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Manila Bulletin devider Business devider The Stock Market devider PSEi slips on remittance slowdown

PSEi slips on remittance slowdown

Published Aug 17, 2026 05:22 pm

The Philippine Stock Exchange index (PSEi) dropped in thin trades on Monday, Aug. 17, as overseas Filipino (OF) remittance growth slowed down, while United States (US) bourses weakened due to softer economic data.

The main index lost 35.5 points, or 0.56 percent, to close at 6,261.80. The services sector led the retreat, although half of the sectoral indices were lower.

Volume weakened to 1.58 billion shares worth ₱4.59 billion. Gainers outnumbered losers—113 to 85, with 58 unchanged.

Rizal Commercial Banking Corp. (RCBC) chief economist Michael L. Ricafort said the PSEi corrected slightly lower after the slowest year-on-year growth in overseas Filipino workers’ (OFWs) remittances in more than four years, or since February 2022.

US stock markets were also mostly lower from near-record highs after mostly softer US economic data, such as US retail sales and a sentiment gauge, and as the markets await possible unprecedented US economic measures against Iran as early as this week, as peace talks and a deal remained elusive.

“The local index ended lower as the market remained choppy amid subdued trading activity. Investors stayed on the sidelines while awaiting fresh positive catalysts to drive market sentiment,” said Regina Capital Development Corp. managing director Luis Limlingan.

He noted that cautious positioning continued to limit buying interest and kept the market range-bound.

Philstocks Financial Inc. research manager Japhet Tantiangco said, “The local market declined as pessimism took over amid the lack of a positive catalyst. Lingering uncertainties in the Middle East also dampened market sentiment. Finally, the peso’s weakening following the slow growth in our cash remittances last June weighed on the bourse.”

Related Tags

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