Philippines Economic Outlook
November 12, 2019Economic growth gained steam in the third quarter for the first time this year, powered by robust domestic demand. Private consumption strengthened amid decelerating inflation and lower borrowing costs, while the government fired up public spending on infrastructure projects—after the 2019 budget was finally passed—to try to meet its 2019 growth target. Despite the positive headline result, fixed investment continued to struggle in the third quarter even as construction investment surged, while the longstanding Sino-American trade clash suppressed exports growth. Turning to the fourth quarter, the economy likely remained fairly stable. Manufacturing conditions improved slightly in October on burgeoning new business, and a recovery in export orders bodes well for the external sector. Meanwhile, the sustained decline in inflation in the same month should support household expenditures.
Philippines Economic GrowthThe economy should gain stride in 2020, supported by robust public infrastructure expenditure, which should feed through to a pick-up in fixed investment. Moreover, consumer spending should remain strong thanks to sustained remittances and favorable credit conditions. However, prolonged trade tensions, a weaker Chinese economy and a continued tech downturn cloud the outlook. FocusEconomics panelists see GDP expanding 6.2% in 2020, which is up 0.1 percentage points from last month’s forecast, and 6.3% in 2021.
Philippines Economy Data
5 years of Philippines economic forecasts for more than 30 economic indicators.
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|Bond Yield||4.68||-4.11 %||Nov 21|
|Exchange Rate||50.83||0.02 %||Nov 21|
|Stock Market||7,819||0.66 %||Nov 21|
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Philippines Economic News
December 5, 2019
Consumer prices rose 0.17% month-on-month in November, matching October’s increase.
December 2, 2019
The manufacturing Purchasing Managers’ Index (PMI), produced by IHS Markit, moderated to 51.4 in November from 52.1 in October.
November 15, 2019
Cash remittances from Overseas Filipino Workers (OFW) totaled USD 2.4 billion in September, increasing 6.3% on an annual basis, which was up from the 4.6% expansion in August (USD 2.6 billion).
November 14, 2019
At its 14 November monetary policy meeting, the Central Bank of the Philippines (BSP) maintained the overnight reverse repurchase facility (RRP) at 4.00%, in line with market expectations.
November 7, 2019
The economy turned a corner in the third quarter as growth accelerated for the first time this year.