Current Account in Philippines
Philippines - Current AccountAfter economic growth fell to a three-year low in 2018, data so far tells a more subdued growth narrative moving into 2019. Manufacturing conditions improved at a more moderate pace in January, with business confidence falling to a near-record low and the slowdown in China weighing on export orders. Moreover, December’s merchandise trade report, which saw exports contract sharply, suggests the all-important electronics sector could face stronger headwinds in 2019, including the downturn in the global tech cycle. Nevertheless, economic growth came in a notch stronger in Q4 than Q3, driven by improvements in the external sector and higher consumer spending. On the political front, the government passed the 2019 general budget on 8 February after a standoff caused lawmakers to miss the deadline. President Duterte now has 30 days to sign the bill or veto certain provisions. Delayed spending in Q1 due to the impasse could still weigh on growth in the quarter, although government projects are expected to be resumed by the summer.
Philippines - Current Account Data
|Current Account (% of GDP)||4.2||3.8||2.5||-0.4||-0.8|
5 years of economic forecasts for more than 30 economic indicators.
Philippines Current Account Chart
Source: National Statistics Office and FocusEconomics calculations.
|Bond Yield||6.16||-4.11 %||Mar 11|
|Exchange Rate||52.13||0.02 %||Mar 11|
|Stock Market||7,709||0.66 %||Mar 11|
Get a sample report showing our regional, country and commodities data and analysis.
Start Your Free 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.
March 15, 2019
Cash remittances from Overseas Filipino Workers (OFW) totaled USD 2.5 billion in January, which was a 4.4% increase from the same month a year prior, and an acceleration from the 3.9% rise registered in December (USD 2.8 billion).
March 12, 2019
Merchandise exports continued falling at the outset of 2019.
March 5, 2019
Consumer prices rose 0.2% over the previous month in February, matching January’s print.
March 1, 2019
The manufacturing Purchasing Managers’ Index (PMI), produced by Nikkei and IHS Markit, inched down to 51.9 points in February from 52.3 points in January, which marked a six-month low for the survey.
February 15, 2019
Cash remittances from Overseas Filipino Workers (OFW) rose to USD 2.8 billion in December, a 3.9% increase compared to the same month of the previous year.