Asia-Pacific business news in the week of 21 to 26 September 2026 was dominated by the Middle East oil shock and the AI chip boom. In the Philippines, the International Monetary Fund cut its growth forecast and the Asian Development Bank approved emergency financing, while trade data from South Korea and Taiwan hit new records on artificial intelligence demand.
Here are the week’s key stories from our business desk, Philippines first, then Singapore and the wider region. For daily updates, visit our business hub, plus our Philippines and Singapore hubs.
Key takeaways
- The IMF now sees Philippine growth at 3.4% in 2026, and the ADB approved $1.5 billion to cushion Filipinos from high fuel prices.
- Mitsubishi agreed a P44.5-billion deal to lift its Ayala stake, and PNB Holdings listed on the PSE.
- Korea’s early-September exports and Taiwan’s August export orders both set records on AI chip demand.
Philippines
IMF cuts Philippine growth forecast to 3.4%. On 25 September, IMF mission chief Andrea Pescatori lowered the Fund’s 2026 Philippine growth forecast to 3.4% from 3.9% and its 2027 outlook to 5.1% from 5.5%, citing a weak second quarter, when the economy grew 2.3%, and a slow rebound in public investment, GMA News reported.
The IMF raised its 2027 inflation forecast to 4.1% and said it expects one more BSP rate hike this year, The Manila Times said.
ADB approves $1.5 billion crisis loan. The Asian Development Bank on 24 September approved $1.5 billion to help fund the government’s UPLIFT package, which covers fare discounts, fuel and fertilizer subsidies, cash aid and support for returning overseas Filipino workers, according to an ADB release. The bank noted that the Philippines imports nearly all its fuel.
Mitsubishi lifts Ayala stake to 15%. Japan’s Mitsubishi Corporation signed a P44.5-billion deal on 21 September to raise its economic stake in Ayala Corporation to 15% from 4.7%, at P650 a share, Rappler reported. Ayala expects about P20 billion in proceeds for debt reduction, buybacks and growth, and will run a tender offer for up to about 30 million shares at the same price.
PNB Holdings debuts on the PSE. PNB Holdings listed 46.93 billion shares by way of introduction on 25 September under the ticker LTL, The Philippine Star reported. The stock swung between P0.70 and P1.24 before closing flat at its P1.20 listing price, according to The Manila Times. The company plans to redevelop prime sites in Makati and Pasay.
Singapore
Singapore launches SG Semiconductor brand. On 25 September, Minister Tan See Leng unveiled SG Semiconductor, a national brand to market the country’s chip ecosystem, as A*Star announced new or expanded partnerships with Applied Materials, GlobalFoundries, KLA and Stats ChipPac, The Business Times reported. Tan said Singapore makes about one in 10 of the world’s chips.
Ex-Sembcorp Marine CEO acquitted. Former Sembcorp Marine chief executive Wong Weng Sun and former Jurong Shipyard manager Lee Fook Kang were acquitted on 24 September of charges tied to alleged bribery in Brazil, after prosecutors opted for stern warnings, CNA and The Straits Times reported. Seatrium’s separate 2025 settlement remains in place.
Around the region
South Korea’s exports hit a 20-day record. Exports rose 78.3% to a record $71.4 billion in 1 to 20 September, customs data showed on 21 September, as chip shipments jumped 259.4% to $34.1 billion, Aju Press reported. Shipments to both China and the US more than doubled, according to The Korea Herald. Read more on our South Korea hub.
Taiwan’s export orders top $100 billion. Taiwan’s August export orders rose 71.4% to a record $102.96 billion, the first month above $100 billion, the economy ministry said on 22 September, according to Focus Taiwan. The ministry said full-year orders could approach $1.1 trillion. More on our Taiwan hub.
Bank Indonesia holds at 5.75%. In Governor Destry Damayanti’s first meeting, Bank Indonesia kept its BI-Rate at 5.75% on 23 September and increased incentives on foreign exchange hedging to support the rupiah, according to a BI statement and Nikkei Asia. More on our Indonesia hub.
Hong Kong IPOs set to beat the 2010 record. Deloitte on 24 September raised its 2026 Hong Kong IPO forecast to at least HK$480 billion from about 160 listings, which would top the 2010 record, The Standard reported. Dual A-to-H listings account for nearly 70% of funds raised, according to Deloitte. More on our Hong Kong hub.
What to watch next week
In the Philippines, investors will keep watching fuel prices and the outlook for another BSP rate increase, which the IMF now expects before year-end. Across the region, the question is whether AI-driven chip demand keeps powering Korean and Taiwanese trade while higher oil prices and global interest rates weigh on currencies such as the rupiah and the peso.
