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Manila Bulletin devider Business devider The Stock Market devider PSEi falls on cracks in US-Iran truce, lower Philippine growth estimates

PSEi falls on cracks in US-Iran truce, lower Philippine growth estimates

Published Jun 22, 2026 04:54 pm

The Philippine Stock Exchange index (PSEi) fell on Monday, June 22, after Iran walked out of peace talks and closed the Strait of Hormuz again, while the Philippine government reduced its economic growth estimates due to the war and lower infrastructure spending.

The main index plunged by 100.33 points, or 1.64 percent, to close at 6,035.02. The services sector led the retreat, while conglomerates managed to advance.

Volume was high at 994 million shares worth ₱10.26 billion. Losers outnumbered gainers—116 to 74, with 50 unchanged.

“The local bourse ended lower amid broad-based foreign selling across sectors. Meanwhile, the local currency weakened further against the United States (US) dollar, breaching the ₱61:$1 level again,” said Regina Capital Development Corp. managing director Luis Limlingan.

He noted that overall sentiment remained pressured by sustained capital outflows and currency depreciation concerns.

Philstocks Financial Inc. research manager Japhet Tantiangco said, “The local market dropped as cracks begin to appear in the US-Iran interim deal. This comes as Iran closes the Strait of Hormuz again amid the US’ alleged failure to stop attacks on Lebanon. In return, US President Donald Trump made threats of military actions against Iran.”

He added, “The April public infrastructure spending data, which posted a 52-percent year-on-year decline, disappointed investors as it hints of weak government support in terms of re-accelerating economic growth.”

Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said the PSEi corrected for the second straight trading day after the latest government reduction in the Philippine economic growth estimate for 2026 to the 3.5- to 4.5-percent range, in view of the war with Iran and some government underspending largely due to the multibillion-peso flood-control infrastructure corruption scandal.

Related Tags

Philippine Stock Exchange Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco Rizal Commercial Banking Corp. (RCBC) Michael L. Ricafort
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