External Debt in Philippines
Philippines - External Debt
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 - External Debt Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| External Debt (% of GDP) | 25.3 | 23.5 | 22.3 | 22.8 | 22.2 |
Philippines External Debt Chart
Source: Central Bank of the Philippines and FocusEconomics calculations.
Philippines Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 4.44 | -4.11 % | Dec 27 |
| Exchange Rate | 50.66 | 0.02 % | Jan 01 |
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Economic News
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Philippines: Remittances rise at a more moderate pace in May
July 14, 2022
Remittances came in at USD 2.4 billion in May, representing a 1.8% year-on-year rise.
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Philippines: Central Bank surprises with 75 basis point hike in unscheduled meeting in July
July 13, 2022
At an unscheduled meeting on 13 July, the Central Bank of the Philippines (BSP) raised the overnight reverse repurchase facility rate by 75 basis points to 3.25%.
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Philippines: Merchandise exports increase in May
July 12, 2022
Merchandise exports climbed 6.2% annually in May, following April’s 6.2% rise.
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Philippines: Inflation rises in June to highest level since October 2018
July 5, 2022
Consumer prices recorded 0.97% growth over the previous month in June, which was higher than May's 0.53% increase. Inflation rose to 6.1% in June from May’s 5.4%.
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Philippines: Manufacturing PMI moderates in June
July 1, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 53.8 in June, down from May's 54.1.
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