Current Account in Philippines
Philippines - Current AccountFeeble domestic demand caused the economy to slow in the second quarter as fixed investment fell abruptly; the delayed budget and midterm elections spending ban dragged on government consumption; and consumer spending weakened. In contrast, the external sector bolstered growth in Q2 despite lackluster export growth as imports stagnated. Turning to Q3, July’s rebound in the manufacturing PMI marks a promising start, while a recovery in public spending on implementation of the 2019 budget should further buttress growth. That said, trade tensions and an uncertain global outlook will likely keep the electronics sector, and in turn exports, suppressed. In other news, in late July the government released the proposed budget framework for the FY 2020 National Budget. The government plans to expand the budget by 12% and the “Build, Build, Build” infrastructure push will remain the flagship program.
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||4.47||-4.11 %||Sep 04|
|Exchange Rate||51.88||0.02 %||Sep 04|
|Stock Market||7,841||0.66 %||Sep 04|
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.
September 10, 2019
Merchandise exports grew 3.5% in July, up from June’s 3.3% growth and carrying the sluggish recovery in export growth into the third quarter. Stronger growth in July was largely due to robust growth in agricultural sales, particularly for bananas, while exports of machinery and transport, gold—which is experiencing strong safe-haven demand—and electronic equipment and parts also grew at strong rates in the month.
September 5, 2019
Consumer prices rose 0.17% over the prior month in August, down from the 0.25% increase in July.
September 2, 2019
The manufacturing Purchasing Managers’ Index (PMI), produced by IHS Markit, ticked down to 51.9 in August from July’s six-month high of 52.1 in July.
August 15, 2019
Cash remittances from Overseas Filipino Workers (OFW) rose a total of USD 2.3 billion in June, declining 2.9% over the same month of the previous year.
August 8, 2019
At its 8 August monetary policy meeting, the Central Bank of the Philippines (BSP) cut the overnight reverse repurchase facility (RRP) by 25 basis points to 4.25%, as had been expected by market analysts.