went "all-in" or heavily weighted their portfolios into KEEPR. It looked unstoppable—until it didn’t. This year, the stock is down 20% after failing to generate more profits in the 4th quarter of 2025. Right now, it’s the worst-performing stock in my portfolio, and most probably, many retail investors have panic-sold already.

The lesson here is simple: There is no sure thing in investing. You have to accept the fact that you cannot predict the future. Even the most dominant businesses can hit a wall or struggle with shifting consumer trends or economic pressures.

But here is where the diversified investor has the advantage:
-Management's Move: The real question now is whether the management can turn things around in 2026.
-Fortress Balance Sheet: The good thing is that KEEPR still maintains a fortress-like balance sheet and generates a significant amount of cash flow. Hindi sila bankrupt; they just hit a speed bump.
-The Power of Diversification: As a diversified investor, I can afford not to panic sell. My portfolio isn't dependent on just one "superstar" stock, so I can let the story play out a little longer and see if the fundamental growth engine is still intact.

My Journey on Patreon
I share my personal process on how I handle my "worst performers" and how I decide whether to hold, add, or cut. I don't provide recommendations; I document my internal framework so you can see the math and discipline behind the moves:
-Monthly Portfolio Updates: I share my actual allocation and how KEEPR’s recent dip affects my overall strategy.
-Fair Value Database: My personal internal valuation of KEEPR and other consumer stocks based on their 2025 full-year results.
-Yield & YOC Tracking: A look at how dividends provide a "safety net" even when the share price is down 20%.
-Verified Performance: I share my broker-generated statements to show the reality of a diversified, long-term approach—red days included.

DISCLAIMER: This is NOT financial advice. I do not provide buy or sell recommendations. Support only for the contents I provide. Dominance in the market is great, but a strong stomach and a diversified portfolio are what keep you in the game when things get ugly.

21/04/2026

Si Jollibee Foods Corporation (JFC) ang madalas gawing "poster child" kung bakit maganda mag-invest sa stock market. From below ₱5.00, it made a massive run to ₱300+. It’s a legendary business with a growth story that translated into a once-in-a-lifetime price action. Pero recently, JFC has been struggling in the market despite headlines about global acquisitions and rapid expansion outside the Philippines.

Many analysts say this is a "buying opportunity" to ride the next leg of growth. But for me? I think the growth story of JFC as we know it is done. It is transitioning into a different, more uncertain story.

While revenues are still growing, it’s not translating into better profitability or higher margins. JFC has essentially become a food holding company acquiring brands left and right, hoping to land another "Jollibee" or "Mang Inasal" type of success.

Unfortunately, that magic hasn't happened in a long time. Many of their recent international acquisitions have been a disappointment, leading to capital destruction.
-Wasted Cash: I believe that capital would have been better off used for higher dividend payouts, cleaning up their debt-heavy balance sheet, or improving the service of their core Philippine brands.
-Margin Compression: The cost of managing multiple struggling brands globally is eating into the profits generated by the "bread and butter" stores here at home.

JFC is currently "undervalued" only if you assume it will maintain its historical premium multiple (trading above 15x or 20x P/E). Many investors buy it simply because "Jollibee 'yan," expecting the market to always pay a high price for the name.

However, I don't think JFC deserves that premium anymore.
-If the market decides to re-rate JFC as a mature, slow-growth holding company instead of a high-growth tech-like food giant, that premium will vanish.
-The Downside: If the market takes out that premium, I believe the share price could still be cut in half from current levels.

The "growth story" narrative is a powerful drug, but eventually, the math of profitability and return on invested capital (ROIC) must take over.

