Philippines Economic Outlook
October 17, 2017The economy continues to expand at a healthy pace, but some vulnerabilities have emerged. On the external front, solid global demand translated into a reduced trade deficit in the January-to-August period compared to the same period last year. The weaker peso, however, is also raising the costs of imports without boosting exports, which is especially evident in the manufacturing sector. Moreover, the country is experiencing a decline in FDI and portfolio investments, due to the Fed’s tightening cycle and domestic terrorism concerns. Internally, consumer spending continues to expand on the back of rising remittance inflows, but faster inflation is eating into households’ incomes. Fixed investment growth, although robust, is being held back by the slower than expected implementation of public infrastructure projects. In late September, the Central Bank heightened scrutiny of banks’ real estate financing, as worries emerge around the excessive rate of credit growth.
Philippines Economy Data
5 years of Philippines economic forecasts for more than 30 economic indicators.
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|Bond Yield||4.84||-0.14 %||Oct 18|
|Exchange Rate||51.46||0.16 %||Oct 18|
|Stock Market||8,432||-0.78 %||Oct 18|
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Philippines Economic Growth
October 17, 2017Next year the economy should maintain a robust pace of growth, with falling unemployment and solid remittance inflows supporting household spending, while the public infrastructure program is expected to gain traction and buttress capital spending. Nevertheless, the entrenchment of internal security problems and a possible weakening in demand from China could weigh on the outlook. The FocusEconomics panel sees GDP growth of 6.4% in 2018, unchanged from last month’s forecast, and 6.4% also in 2019.
Philippines Economic News
October 16, 2017
In August, cash remittances from Overseas Filipino Workers (OFW) reached USD 2.5 billion, a 7.8% increase from the same month of the previous year.
October 10, 2017
Philippine exports continued to expand robustly in August, mainly on the back of stronger demand from Hong Kong and the United States, more than offsetting weaker demand from Japan and Singapore; exports to China remained virtually unchanged.
October 6, 2017
In September, consumer prices rose 0.5% compared to the previous month, up from August’s 0.3% increase.
October 2, 2017
The manufacturing Purchasing Managers’ Index (PMI) increased marginally from a record-low 50.6 in August to 50.8 in September according to a release provided by Nikkei and IHS Markit.
Philippines: Central Bank keeps rates steady and maintains unchanged inflation forecasts at September meeting
September 21, 2017
At its meeting on 21 September, the Central Bank decided to leave the Overnight Reverse Repurchase Facility (RRP) rate unchanged at 3.0%.