Current Account in Philippines
Philippines - Current AccountFollowing the rebound in the third quarter, fiscal stimulus and solid consumer dynamics should be keeping momentum strong in the fourth quarter. Public spending increased again in October, following the surge to a year-to-date high in September; after the budget was gridlocked in H1, the government is catching up on its 2019 spending plan. Moreover, consumer credit grew robustly in October, while business loans also increased amid more favorable credit conditions thanks to the Central Bank’s monetary policy unwinding. Likewise, remittances rose at a solid rate in October, and are historically strong at the end of the year due to inflows ahead of the holiday season, boding well for private consumption in Q4. On the downside, the manufacturing sector expanded at a softer pace in November, while the ongoing downturn in imports in October suggests fixed investment has remained weak in Q4.
Philippines - Current Account Data
|Current Account (% of GDP)||4.2||3.8||2.5||-0.4||-0.7|
5 years of economic forecasts for more than 30 economic indicators.
Philippines Current Account Chart
Source: National Statistics Office and FocusEconomics calculations.
|Bond Yield||4.44||-4.11 %||Dec 27|
|Exchange Rate||50.66||0.02 %||Jan 01|
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
January 15, 2020
Cash remittances from Overseas Filipino Workers (OFW) totaled USD 2.4 billion in November, increasing 2.0% in annual terms.
January 10, 2020
Merchandise exports fell 0.7% in annual terms in November, contrasting October’s revised 0.3% increase (previously reported: +0.1% year-on-year).
January 7, 2020
Consumer prices rose 0.66% over the prior month in December, up from the 0.25% month-on-month increase in November.
January 2, 2020
The manufacturing Purchasing Managers’ Index (PMI), produced by IHS Markit, rose to 51.7 in December from 51.4 in November.
December 16, 2019
Cash remittances from Overseas Filipino Workers (OFW) totaled USD 2.7 billion in October, increasing 8.0% on an annual basis, which was up from the 6.3% expansion in September (USD 2.4 billion) and marked the highest reading since the same month of the prior year.