My Journey on Patreon
I share my personal process on how I evaluate "blue chip" darlings like JFC and why I'm not afraid to challenge the popular narrative. I don't provide recommendations; I document my internal framework for those who want to see the numbers behind the brand:
-Fair Value Database: My personal internal valuation of JFC and other consumer stocks based on realistic (not hyped) growth assumptions.
-Yield & YOC Tracking: I share my portfolio’s actual Yield and YOC to show how I prioritize sustainable cash flow over speculative "growth" stories.
-Broker Statements: I share my actual performance records to show the results of a disciplined, valuation-led strategy.

DISCLAIMER: This is NOT financial advice. I do not provide buy or sell recommendations. Support only for the contents I provide. A famous brand doesn't always mean a good investment if the price doesn't match the actual productivity of the business.

20/04/2026

📉 Daily Market Index Report | April 20, 2026
The Retail Fund Manager PH

🇵🇭 Philippine Market Overview
PSEi Change: +0.28% (Closed at 6,016.03)

Net Foreign Flow: Marginal Net Buying. The local index managed a modest recovery today, gaining 17.35 points to settle back above the crucial 6,000 level. While the climb was gradual, it represents a successful defense of the psychological floor. Trading activity is picking up as investors reposition themselves ahead of the upcoming first-quarter earnings season, looking for "safety" in large-cap stocks that have shown resilience against the current inflationary wave.

Market Sentiment: Tentative Recovery. The mood is leaning toward "cautious optimism." Reclaiming 6,000 is a win for the bulls, but the lack of explosive volume suggests that many are still holding their breath. Talagang binabantayan ang local interest rate decisions, as everyone is trying to figure out if we have already peaked. For now, the market is playing a game of "inches," where holding the line is just as important as moving forward.

📰 PSEi Stock Stories
International Container Terminal Services, Inc. (ICT): ICT is proving its worth as a global hedge for local portfolios. As a port operator with terminals across multiple continents, its revenue is largely dollar-denominated, which provides a natural shield against the weakening Peso. The market is particularly bullish on their strategic expansion in high-growth emerging markets, making them a top pick for those looking for geographic diversification within the PSEi.

Semirara Mining and Power Corporation (SCC): SCC is currently the "yield king" in the spotlight. With global coal prices remaining elevated due to the energy crisis, their mining operations continue to generate massive cash flows. Investors are specifically eyeing their next dividend declaration, betting that their integrated power-and-coal model will lead to another record-breaking payout. It’s a classic play for those who prioritize cash-on-hand over speculative growth.

Jollibee Foods Corporation (JFC): Jollibee is navigating the high-input-cost environment with aggressive global growth. While local margins are under pressure from rising ingredient prices, their international stores are starting to contribute a larger share of the pie. The "Chickenjoy" remains a staple, and the market is cheering their digital transformation efforts, which are streamlining operations and improving efficiency in a very tight labor market.

Bank of the Philippine Islands (BPI): BPI is showing off its "digital muscles" today. The bank’s heavy investment in technology is paying off through increased user engagement and lower operational costs. In a high-interest-rate environment, BPI’s massive deposit base allows them to maintain healthy margins while other institutions struggle with funding costs. For long-term investors, their focus on sustainable loan growth makes them a "foundation" stock in a volatile environment.

🌍 Global Market Watch
Operation Epic Fury (Day 51): We are now past the 50-day mark of the conflict in the Middle East. While it has become a "background noise" for some, the structural damage to maritime trade routes remains a persistent drag on global economic efficiency. This is the primary reason why "risk-off" sentiment occasionally resurfaces in emerging markets.

Energy Crisis: Brent Crude is currently trading at $112.85 per barrel. The "energy tax" on our economy is not going away anytime soon. This persistent high price is keeping the pressure on the manufacturing and logistics sectors, forcing companies to be even more creative with their cost-cutting measures to protect their bottom lines.

Gold Status: Gold is currently trading at $4,310.00/oz. The "yellow metal" is holding its ground as the ultimate global hedge. Even with some stability returning to equity markets, institutional demand for gold remains high as a safeguard against long-term geopolitical risks and currency instability.

