Philippines Economic Outlook
October 18, 2016The Philippines’ economy likely decelerated somewhat in Q3, after recording a robust expansion in the first half of the year on the back of strong private consumption and fixed investment. In July, imports dropped slightly, which suggests some temporary weakness in demand. In August, growth in retail sales accelerated marginally after slowing in the previous month. On 21 September, Standard & Poor’s affirmed the country’s credit rating of “BBB” with stable outlook, attributing its decision to the country’s sound monetary policy, improved banking supervision and robust external position. On the downside, the ratings agency expressed concern about the instability and unpredictability of Rodrigo Duterte’s government, especially in relation to a possible deterioration of the rule of law. Overall, however, the new government is expected broadly to continue the pro-development approach inherited from the previous administration.
Philippines Economy Data
5 years of Philippines economic forecasts for more than 30 economic indicators.
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|Bond Yield||3.80||0.08 %||Oct 26|
|Exchange Rate||48.35||0.35 %||Oct 26|
|Stock Market||7,494||-1.13 %||Oct 26|
Philippines Economic Growth
October 18, 2016The Philippine economy will accelerate this year, on the back of strong domestic demand. The main downward risk is a potential stalling of the reform agenda, while the prospect of a stronger fiscal expansion poses upside risks. FocusEconomics Consensus Forecast panelists forecast that GDP will rise 6.5% in 2016, which is up 0.1 percentage points from last month's projection. In 2017, the panel expects GDP growth to slow to 6.2%.
Philippines Economic News
October 17, 2016
In August, cash remittances from Overseas Filipino Workers (OFW) grew 16.3% from the same month of last year to USD 2.3 billion.
October 13, 2016
The Philippines’ exports declined for the seventeenth consecutive month in August mainly due to weak demand from Japan, Hong Kong and the USA. Exports dropped an annual 4.4%, which followed July’s sharper 13.0% decrease.
October 6, 2016
In September, consumer prices rose 0.2% from the previous month, marginally up from August’s 0.1% increase.
September 22, 2016
At its meeting on 22 September, the Central Bank decided to leave the Overnight Reverse Repurchase facility (RRP) unchanged at 3.00% as the markets had expected.
September 15, 2016
In July, cash remittances from Overseas Filipino Workers (OFW) dropped 5.4% over the same month last year to USD 2.1 billion.