Philippines Economic Outlook
June 21, 2022Growth 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 GrowthGDP 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
5 years of Philippines economic forecasts for more than 30 economic indicators.
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|Bond Yield||4.44||-4.11 %||Dec 27|
|Exchange Rate||50.66||0.02 %||Jan 01|
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Philippines Economic News
September 9, 2022
Merchandise exports declined 4.2% annually in July (June: +1.0% year-on-year).
September 6, 2022
Inflation eased to 6.3% in August, easing marginally from July’s 6.4%.
September 1, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 51.2 in August, up from July's 50.8.
August 18, 2022
At its regular meeting on 18 August, the Bangko Sentral ng Pilipinas (BSP) raised the overnight reverse repurchase facility rate by 50 basis points to 3.75%.
August 9, 2022
GDP growth waned to 7.4% year on year in the second quarter, from 8.2% in the first.