Consumer lending in the Philippines is accelerating—growing by about 18% since mid-2022, compared with 11% for total loans. Momentum picked up further in Q3 2025 with growth exceeding 21%, driven in large part by credit cards, which accounted for 40% of the increase.While household debt remains relatively low at around 13% of GDP, an important question is whether this can be sustained without creating risks to financial stability?In an op-ed for BusinessWorld Publishing Corporation, AMRO senior ...

Asean+3 Macroeconomic Research Office

Korea's economy is demonstrating strong capacity to adapt to shifting conditions amid a very uncertain global environment. Political stabilization after the June presidential election, targeted fiscal stimulus, and robust semiconductor exports helped the economy rebound in 2025.AMRO economists Kian Heng P. Peh and Jade Vichyanond examine Korea's growth drivers—consumption, exports, and the semiconductor industry—while highlighting lingering vulnerabilities in the housing market and construction ...

Asean+3 Macroeconomic Research Office

Despite being an advanced economy with deep financial markets, Korean equities continue to trade below global peers – a phenomenon widely known as the “Korea Discount.” In this blog, AMRO economists Kian Heng P. Peh and Bora Lee explain the structural factors behind this gap, such as relatively lower corporate profitability, with return on equity averaging around 7% over the past decade. Recent initiatives, including the Corporate Value-Up Program, mark a step in the right direction by encouragi ...

Asean+3 Macroeconomic Research Office