Your Morning Fix

• The National Government’s debt service bill significantly dropped by 32.97% to PHP 106.51 billion in January, mainly due to a sharp 97.92% decline in foreign debt amortization. Meanwhile, domestic principal payments more than doubled compared to the same period last year.
• The Philippines recorded its narrowest trade-in-goods deficit in 46 months in February, decreasing to USD 3.16 billion from USD 5.12 billion in January. Exports grew by 3.9% year-on-year, while imports declined by 1.8%, marking the sharpest drop since November 2024.
• The National Food Authority (NFA) announced plans to purchase 880,000 metric tons of palay this year to ensure it maintains the required minimum rice reserve of 555,000 metric tons, equivalent to 15 days’ consumption.
• China’s top four state-owned banks will raise 520 billion yuan (USD 71.60 billion) in private placements, with the finance ministry involved in all transactions to strengthen their core capital and support the economy.
• Core consumer inflation in Tokyo rose 2.4% year-on-year in March, surpassing forecasts, driven by food and rising service prices. The latest print will be a key factor in the Bank of Japan’s next policy meeting on April 30-May 1.