
Philippines Economic Outlook
June 21, 2022
Growth 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 Growth
GDP 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
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Philippines Facts
Value | Change | Date | |
---|---|---|---|
Bond Yield | 4.44 | -4.11 % | Dec 27 |
Exchange Rate | 50.66 | 0.02 % | Jan 01 |
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Philippines Economic News
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Philippines: Merchandise exports decline in December
January 26, 2023
Merchandise exports declined 9.7% annually in December, contrasting November’s 13.2% upturn.
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Philippines: Merchandise exports grow at a more moderate rate in November
January 10, 2023
Merchandise exports jumped 13.2% annually in November (October: +20.3% yoy).
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Philippines: Inflation comes in at highest level since November 2008 in December
January 6, 2023
Inflation inched up to 8.1% in December, above November’s 8.0%.
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Philippines: Manufacturing PMI hits highest reading since June in December
January 3, 2023
The S&P Global Manufacturing Purchasing Managers’ Index (PMI) rose to 53.1 in December from November’s 52.7.
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Philippines: Central Bank hikes rates again in December, deems pause unlikely
December 15, 2022
At its 15 December meeting, the Bangko Sentral ng Pilipinas (BSP) met market expectations and raised the overnight reverse repurchase facility rate by 50 basis points to 5.50%, a 14-year high.