Philstar
PSEi tumbles, peso gains amid Trump’s tariff blitz
The Philippine Stock Exchange Index (PSEi) dropped 1% to close at 6,084.19 on Friday, continuing its decline amid US President Donald Trump's reciprocal tariffs.
The tariffs, which include a 17% tariff on the Philippines, could slow down exports and overall economic growth.
All counters closed in the red, with Mining and Oil seeing the biggest losses.
Despite the market decline, the Philippine peso strengthened against the US dollar, closing at 56.82, its best rate in over six months.
This strengthening of the peso occurred even as the government reported a better-than-expected local inflation rate of 1.8 percent in March 2025, the best in nearly five years.
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The Philippine Stock Exchange Index (PSEi) plunged by 4.3 percent to close at 5,822.85 points, its lowest in two-and-a-half years, due to investor panic over escalating global trade wars.
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Philippine stocks rallied for three straight trading days, with the PSEi closing up by 0.08 percent at 6,082.44 points on Friday, April 11, 2025.
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US President Donald Trump announced a 17% reciprocal tariff on all Philippine goods, effective April 9, as part of his "Liberation Day" tariff plan impacting 11 ASEAN countries.
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Asian and European stocks extended their losses on Friday, following a global rout triggered by Donald Trump's "Liberation Day" tariffs.
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