Philippines Economic Outlook
March 20, 2018
Data for the first quarter indicates economic activity continued to expand robustly. In January, annual growth in retail sales picked up pace, suggesting private consumption continued to lead growth, supported by a strong labor market, rising remittances and a sustained expansion in consumer credit. Households are also benefiting from increased disposable income from the income tax cuts contained in the Tax Reform for Acceleration and Inclusion (TRAIN). In the same month, exports rebounded, albeit timidly, and manufacturing output expanded healthily. However, PMI readings show that the manufacturing sector could be seeing some weakness as it is restrained by higher excise taxes on various goods under TRAIN. Concerns over the transitory impact of TRAIN on consumer prices and thus on consumer demand also drove business confidence to decline somewhat in Q1, although it remained broadly optimistic. Data for the first two months of 2018 shows a jump in tax collection due to TRAIN, which will translate into higher resources for infrastructure plans.Philippines Economic Growth
Rising infrastructure spending alongside the government’s “Build, Build, Build” strategy and sustained credit growth will lead fixed investment to expand strongly this year. Additionally, household spending should benefit from lower income taxes, rising remittances and a solid labor market. However, if inflation increases more than expected and the Central Bank hikes rates to curb inflationary pressures, the increase in consumer spending could be negatively affected. FocusEconomics panelists see GDP growth of 6.6% in 2018, unchanged from last month, and 6.5% in 2019.Philippines Economy Data
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Philippines Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 6.22 | -4.11 % | Apr 17 |
| Exchange Rate | 52.08 | 0.02 % | Apr 17 |
| Stock Market | 7,723 | 0.66 % | Apr 17 |
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Philippines Economic News
Philippines: Exports contract in February
April 11, 2018
Philippine exports contracted slightly in February, contrasting January’s moderate increase, mainly on the back of declining demand from Hong Kong, the U.S. and Japan, which more than offset expansions in overseas orders to China and Singapore.
Philippines: Inflation breaches the Central Bank’s target range in March
April 5, 2018
In March, consumer prices increased 0.5% compared to the previous month, below February’s 0.7% month-on-month rise.
Philippines: Manufacturing sector strengthens in March
April 3, 2018
The manufacturing Purchasing Managers’ Index (PMI) rose to 51.5 in March, up from 50.8 in February according to a release provided by Nikkei and IHS Markit.
Philippines: Central Bank stands pat but signals rate hikes in the near future at March meeting
March 22, 2018
At its meeting on 22 March, the Central Bank decided to leave the Overnight Reverse Repurchase Facility (RRP) rate unchanged at 3.0%.
Philippines: Remittance growth accelerates further in January
March 15, 2018
In January, cash remittances from Overseas Filipino Workers (OFW) reached USD 2.4 billion, a 9.7% increase from the same month of the previous year.
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