Peso Exchange Rate: The Philippine Peso closed at ₱60.44 against the US Dollar. While we’ve seen a slight stabilization, the 60-level remains the new psychological reality for the local market. This is keeping our fuel and food imports expensive, and the market is looking for any signs of a "pivot" from the US Federal Reserve that could finally cool down the dollar's strength.

16/04/2026

📉 Daily Market Index Report | April 16, 2026
The Retail Fund Manager PH

🇵🇭 Philippine Market Overview
PSEi Change: +0.01% (Closed at 6,063.69)

Net Foreign Flow: Neutral. The local index was essentially "flat" today, finishing with a hairline gain of only 0.67 points. After the volatility we’ve seen over the past few weeks, the market seems to be taking a breather right above the 6,000 psychological floor. Volume remains thin as both bulls and bears are waiting for a more definitive lead from the upcoming Q1 corporate earnings results.

Market Sentiment: Sideways and Steady. Parang "wait-and-see" mode muna ang mga traders today. While it’s good to see the index holding its ground above 6,000, there is a lack of "buying conviction" to push it higher. Talagang binabantayan ng marami ang inflation outlook and how it will affect the BSP's next move. For now, it’s a boring day for the index, but a busy one for those picking specific "quality" names.

📰 PSEi Stock Stories
Metropolitan Bank & Trust Co. (MBT): Metrobank is currently acting as a "dividend sanctuary" for conservative investors. With its strong Tier-1 capital ratio and consistent history of special dividends, MBT is attracting those who want to park their cash in a liquid and stable asset. Sa gitna ng market uncertainty, the bank’s conservative lending profile is being seen as a major plus, as it protects their balance sheet from potential bad loans during this high-rate cycle.

Globe Telecom (GLO): Globe is drawing interest as it pivots more aggressively toward being a "tech-co." Beyond just mobile data, the market is looking at the continued growth of their fintech and ad-tech ecosystem. Investors are specifically monitoring how the proceeds from their massive tower sales are being used to deleverage and improve their cash flow. For many, GLO remains a solid defensive play because digital connectivity is now a non-negotiable expense for every Filipino.

Robinsons Land Corporation (RLC): RLC is in the spotlight as they continue to maximize their "REIT-infusion" strategy. By shifting their prime office and mall assets into RLC REIT, they are able to recycle capital for new developments. This "asset-light" approach is becoming more attractive to investors who are wary of the heavy debt typically associated with property developers. Analysts are watching their expansion into the "premium" residential segment, which seems to be more resilient against inflation.

Philex Mining Corporation (PX): Philex is being treated as a strategic "commodity hedge" today. With gold prices remaining elevated due to global tensions, PX is one of the few local names that provides direct exposure to the precious metals rally. The market is keeping a close eye on the development of their Silangan Project, which is expected to be a major earnings driver once it fully goes online. If global volatility continues, PX remains a go-to name for those looking for a "hard asset" play.

🌍 Global Market Watch
Operation Epic Fury (Day 47): The geopolitical situation in the Middle East has entered a "stagnant" phase. While there are no new major escalations, the continued disruption of shipping lanes is keeping the global supply chain under pressure. This "lingering risk" is what’s preventing a full-blown rally in emerging markets like ours.

Energy Crisis: Brent Crude is currently trading at $111.20 per barrel. The price has found a high plateau, which is the main reason why our local pump prices haven't significantly cooled down. This "sticky" energy cost is the primary hurdle for the PSEi's recovery, as it keeps the manufacturing and logistics costs elevated.

Gold Status: Gold is holding strong at $4,315.00/oz. Even as the stock market tries to stabilize, the "fear trade" in gold isn't going away. This suggests that large institutional funds are still not convinced that the global economic risks are fully behind us, keeping a portion of their portfolios "locked" in safe havens.

