Retail Sales in Philippines
Philippines - Retail SalesThe economy lost traction in the first quarter. The deceleration was partly due to notable slowdowns in government consumption and fixed investment growth, largely the consequence of the prolonged budget impasse which delayed spending. More worryingly, the external sector softened amid weak electronics exports. On a more positive note, private consumption gained steam, supported by ebbing price pressures and solid remittances. Turning to Q2, the manufacturing PMI dipped again in April. Nevertheless, despite the soft manufacturing sector, growth is likely to accelerate in the second quarter; in mid-April, President Duterte finally signed the 2019 budget into law, which should unleash pent-up spending. On the political front, Duterte appears to have secured a resounding victory in May’s midterm elections, which should provide policy continuity and allow him to continue with a major infrastructure push.
Philippines - Retail Sales Data
|Retail Sales (annual variation in %)||2.7||2.7||1.2||2.3||3.5|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||5.80||-4.11 %||May 11|
|Exchange Rate||52.46||0.02 %||May 13|
|Stock Market||7,742||0.66 %||May 11|
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May 16, 2019
Cash remittances from Overseas Filipino Workers (OFW) totaled USD 2.5 billion in March, which was a 6.6% increase from the same month a year prior.
May 9, 2019
The economy slowed notably in the first quarter of this year.
May 9, 2019
At its 9 May monetary policy meeting, the Central Bank of the Philippines (BSP) cut the overnight reverse repurchase facility (RRP) to 4.50% from 4.75%, unwinding some of last year’s aggressive 175 basis point tightening.
May 8, 2019
Merchandise exports contracted 2.5% in annual terms in March, falling at a sharper rate than the upwardly revised 0.1% dip logged in February (previously reported: -0.9% year-on-year).
May 7, 2019
Consumer prices rose 0.25% over the previous month in April, following March’s flat print.