Sales of vehicles from brands under CAMPI and TMA fell 11.4% year on year to 204,557 units in the first half of 2026, while electrified vehicles surged: BEVs rose 256.8%, PHEVs 3,356.9%, and HEVs 57.5%. According to PwC, electrified vehicles accounted for about 16% of passenger vehicle sales in the Philippines in H1 2026, more than double a year earlier, as rising fuel costs boost their appeal. Executive Order No. 121 establishes a P60-billion EV incentive program for manufacturers committing at least P5 billion in investments, and the Department of Energy targets at least 311,700 electric public utility vehicles by 2028. Chinese automakers are challenging established Japanese brands with competitively priced vehicles and EV lineups. A McKinsey survey found 32% of respondents planned to postpone their next purchase due to financial constraints.
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The IMF projects global growth will quicken to 3.4% in 2027 from an estimated 3.1% this year, with the US doing better than expected and China holding at 4%, while France faces dimmer prospects amid a bond selloff. Despite the Iran war, higher interest rates and an energy price spike, growth has held up, helped by an AI-driven investment boom, though this resilience has limits. Several advanced economies have little fiscal room left, and bond markets are skeptical of their budget paths, so central banks may again have to carry the burden in a future downturn. The Federal Reserve is likely to raise rates again after a move last month, and the ECB, India and Australia have also sounded hawkish. Singapore's President Tharman Shanmugaratnam argued that the bond market turmoil gives leaders a chance to fix public finances before a crisis forces their hand.
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The Philippines will adopt an international pricing convention for peso-denominated government bonds from Jan. 4, 2027, and these bonds are scheduled to enter J.P. Morgan's GBI-EM index later that month, which could broaden the investor base and improve liquidity. The author welcomes these reforms but argues that a more sophisticated financial system alone will not create factories, exports or jobs, since businesses also need competitive electricity, infrastructure, logistics and predictable policy. Index inclusion does not guarantee lower yields, and the benefits of cheaper borrowing depend on how well public investment is selected and governed. The bigger gap is in corporate capital markets: according to an OECD 2024 review, outstanding corporate bonds were about 11% of GDP at end-2023, leaving smaller firms reliant on bank loans. The author calls for lower issuance costs, simpler procedures, better credit information and stronger disclosure without weakening investor protection.
- Financial reform is necessary , but not sufficient - BusinessWorld Online
The Philippines will adopt an international pricing convention for peso-denominated government bonds from January 4, 2027, and these bonds are scheduled to enter J.P. Morgan's GBI-EM index later that month, which could broaden the investor base and improve liquidity. The author argues these reforms are welcome but not sufficient, since businesses also need competitive electricity, reliable infrastructure, efficient logistics and predictable regulation to make investment profitable. Index inclusion does not guarantee lower yields, and foreign investment in existing bonds differs from investment in new factories, so the payoff depends on how public funds are spent and governed. The OECD noted that outstanding corporate bonds were only about 11% of GDP at end-2023, leaving smaller firms reliant on bank loans. The piece calls for lower issuance costs, simpler procedures, better credit information and stronger disclosure without weakening investor protection.
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