Peso Exchange Rate: The Philippine Peso closed at ₱60.42 against the US Dollar. While we are no longer seeing the rapid ₱0.50 daily drops, the currency is still struggling to pull back from the 60-level. The market is looking for any signs of a "dollar peak" that could finally give the Peso some room to appreciate and lower the cost of our energy imports.

08/04/2026

📈 Daily Market Index Report | April 8, 2026
The Retail Fund Manager PH

🇵🇭 Philippine Market Overview
PSEi Change: +2.22% (Closed at 6,089.91)

Net Foreign Flow: Strong Net Buying. The Philippine stock market staged a massive breakout today, surging by 132.04 points to decisively reclaim and hold the 6,000 level. According to PSE EDGE data, this rally was fueled by a "relief pivot" as March inflation figures came in at 4.1%. While this is a two-year high, it was significantly lower than the 5.0% some analysts had feared. This "less bad than expected" data gave institutional investors the green light to re-enter the market after weeks of defensive posturing.

Market Sentiment: Renewed Optimism. The bulls are back in the driver's seat today. Reclaiming the 6,000 floor with such high conviction suggests that the market may have finally found its bottom. The atmosphere has shifted from pure survival to tactical accumulation. Investors are finally looking past the immediate energy shocks and are starting to price in a potential plateau in interest rate hikes, provided the inflationary pressure continues to stabilize.

📰 PSEi Stock Stories
SM Investments (SM): As the ultimate index heavyweight, SM led the charge during today’s +2.22% rally. The market is cheering the resilience of their retail and banking ecosystem. In an environment where inflation is beginning to show a predictable ceiling, SM’s ability to capture consumer spending across all levels—from luxury to basic staples—makes it the primary destination for foreign funds returning to the Philippines.

Ayala Land (ALI): ALI is the "comeback kid" of the week. After sinking to a 14-year low just a few sessions ago, the stock is seeing a violent reversal. Much of this is attributed to their aggressive ₱10-Billion share buyback program, which has effectively signaled to the market that the management believes the stock is drastically undervalued. The "buyback floor" is providing the confidence needed for retail investors to stop selling and start averaging down.

Megaworld Corporation (MEG): MEG is catching a bid following the news that Mead Johnson is relocating its Philippine headquarters to Uptown Eastgate in Uptown Bonifacio. This move highlights the continued demand for Grade-A office spaces in prime townships despite the broader economic uncertainty. For investors, this reinforces Megaworld’s narrative of high-yield rental income and the long-term value of their "Live-Work-Play" estates.

BDO Unibank (BDO): BDO is benefiting from the "high for longer" interest rate environment, which continues to boost their net interest margins. As the largest bank in the country, it remains the go-to liquidity play for institutional funds. Today’s breakout shows that the market is confident in BDO’s capital position and its ability to weather the ongoing "national energy emergency" without significant impairment to its loan book.

🌍 Global Market Watch
Operation Epic Fury (Day 39): We are nearing the 40-day mark of the conflict in the Middle East. While military operations continue, the market is beginning to treat the geopolitical tension as a "priced-in" variable. Any news regarding potential ceasefire negotiations or the reopening of shipping lanes is now viewed as a massive potential upside catalyst for emerging markets.

Energy Crisis: Brent Crude has stabilized slightly at $109.03 per barrel. While still historically high, the fact that it hasn't spiked further toward $120 is providing much-needed psychological relief to the transport and manufacturing sectors. The focus remains on the "energy emergency" measures being implemented locally to mitigate these costs.

Gold Status: Gold is currently trading at $4,300.00/oz. The yellow metal is consolidating as the "extreme panic" fades, but it remains a core holding for those who still doubt the long-term stability of the US Dollar amidst the ongoing war-driven uncertainty.

Peso Exchange Rate: The Philippine Peso is currently trading at ₱60.45 against the US Dollar. While it remains weak, the volatility has decreased compared to last month. The market is closely watching the BSP to see if the recent inflation data will allow them to maintain the current interest rate levels or if one more "defensive hike" is on the horizon.

