Current Account in Philippines
Philippines - Current Account (billions of U.S. Dollars)Growth 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 - Current Account (USD bn) Data
|Current Account Balance (USD bn)||7.3||-1.2||-2.1||-8.8||-0.5|
5 years of economic forecasts for more than 30 economic indicators.
Philippines Current Account (USD bn) Chart
Source: National Statistics Office and FocusEconomics calculations.
|Bond Yield||4.44||-4.11 %||Dec 27|
|Exchange Rate||50.66||0.02 %||Jan 01|
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November 10, 2022
GDP growth gained marginal momentum and reached 7.6% year on year in the third quarter, from 7.5% in the second quarter, according to a preliminary reading.
November 4, 2022
Inflation rose to 7.7% in October, following September’s 6.9%.
November 4, 2022
Merchandise exports increased 7.0% year-on-year in September (August: -2.0% year-on-year).
November 2, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 52.6 in October, marginally down from September's 52.9.
October 11, 2022
Merchandise exports decreased 2.0% on an annual basis in August, following July’s 4.1% decrease.