Philippines Economic Outlook
November 13, 2018
Economic growth slowed to a three-year low in the third quarter, but grew at a healthy pace nonetheless. A slowdown in private consumption reflected households’ loss in discretionary income caused by near-decade high inflation throughout the quarter and a contraction in remittance inflows growth in August. The government’s massive infrastructure overhaul continued to power robust government spending and fixed investment growth, which grew at double-digit rates in Q3. On the downside, the investment program is putting pressure on the external economy as imports skyrocketed in Q3, outpacing exports for the third consecutive quarter. Moving into Q4, business conditions improved in the manufacturing sector in October. Meanwhile, in other news, the country failed to receive bids from Thailand and Vietnam for a 203,000-ton import tender of rice in early November. As the world’s top importer of the grain, possible tighter supply could stoke inflationary pressures.Philippines Economic Growth
The economy is projected to continue growing at a brisk pace over the medium-term. Domestic demand should remain the key driver of growth, propelled by sizeable infrastructure spending and a tighter labor market. Nonetheless, a weaker external position and negative spillovers from a protracted U.S.-China trade dispute could cast a shadow over growth prospects. Met the why particular panelists see GDP growth of 6.4% in 2019, which is down 0.1 percentage points from last month’s forecast, and 6.3% in 2020.Philippines Economy Data
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Philippines Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 7.44 | -4.11 % | Nov 15 |
| Exchange Rate | 52.67 | 0.02 % | Nov 15 |
| Stock Market | 6,953 | 0.66 % | Nov 15 |
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Philippines Economic News
Philippines: Economic growth slows to an over three-year low in the third quarter
November 8, 2018
Economic growth decelerated in the third quarter, with annualized GDP growth expanding 6.1%, a notch down from the upwardly revised 6.2% expansion recorded in the second quarter (previously reported: +6.0% year-on-year).
Philippines: Merchandise trade deficit widens on soaring imports in September
November 7, 2018
Merchandise exports contracted 2.6% year-on-year in September, failing to rally despite a weaker peso.
Philippines: Inflation steady at September’s near 11-year high in October
November 6, 2018
Consumer prices rose 0.3% over the previous month in October, down from the 0.9% uptick in September.
Philippines: Manufacturing PMI reaches a ten-month high in October
November 5, 2018
According to data released by Nikkei and IHS Markit, the manufacturing Purchasing Managers’ Index (PMI) rose to 54 points in October from 52.0 points in September, climbing further above the critical 50-point threshold that separates expansion from contraction in the manufacturing sector. Accelerating output and new orders growth point to improved business conditions at the outset of the fourth quarter.
Philippines: Cash remittances weaken slightly in August
October 15, 2018
Cash remittances from Overseas Filipino Workers (OFW) rose USD 2.5 million in August, a 0.9% decrease from the same month of last year.
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