The benchmark Philippine Stock Exchange Index (PSEi) retreated on Wednesday as investors weighed a fresh batch of economic data on the national debt and unemployment before a one-day holiday.
The PSEi fell 2.24 percent, or 149.22 points, to 6,525.16 while the broader All Shares index lost 1.49 percent, or 51.86 points, to 3,425.86.
According to the Bureau of the Treasury, the Philippine government’s outstanding debt ballooned to a record P13.64 trillion at the end of October, up 0.9 percent from the previous month.
“In view of large debts incurred of nearly [an added] P6 trillion since the pandemic started in 2020, the new administration may still need to further intensify tax revenue collections based on existing tax laws, come up with new taxes/tax reform measures, increase tax rates, among others to further boost structural sources of government revenues,” Michael Ricafort, chief economist at the Rizal Commercial Banking Corp., said on Wednesday.
Meanwhile, the Philippine Statistics Authority said the country’s unemployment rate eased to 4.5 percent in October from 7.4 percent the previous year.
Subsectors were mostly lower following declines by property (-3.33 percent), holding firms (-2.6 percent), financials (-1.98 percent), and industrial (-1.57 percent). Mining and oil and services rose 0.84 percent and 0.61 percent, respectively.
A total of 499 million shares valued at P6.05 billion changed hands while foreigners were net sellers to the tune of P666.4 million.
International Container Terminal Services Inc. was the top traded stock as it rose 0.85 percent to P190 per share.
It was followed by Universal Robina Corp., down 2.61 percent to P134.40; BDO Unibank Inc., down 1.98 percent to P129; PLDT Inc., up 1.86 percent to P1,700; and Ayala Land Inc., down 3.01 percent to P29 per share.
Globe Telecom was down 0.91 percent to P2,182; SM Prime Holdings Inc., down 4.67 percent to P34.70; Ayala Corp., down 2.32 percent to P695.50; Jollibee Foods Corp., down 3.89 percent to P237; and SM Investments Corp., down 3.5 percent to P910 per share.