Philippines Economic Outlook
May 26, 2020GDP contracted for the first time since 1998 in the first quarter, hit by disruptions from the Taal Volcano eruption in January, the Covid-19 pandemic and subsequent lockdown put in place in March. Moreover, the economy is expected to have worsened further at the start of the second quarter due to the lockdown and a sudden downturn in the global economy. The manufacturing PMI hit a new record low in April on plummeting production, new orders and exports, while tourism plunged over 50% in Januaryâ€“April. In addition, the government stated in May that around 42,000 overseas Filipino workers are set to return in May and June, joining the over 27,000 who have already returned as economic fallout from Covid-19 disrupts jobs overseas. The migration will likely see remittancesâ€”an economic lifeline for the countryâ€”plunge in the second quarter and possibly beyond.
Philippines Economic GrowthAfter eight years of above 6.0% growth, the economy is seen contracting this year. Disruptions from Covid-19 containment measures, evaporated tourism and plunging remittances will all pummel GDP. While higher government spending and investment should provide some relief, private investment is seen falling on soft demand and high uncertainty. FocusEconomics panelists see GDP falling 2.3% in 2020, which is down 3.7 percentage points from last month's forecast. Next year, GDP is seen growing 7.5% in 2021.
Philippines Economy Data
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|Bond Yield||4.44||-4.11 %||Dec 27|
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Philippines Economic News
May 15, 2020
Cash remittances from Overseas Filipino Workers (OFW) grew 2.5% year-on-year in February, totaling USD 2.4 billion.
May 7, 2020
The economy dipped in the first quarter as disruptions from the Taal Volcano eruption in January, the Covid-19 pandemic and subsequent lockdown put in place in March combined to hammer activity.
May 6, 2020
Merchandise exports contracted markedly in March, falling 24.9% in annual terms.
May 5, 2020
Consumer prices fell 0.08% over the prior month in April, matching March’s decrease.
May 4, 2020
The manufacturing Purchasing Managers’ Index (PMI), produced by IHS Markit, fell further to 31.6 in April from 39.7 in March, hitting a new series low.