07/04/2026

📉 Daily Market Index Report | April 7, 2026
The Retail Fund Manager PH

🇵🇭 Philippine Market Overview
PSEi Change: +0.16% (Closed at 5,957.87)

Net Foreign Flow: Marginal Net Outflow. The local index traded within a tight range today, finishing with a measly 9.19-point gain. Based on the latest PSE EDGE data, the market is currently in a "sideways crawl" as it struggles to find a catalyst to push it back above the 6,000 mark. While we stayed in the green, the low turnover suggests that institutional players are largely "sitting on their hands" while waiting for the next macro move.

Market Sentiment: Exhausted Neutral. Medyo mataray ang market today—ayaw bumagsak pero ayaw din umakyat. Sentiment is currently "frozen" as investors weigh the slightly cooler inflation print against the persistent ₱60.50+ exchange rate. Talagang ramdam ang "wait-and-see" approach ng mga fund managers. Everyone is playing it safe, focusing on capital preservation while the global geopolitical noise continues to hum in the background.

📰 PSEi Stock Stories
China Banking Corporation (CHIB): China Bank is the "silent worker" of the banking sector today. While the bigger banks are facing heavy foreign selling, CHIB is holding its ground due to its superior dividend yield and rock-solid asset quality. For fundamentalists, this is a classic "value trap" that actually paid off—trading at a deep discount to book value while providing a steady cash flow that beats most fixed-income instruments.

Ginebra San Miguel (GSMI): GSMI is showing "liquidity" in more ways than one. As a consumer staple play, the "Ginebra effect" remains strong even in a high-inflation environment. Investors are betting on the resiliency of the "masa" consumer, where hard liquor often acts as a non-discretionary expense during stressful economic times. Its consistent volume and dividend growth make it a favorite for those dodging the volatility of the tech and property sectors.

Nickel Asia Corporation (NIKL): NIKL is catching interest as a strategic resource play. With global supply chains still disrupted by "Operation Epic Fury," the demand for high-grade nickel for EV batteries and stainless steel remains a critical global narrative. While the stock is sensitive to commodity price swings, its role as a primary exporter provides a natural hedge against the weakening Peso, as their revenues are primarily dollar-linked.

Bloomberry Resorts (BLOOM): Bloomberry is the primary "bet" on the leisure rebound. With the continued success of Solaire North, the market is looking at their ability to capture the high-end mass market and VIP segments. Despite the macro-headwinds, the "revenge spending" in the gaming and hospitality sector is proving to be more durable than expected. Investors are watching their margins closely to see if the higher operating costs are being offset by the increase in foot traffic.

🌍 Global Market Watch
Operation Epic Fury (Day 38): The conflict in the Middle East has entered its second month of stalemate. While the immediate "shock" has worn off, the structural changes in global shipping routes are now being treated as a permanent cost increase. This is the "new normal" that is keeping global inflation targets out of reach for most central banks.

Energy Crisis: Brent Crude is hovering at $114.15 per barrel. The persistent high cost of fuel is the primary "kontrabida" in our local recovery story. As long as oil refuses to dip below $100, the pressure on the Philippine trade deficit will remain intense, making every PSEi rally feel like an uphill battle.

Gold Status: Gold is currently trading at $4,320.00/oz. The "safe-haven" bid is alive and well. As fiat currencies struggle with the ₱60+ and $110+ oil environment, institutional investors are continuing to increase their gold allocations. It remains the ultimate "insurance policy" against a systemic global slowdown.

Peso Exchange Rate: The Philippine Peso closed at ₱60.55 against the US Dollar. The psychological barrier of 60 is now firmly in the rearview mirror, and the market is adjusting to a 60-61 range. This is putting immense pressure on our energy importers, and we are looking at the BSP to see if they will deploy more "aggressive tools" to stabilize the slide.

The Retail Fund Manager PH

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