Study: 79% of financial coverage on PH skews positive amid growth, green reforms

The Philippines received 79% positive sentiment in financial media coverage last year, according to Asia Financial Snapshot, a new study by media intelligence firm CARMA. Analysing over 14,000 articles across six Asian markets, the report reveals how sentiment around economic narratives is shifting, with media focusing on key themes such as sustainability, crypto regulation, and macroeconomic outlooks.

The Philippines' positive tone was shaped by GDP growth forecasts, credit rating upgrades, and a visible push into renewable energy investments. CARMA found that only 3% of media coverage was negative, while the remaining 18% was neutral.

According to the study, optimism in the Philippines' media profile was driven by a mix of policy progress and investor confidence. "The Philippines received positive coverage for being the fastest-growing ASEAN market, with favourable credit ratings despite structural risks," the report noted.

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What drove the Philippines' positive headlines

The IMF's projection of 5.8% GDP growth - above a previous 5.3% forecast - was widely reported as a sign of resilience amid easing inflation and lower borrowing costs. A credit rating upgrade by S&P Global Ratings, accompanied by a positive outlook, further added to the momentum.

The Philippines was also in the process of being removed from the Financial Action Task Force's (FATF) "grey list", with articles attributing this to improved financial regulation and crackdowns on illicit activity.

Other frequently reported developments included corporate tax cuts and fiscal incentives aimed at attracting foreign investment, strengthened bilateral ties (especially through Canada-Philippines trade and defence investments, and the South Korea Free Trade Agreement), and a surge in renewable energy investments, with UK-based Greenergy pledging 480 million pesos (US$8.4 million) toward its local unit.

The impact of AI on the BPO sector, as well as emerging regulations to govern AI use and fintech compliance, and crypto activity, including GCash's link to Axie Infinity, followed by new SEC guidelines to oversee digital asset providers, also made headlines.

While largely favourable, a small portion of negative coverage stemmed from an OECD survey that ranked the country's capital markets as less viable than its regional counterparts.

Meanwhile, retail investor participation grew, with outlets reporting an 11.3% rise in stock accounts to 1.91 million, supported by financial literacy initiatives aimed at Overseas Filipino Workers (OFWs).

Q4 2024 saw a rise in financial media visibility across all six markets analysed. The Philippines, in particular, gained notable attention after the Asian Development Bank approved a US$500 million climate adaptation loan, a move widely reported by Southeast Asian and global financial outlets.

In neighbouring Indonesia, media coverage centred on economic diplomacy and domestic investment story. Positive coverage was driven by green bond issuances and international trade agreements, signalling a growing alignment with global ESG priorities.

However, cybersecurity lapses in Indonesia made headlines during the same period - suggesting growing media scrutiny over digital resilience as the country deepens its reliance on fintech and online infrastructure.

CARMA's snapshot underscores the importance of narrative framing in shaping regional reputations. In both the Philippines and Indonesia, media focus is increasingly shifting from traditional macro indicators to deeper questions of sustainability, regulation, and digital trust.

"By understanding how narratives evolve in each market, this analysis helps identify emerging opportunities and key considerations relevant to stakeholders operating within Asia's interconnected financial ecosystem," the report said.

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