skip to main content

Philippines

Macroeconomy

Finance & Banking

Geostrategy

Key Indicators

External Debt
Total, Millions USD - Philippines
54569, 56689, 56992, 59771, 60048 60,048
BOP
Current Account, Current Transfers, USD - Philippines
1284, 1377, 1391, 1468, 1500 1,500
BOP, Financial Account, Direct Investment Credit
Liabilities Non-Residents', USD - Philippines
325, 71, 82, -34, 128 128
Foreign Trade
Exports, USA, USD - Philippines
573.62, 687.55, 743.49, 719.35, 641.74 641.74
GDP
Expenditure Approach, Total, Constant Prices (1985), Million PHP - Philippines
397736, 360403, 383911, 366673, 425927 425,927
CPI
Core Inflation, 2000=100 - Philippines
163.6, 164.2, 165.7, 166.2, 167.9 167.9
data by Factset

Philippines Outlook: Government Spending to the Rescue

Rapid disbursements of the FY2012 budget for public-private partnership (PPP) infrastructure projects will boost public construction and government consumption and services to support growth in 2012, alleviate bottlenecks for investments and improve the country’s long-term growth prospects. Robust remittances and income from business process outsourcing (BPO) services will strengthen the Philippines’ external payments position, while continuing to support domestic consumption until the external sector improves in H2. After slashing interest rates to record lows to support the domestic economy, the central bank (BSP) will hold policy rates and instead choose to rely on the reserve requirement ratio (RRR) to manage capital inflows and liquidity.

Read the latest Philippines Outlook

Economic Research

Central Bank Watch

Central Bank of the Philippines: Waiting and Watching

By Ayoti Mittra Apr 19, 2012

Asia Weekly

New Evidence of a Rebound in Asia

By Michael Manetta, Adam Wolfe and Ayoti Mittra Apr 5, 2012

Asia Weekly

Asia Enjoys a Respite From Inflation—for Now

By Ayoti Mittra, Michael Manetta and Adam Wolfe Mar 29, 2012

Global Economic Outlook

Asia Outlook: Quantum of Solace

By Michael Manetta, Adam Wolfe, Ayoti Mittra and Kunal Kumar Kundu Mar 20, 2012

Global Economic Outlook

Philippines Outlook: Government Spending to the Rescue

By Ayoti Mittra and Derrick Metriyakool Mar 15, 2012

Asia Weekly

China Leads Regional Easing Trend

By Michael Manetta, Adam Wolfe, Ayoti Mittra and Kunal Kumar Kundu Feb 23, 2012

Asia Weekly

Can We Believe the January Numbers?

By Michael Manetta, Ayoti Mittra and Kunal Kumar Kundu Feb 9, 2012

Central Bank Watch

Central Bank of the Philippines: Inflation Under Control

By Ayoti Mittra Feb 9, 2012

Asia Weekly

China Inflation and Trade; Philippines Inflation; Indonesia Monetary Policy

By Ayoti Mittra, Adam Wolfe and Michael Manetta Feb 2, 2012

Central Bank Watch

Central Bank of the Philippines: December Update

By Ayoti Mittra Dec 15, 2011

Global Economic Outlook

Asia Outlook: The World Is Not Enough

By Adam Wolfe, Michael Manetta, Ayoti Mittra and Kunal Kumar Kundu Dec 9, 2011

Asia Weekly

Thailand Monetary Policy and Inflation, Philippines Monetary Policy, India GDP

By Adam Wolfe, Michael Manetta, Ayoti Mittra, Derrick Metriyakool and Kunal Kumar Kundu Nov 24, 2011

Central Bank Watch

Central Bank of the Philippines: November Update

By Mikka Pineda Nov 17, 2011

Economic Research

Foreign Portfolio Inflows in the Philippines: Too Hot to Handle?

