Current Account in Philippines

Philippines Current Account | Economic News & Forecasts

Philippines - Current Account

Following 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

2013  2014  2015  2016  2017  
Current Account (% of GDP)4.2  3.8  2.5  -0.4  -0.7  

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Philippines Current Account Chart

Philippines Current Account
Note: Current account balance as % of GDP.
Source: National Statistics Office and FocusEconomics calculations.

Philippines Facts

Bond Yield4.44-4.11 %Dec 27
Exchange Rate50.660.02 %Jan 01

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