Current Account in Philippines
Philippines - Current Account (billions of U.S. Dollars)After better-than-expected growth in Q3, activity likely slowed in Q4, mainly due to a tougher base effect. Underlying momentum appeared robust, amid looser restrictions and fewer Covid-19 cases. The manufacturing PMI averaged higher, suggesting a pickup in growth of industry, while solid expansions in retail sales and remittances through November suggest healthy private spending. In Q1, activity is likely slowing further. Covid-19 cases have skyrocketed due to Omicron, and restrictions have been tightened as a result. Moreover, Typhoon Rai hit in December, causing significant economic damage and raising inflationary risks, which may dent spending early this year. In politics, the president recently signed a law liberalizing the retail sector. Meanwhile, Marcos Jr., son of the late dictator Ferdinand Marcos, has emerged as the frontrunner in this year’s presidential election.
Philippines - Current Account (USD bn) Data
|Current Account Balance (USD bn)||7.3||-1.2||-2.1||-8.8||-0.5|
5 years of economic forecasts for more than 30 economic indicators.
Philippines Current Account (USD bn) Chart
Source: National Statistics Office and FocusEconomics calculations.
|Bond Yield||4.44||-4.11 %||Dec 27|
|Exchange Rate||50.66||0.02 %||Jan 01|
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January 13, 2022
Remittances totaled USD 2.5 billion in November, representing a 5.1% year-on-year expansion.
January 11, 2022
Merchandise exports jumped 6.6% on an annual basis in November, on the heels of October’s 2.0% increase.
January 5, 2022
Consumer prices flatlined over the previous month in December, coming in below November's 0.54% increase, amid softer price pressures for food.
January 3, 2022
The IHS Markit Manufacturing Purchasing Managers' Index (PMI) came in at 51.8 in December, up from November's 51.7.
December 15, 2021
At its monetary policy meeting on 15 December, the Central Bank of the Philippines maintained the overnight reverse repurchase facility rate at its record low of 2.00%, marking the ninth successive hold and matching market analysts’ expectations.