First-quarter 2026 macroeconomic momentum softened from late-2025

leaned dovish and moved in the opposite direction, cutting rates to a multiyear low of 1 percent in regional inflows, whereas Thailand and Vietnam experienced strong momentum from manufacturing, digital, Al, data center, and cloud-related investments. Indonesia sustained its steady trajectory, exceeding targets through investments in downstream metals and mining. Malaysia delivered steady services-led inflows, although momentum eased from the fourth quarter of 2025. The Philippines recorded strong year-on-year growth in investment approvals, but this largely reflected a low base, with absolute investment levels weakening as sentiment softened.