By Derrick Metriyakool and Mikka Pineda Nov 1, 2011

Asia Weekly

Thailand and Philippines Monetary Policy; Malaysia Inflation

By Michael Manetta, Mikka Pineda and Ayoti Mittra Oct 13, 2011

Asia Weekly

South Korea Monetary Policy; Philippines Exports; China GDP and Inflation

By Adam Wolfe, Michael Manetta and Mikka Pineda Oct 6, 2011

Asia Weekly

Indonesia and Australia Monetary Policy; Indonesia and Philippines Inflation

By Michael Manetta, Mikka Pineda and Adam Wolfe Sep 29, 2011

Global Economic Outlook

Asia Outlook Update: You Only Live Twice

By Adam Wolfe, Michael Manetta and Mikka Pineda Sep 19, 2011

Global Economic Outlook

Philippines Outlook Update: Recovery, Interrupted

By Mikka Pineda Sep 9, 2011

Asia Weekly

India and Philippines GDP; Japan Industrial Production; Thailand Inflation

By Michael Manetta, Mikka Pineda, Kunal Kumar Kundu and Adam Wolfe Aug 25, 2011

Asia Weekly

China Inflation, Philippines Exports, Indonesia Monetary Policy

By Michael Manetta, Mikka Pineda and Adam Wolfe Aug 4, 2011

Asia Weekly

Indonesia and Philippines Inflation; Indonesia GDP; Australia Monetary Policy

By Michael Manetta and Mikka Pineda Jul 28, 2011

Asia Weekly

Singapore, Vietnam and Australia Inflation; India and Philippine Monetary Policy; Thailand Manufacturing

By Michael Manetta, Mikka Pineda and Adam Wolfe Jul 21, 2011

Asia Weekly

China Inflation; China and Singapore GDP; Philippines Exports

By Adam Wolfe, Michael Manetta and Mikka Pineda Jul 7, 2011

Asia Weekly

Outlook Updates for Hong Kong, India, Indonesia, Japan, New Zealand, Philippines and Thailand

By Arpitha Bykere, Michael Manetta, Derrick Metriyakool, Mikka Pineda and Adam Wolfe Jun 16, 2011

Global Economic Outlook

Philippines Outlook Update: Missing Targets

By Mikka Pineda Jun 14, 2011

Asia Weekly

China Inflation; India and Philippines Monetary Policy; Singapore Exports

By Adam Wolfe, Arpitha Bykere, Michael Manetta and Mikka Pineda Jun 9, 2011

Asia Weekly

Australia, Indonesia, Korea and China Monetary Policy; China Trade; Philippines Inflation; Malaysia Industrial Production

By Michael Manetta, Mikka Pineda, Adam Wolfe and Arpitha Bykere Jun 2, 2011

Asia Weekly

Indonesia and Philippines Inflation; Australia and India Monetary Policy Meetings

By Mikka Pineda, Michael Manetta and Arpitha Bykere Apr 28, 2011

Asia Weekly

India Inflation, China GDP, Indonesia Monetary Policy, Philippines Exports

By Adam Wolfe, Arpitha Bykere, Michael Manetta and Mikka Pineda Apr 7, 2011

Economic Research

Philippine Export Growth Flattens in February

By Mikka Pineda Apr 7, 2011

Global Economic Outlook

Asia/Pacific Outlook: Dreaming of Decoupling

By Arpitha Bykere Mar 18, 2011

Global Economic Outlook

Philippines Outlook: Post-Election Slowdown

By Mikka Pineda Mar 11, 2011

Asia Weekly

Strong PMIs Spur Asian Central Banks to Act

By Michael Manetta, Adam Wolfe and Mikka Pineda Mar 3, 2011

Economic Research

Philippine Exports Lie Dormant

By Mikka Pineda Mar 3, 2011

Asia Weekly

Is Asia’s Inflation Spreading Beyond Food and Fuel?

By Michael Manetta and Mikka Pineda Feb 24, 2011

Economic Research

Philippine Inflation Ramps Up in February

By Mikka Pineda Feb 24, 2011

Asia Weekly

Asia Off to a Roaring Start in 2011

By Michael Manetta, Mikka Pineda and Adam Wolfe Feb 17, 2011

Economic Research

Australian Floods Revive Philippine Trade

By Mikka Pineda Feb 17, 2011

Asia Weekly

Will Asia Heat Up as Winter Ends?

By Adam Wolfe, Arpitha Bykere, Michael Manetta and Mikka Pineda Feb 3, 2011

Economic Research

Can Capital Controls Resolve Asia's Policy Trilemma?

