Philippines Economic Outlook
June 21, 2022Growth beat market expectations in Q1 in annual terms, in part due to a low base effect. The loosening of Covid-19 restrictions at the end of the quarter supported private consumption. Turning to Q2, the growth rate is likely to remain one of the fastest in the region. Private spending will continue to be boosted by loosened Covid-19 restrictions. Notably, the manufacturing PMI rose at the fastest rate in nearly five years in April. That said, rising inflation will be hampering consumer spending, while the pre-election spending ban will have dampened public expenditure. In politics, the new president, Ferdinand Marcos Jr., named his cabinet on 3 June. His picks signaled continuity of the policies of the prior president. Notably, current central bank governor Benjamin Diokno was selected as the secretary of finance.
Philippines Economic GrowthGDP is set to grow at the fastest pace in ASEAN this year. Support will come from reduced Covid-19 restrictions, expansionary fiscal and monetary stances, and the government’s “Build, Build, Build” infrastructure program. Key factors to watch include fiscal and external imbalances, and fiscal decentralization reforms. FocusEconomics Consensus Forecast panelists project GDP to increase 6.9% in 2022, which is up 0.2 percentage points from last month’s estimate. For 2023, they forecast economic growth of 6.1%.
Philippines Economy Data
5 years of Philippines economic forecasts for more than 30 economic indicators.
Get a sample report showing our regional, country and commodities data and analysis.
|Bond Yield||4.44||-4.11 %||Dec 27|
|Exchange Rate||50.66||0.02 %||Jan 01|
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
Philippines Economic News
June 15, 2022
Remittances came in at USD 2.4 billion in April, reflecting a 3.9% year-on-year rise, following March's 3.2% year-on-year increase.
June 9, 2022
Merchandise exports climbed 6.0% in annual terms in April (March: +5.9% year-on-year).
June 7, 2022
Consumer prices recorded 0.53% growth over the previous month in May, which was lower than April's 0.98% increase. Inflation rose to 5.4% in May from April’s 4.9%.
June 1, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 54.1 in May, down from April's 54.3.
May 18, 2022
At its monetary policy meeting on 18 May, the Central Bank of the Philippines (BSP) raised the overnight reverse repurchase facility rate by 25 basis points to 2.25% from its record low of 2.00%, matching market analysts’ expectations.