MORNING FIX

• The Philippines is set to finalize its first free trade agreement with the United Arab Emirates next month, aiming to boost investments from UAE sovereign wealth funds, according to the President’s Special Envoy to the UAE for Trade and Investment Ceferino S. Rodolfo.
• The Philippine government recorded a fiscal surplus of PHP 67.3 billion in April, reversing the PHP 375.73-billion deficit in March, according to the Bureau of the Treasury. This marks the first budget surplus since January and represents a 57.51% increase from April 2024.
• According to the Department of Agriculture, the Philippines imported 4.8 million metric tons of rice in 2024, generating PHP 34.23 billion in tariffs, a 12.57% increase. Tariff collections surged in early 2024 but dropped significantly in the latter half.
• The Manhattan-based Court of International Trade ruled that President Donald Trump exceeded his authority by imposing tariffs on nations with trade imbalances, blocking them from taking effect.
• BOJ Governor Kazuo Ueda warned that large swings in super-long bond yields could impact shorter-term rates and economic growth. His remarks highlight the central bank’s focus on yield volatility amid ongoing trade policy uncertainty and upcoming discussions on bond tapering.