International Reserves in Philippines
Philippines - International ReservesGDP contracted for the first time since 1998 in the first quarter, hit by disruptions from the Taal Volcano eruption in January, the Covid-19 pandemic and subsequent lockdown put in place in March. Moreover, the economy is expected to have worsened further at the start of the second quarter due to the lockdown and a sudden downturn in the global economy. The manufacturing PMI hit a new record low in April on plummeting production, new orders and exports, while tourism plunged over 50% in January–April. In addition, the government stated in May that around 42,000 overseas Filipino workers are set to return in May and June, joining the over 27,000 who have already returned as economic fallout from Covid-19 disrupts jobs overseas. The migration will likely see remittances—an economic lifeline for the country—plunge in the second quarter and possibly beyond.
Philippines - International Reserves Data
|International Reserves (USD)||80.7||80.7||81.6||79.2||87.8|
5 years of economic forecasts for more than 30 economic indicators.
Philippines International Reserves Chart
Source: Central Bank of the Philippines and FocusEconomics calculations.
|Bond Yield||4.44||-4.11 %||Dec 27|
|Exchange Rate||50.66||0.02 %||Jan 01|
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July 7, 2020
Consumer prices increased a 0.49% in June over the previous month, a larger rise than the 0.08% increase logged in May and the sharpest increase seen since January.
July 1, 2020
The manufacturing Purchasing Managers’ Index (PMI), produced by IHS Markit, came in at 49.7 in June, a notable improvement after two bleak readings in April and May (May: 40.1).
June 25, 2020
At its 25 June monetary policy meeting, the Central Bank of the Philippines (BSP) decided to cut the overnight reverse repurchase facility (RRP) by another 50 basis points to 2.25% from 2.75%.
June 11, 2020
Cash remittances from Overseas Filipino Workers (OFW) fell 4.7% in March, marking the worst reading since March 2018 (February: +2.5% yoy).
June 8, 2020
Merchandise exports contracted markedly in April, nosediving 50.8% in annual terms as the coronavirus pandemic halted the global economy.