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Manila Bulletin devider Business devider The Stock Market devider Stocks extend rally as World Bank lifts nation to upper-middle income status

Stocks extend rally as World Bank lifts nation to upper-middle income status

Published Jul 2, 2026 05:16 pm
Equities market rose for a second consecutive session as investors welcomed the World Bank’s reclassification of the country’s economic status and the steady performance in domestic manufacturing.
The Philippine Stock Exchange index (PSEi) gained 56.46 points, or 0.93 percent, to close at 6,125.72 on Thursday, July 2.
Mining companies led the advance, while the industrial sector emerged as the lone laggard of the day. Trading volume remained muted, with 2.06 billion shares changing hands valued at P5.52 billion. Advancing stocks outnumbered decliners 98 to 87, while 47 counters closed unchanged.
Market sentiment turned positive after the World Bank upgraded the Philippines from lower-middle to upper-middle income status. The global lender adjusted the designation after the country's gross national income per capita reached $4,850, surpassing the required $4,636 threshold following consecutive years of broad-based economic growth.
“The local market rose as investors digested the World Bank's upgrade of the Philippine economy's income status,” said Japhet Tantiangco, research manager at Philstocks Financial.
The macro milestone is expected to support the country’s credit profile and improve terms for foreign investments. Michael Ricafort, chief economist at Rizal Commercial Banking Corp., noted that the elevation to upper-middle income country status could help lower borrowing costs and attract higher-quality capital inflows.
Additional tailwinds came from domestic factory data, with the S&P Global Philippines Manufacturing Purchasing Managers’ Index edging up to 50.9 for June. The reading indicates a second month of expansion for the sector, driven by a stabilization in new orders and output.
“The local bourse ended higher, with buying interest remaining intact for two consecutive days,” said Luis Limlingan, managing director at Regina Capital Development Corp. “Market sentiment remained upbeat following news of an improved manufacturing PMI for June. The positive macro signal supported risk appetite and sustained demand for equities.”
Investor confidence was further bolstered by a slight retreat in global crude oil prices, which slipped toward new four-month lows, easing local inflationary anxieties and reinforcing buying momentum across the exchange.

Related Tags

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