The Philippine Stock Exchange index (PSEi) has declined across every major time frame — one, three, five and ten years — while stock markets in Taiwan, South Korea, the United States, Europe and Vietnam have all posted gains, according to index closing data compiled from multiple market reports.
The PSEi closed at 5,821.51 on Wednesday, October 21, 2026, according to a Daily Tribune market report — 4.5 percent below its close of 6,093.53 a year earlier, as reported by the Manila Bulletin.
Losses Compound Across Every Time Frame
The index is also 5.2 percent below its October 20, 2023 close of 6,142.90 and 20.4 percent below its October 21, 2021 close of 7,311.72, according to Philippine Stock Exchange weekly reports.
Over ten years, the PSEi is down approximately 24 percent. Its October 21, 2016 close was 7,650.22, derived from an Inquirer report showing the index fell 40.91 points to 7,609.31 on the next trading day, October 24, 2016.
Taiwan, Korea and Wall Street Post Surging Gains
Over the same 12-month period in which the PSEi fell 4.5 percent, Taiwan's TAIEX rose 69 percent to 46,887.77, based on Taiwan Stock Exchange data and a Focus Taiwan closing report. South Korea's KOSPI gained 50 percent over the same period.
In the United States, the Nasdaq-100 rose 19 percent and the S&P 500 gained 15 percent, according to Federal Reserve Bank of St. Louis (FRED) data and Associated Press closing reports. The Euro Stoxx 50 gained 9 percent and Vietnam's VN-Index 5 percent.
Over ten years, the TAIEX is up approximately 404 percent, the Nasdaq-100 about 515 percent, the S&P 500 about 262 percent, the KOSPI about 182 percent and the Euro Stoxx 50 about 102 percent. All figures reflect price changes in local currency and exclude dividends.
Circulating Bloomberg Table Does Not Match Closing Data
A table attributed to Bloomberg and dated "as of Oct. 21, 2026" has been circulating on social media, but its figures do not match the actual closing data for that date. The table shows the PSEi down 9 percent over one year, while the verified change was approximately 4.5 percent. It also understates the one-year gains of Taiwan and South Korea.
The PSEi did briefly approach those lower levels. It fell to its lowest point since May 2020 in mid-October, when it was down about 8 percent from a year earlier, according to Trading Economics. It has since partially recovered.
BSP Delivers Larger-Than-Expected Rate Hike
On Thursday, October 22, the Bangko Sentral ng Pilipinas (BSP) raised its key interest rate by 50 basis points to 5.5 percent — a larger move than the market had anticipated — The Manila Times reported. BSP Governor Eli Remolona Jr. said the hike was not intended to defend the peso.
The peso nonetheless closed at a fresh record low of P63.52 to the dollar that same day, and the PSEi fell 0.72 percent to 5,779.73.
Luis Limlingan of Regina Capital Development Corp. said the rate hike reflected caution over persistent inflation and raised concerns about borrowing costs and their effect on economic activity. Chinabank Research economist Domini Velasquez said higher rates alone may not be sufficient to support the peso, and that its recovery depends more on restoring domestic economic confidence.
Before the BSP decision, BPI lead economist Emilio Neri Jr. told the Daily Tribune that the policy rate could reach 6 percent by year-end if Middle East tensions escalate further.
Inflation Hits Fastest Pace Since March 2023
Headline inflation rose to 7.2 percent in September from 6.1 percent in August — the fastest pace since March 2023 — according to Philippine Statistics Authority data reported by GMA News. Inflation has averaged 5.4 percent so far in 2026, above the government's 2 to 4 percent target range.
Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan attributed the September increase mainly to food supply disruptions caused by bad weather and higher global oil prices.
Photo credit: Photo from Philippine Stock Exchange / PSE.com.ph