菲律宾综合股价指数 (PSEi) 加自选

标准普尔全球菲律宾制造业采购经理人指数从3月份的49.4升至2025年4月的53，这表明在短暂的低迷之后，经营状况再次扩大。这一回升是由产量和新订单的急剧增加推动的，这得益于新客户的收购和选举前的活动。采购活动加速，延续了17个月的增长势头，同时库存水平也有所上升。然而，就业水平连续第二个月持平，企业对劳动力扩张持谨慎态度。外国需求仍然停滞不前，积压的工作略有下降，表明工作量可控。在定价方面，投入成本和产出费用都略有增加，但通胀压力保持在历史低位。尽管表现积极，但商业信心降至历史第二低水平，因为制造商表示担心即将到来的选举带来的提振可能不会在选举后持续下去。

The S&P Global Philippines Manufacturing PMI rose to 53 in April 2025 from 49.4 in March, signaling a renewed expansion in operating conditions after a brief downturn. The upturn was driven by sharp increases in both output and new orders, supported by new client acquisitions and pre-election activity. Purchasing activity accelerated, extending its 17-month growth streak, while inventory levels also rose. However, employment levels remained flat for the second straight month, with firms cautious about workforce expansion. Foreign demand remained stagnant, and backlogs of work fell slightly, suggesting manageable workloads. On the pricing front, both input costs and output charges increased modestly, but inflationary pressures stayed historically subdued. Despite the positive performance, business confidence dropped to its second-lowest level on record, as manufacturers expressed concern that the boost from the upcoming election may not be sustained post-election.

2025年3月，菲律宾政府的预算赤字扩大到3755亿菲律宾比索，是2023年12月以来的最大赤字，高于去年同期的1959亿菲律宾比索。政府收入同比下降3.01%，至2793亿菲律宾比索，主要原因是非税收入下降了69.36%。与此同时，政府支出激增35.37%，达到6550亿菲律宾比索，主要原因是道路基础设施项目、常规运营要求和各种保护服务的支出增加。对地方政府单位的重大财政转移也做出了贡献。2025年第一季度，预算赤字从2024年同期的2726亿菲律宾比索扩大到4788亿菲律宾比索。

The Philippine government’s budget deficit widened to PHP 375.5 billion in March 2025, the largest since December 2023, up from PHP 195.9 billion in the same month of the previous year. Government revenues fell by 3.01% year-on-year to PHP 279.3 billion, largely due to a 69.36% decline in non-tax revenues. Meanwhile, government expenditures surged by 35.37% to PHP 655.0 billion, driven mainly by increased disbursements for road infrastructure programs, regular operating requirements, and various protective services. Significant fiscal transfers to local government units also contributed. For the first quarter of 2025, the budget deficit expanded to PHP 478.8 billion from PHP 272.6 billion during the same period in 2024.

2025年3月，菲律宾的进口额同比激增11.9%，达到107亿美元，高于上个月修正后的1.9%的增长率。这标志着自去年4月以来的最高入境出货量。在商品类别中，工业机械设备（32.9%）、钢铁（30.1%）、其他食品和活体动物（28.4%）、电信和电机（27.4%）以及电子产品（24.8%）的采购量有所增加。相反，谷物和谷物制剂的入境出货量大幅下降（-24.3%）。在主要贸易伙伴中，来自中国（36.2%）、印度尼西亚（32.7%）和越南（26.3%）的游客人数有所增加。与此同时，来自新加坡（-7.9%）和美国（-15.5%）的进口大幅下降，主要是由于征收关税。今年第一季度，进口额比去年同期增长8.4%。

Imports to the Philippines surged by 11.9% year-on-year to $10.7 billion in March 2025, accelerating from a revised 1.9% growth in the previous month. This marked the highest inbound shipments since April of last year. Among commodity groups, purchases increased for industrial machinery & equipment (32.9%), iron & steel (30.1%), other food and live animals (28.4%), telecommunication & electrical machinery (27.4%), and electronic products (24.8%). Conversely, inbound shipments fell sharply for cereal & cereal preparation (-24.3%). Among top trading partners, arrivals went up from China (36.2%), Indonesia (32.7%), and in Vietnam (26.3%). Meanwhile, imports slumped from Singapore (-7.9%) and in the US (-15.5%) mainly due to the imposition of tariffs. For the first quarter of the year, imports were 8.4% higher compared to the same period last year.

继2月份上调0.9%后，菲律宾生产者价格指数在2025年3月同比上涨0.6%。年增长放缓的主要原因是计算机、电子和光学产品行业的价格增长放缓（2月份为1.3%对2.1%），对年增长率的贡献率为38.6%。此外，焦炭和精炼石油产品（1.6%对2.9%）、其他制造业以及机械设备的维修和安装（1.6%对3.0%）和服装（1.2%对2.5%）的成本增长速度较慢。按月计算，继2月份下降0.2%之后，3月份生产者价格指数下降了0.1%。

Producer prices in the Philippines rose by 0.6% year-on-year in March 2025, following a upwardly revised 0.9% increase in February. The slower annual increase was mainly driven by reduced price growth in the manufacture of computer, electronic and optical products industry (1.3% vs 2.1% in February), which contributed 38.6% to the annual rate. Additionally, costs grew at a slower pace for coke and refined petroleum products (1.6% vs 2.9%), other manufacturing and the repair and installation of machinery and equipment (1.6% vs 3.0%), and wearing apparel (1.2% vs 2.5%). On a monthly basis, producer prices declined by 0.1% in March, following a 0.2% drop in February.