By Adam Wolfe, Arpitha Bykere, Michael Manetta and Mikka Pineda Jan 24, 2011

Global Economic Outlook

Global Overview: 2011 Outlook

By Christian Menegatti, Nouriel Roubini and the RGE Macroeconomics Team Dec 7, 2010

Global Economic Outlook

Asia/Pacific: 2011 Outlook

By Arpitha Bykere Dec 7, 2010

Global Economic Outlook

Philippines: 2011 Outlook

By Mikka Pineda Dec 7, 2010

Global Economic Outlook

Macro Forecasts: 2011 Outlook

By the RGE Macroeconomics Team Dec 7, 2010

Asia Weekly

Asia/Pacific Central Banks Chart the 2011 Course

By Mikka Pineda, Adam Wolfe, Arpitha Bykere and Michael Manetta Nov 25, 2010

Asia Weekly

Q3 Sets the Stage for Gradual Slowdown in Asia

By Michael Manetta, Mikka Pineda and Adam Wolfe Nov 18, 2010

Economic Research

Nov 25 Data Release: Philippine GDP Growth Takes a Breather

By Mikka Pineda Nov 18, 2010

Asia Weekly

Shifting Economic Cycle Constrains Monetary Tightening

By Arpitha Bykere, Mikka Pineda and Michael Manetta Nov 11, 2010

Asia Weekly

After a Breezy Q3, Asia Braces for Q4

By Adam Wolfe, Michael Manetta and Mikka Pineda Nov 4, 2010

Asia Weekly

Government Measures Muffle Inflation, Commodities Cushion Exports

By Michael Manetta and Mikka Pineda Oct 28, 2010

Economic Research

Nov 5 Data Release: Philippines Inflation Remains Subdued

By Mikka Pineda Oct 28, 2010

Economic Research

October 12 Data Release: Philippine Exports Climb in August

By Mikka Pineda Oct 8, 2010

Asia Weekly

Gradual Slowdown Calls for Policy Normalization

By Arpitha Bykere, Adam Wolfe and Mikka Pineda Oct 7, 2010

Asia Weekly

Spotty Inflation and Normalization

By Michael Manetta, Mikka Pineda and Adam Wolfe Sep 30, 2010

Economic Research

Oct 7 Monetary Policy Meeting: Philippines to Stay on Hold

By Mikka Pineda Sep 30, 2010

Global Economic Outlook

Global Overview: September 2010 Outlook Update

By Nouriel Roubini, Christian Menegatti and the RGE Macroeconomic Team Sep 10, 2010

Global Economic Outlook

Philippines: September 2010 Outlook Update

By Mikka Pineda Sep 10, 2010

Economic Research

Asia Week Ahead: Waxing Inflation, Waning Growth

By Adam Wolfe, Mikka Pineda, Michael Manetta and Arpitha Bykere Aug 12, 2010

Economic Research

Asia Week Ahead: Private Demand an Unlikely Antidote for Export Ailments

By Arpitha Bykere, Adam Wolfe, Michael Manetta and Mikka Pineda Aug 5, 2010

Global Economic Outlook

Asia/Pacific: Q3 2010 Outlook

By Arpitha Bykere Jul 12, 2010

Global Economic Outlook

Philippines: Q3 2010 Outlook

By Mikka Pineda Jul 2, 2010

Economic Research

Asia Week Ahead: Central Banks Weigh Tightening With G3 on Hold and Global Growth Slowing

By Arpitha Bykere, Mikka Pineda, Adam Wolfe and Rachel Ziemba Jul 1, 2010

Economic Research

Asia Week Ahead: Vulnerabilities to the EU Are Here to Stay

By Arpitha Bykere and Mikka Pineda Jun 17, 2010

Economic Research

Asia Week Ahead: Regional Divergences in Growth and Inflation Risks

By Arpitha Bykere and Mikka Pineda Jun 10, 2010

Global Economic Outlook

Philippines: Q1 2010 Outlook

By Mikka Pineda Jan 30, 2010

Economic Research

Carry Trade Hotspots: A Currency by Currency Forecast for 2010

By Mikka Pineda, Mary Stokes, Bertrand Delgado, Mikko Forss, Kavitha Cherian, Arpitha Bykere and Christian Menegatti Jan 4, 2010

Economic Research

Come to Mother: An RGE Strategy for the 2010 Carry Trade

By Arnab Das, Natalia Gurushina, Jennifer Kapila, Elisa Parisi-Capone Jan 4, 2010

Economic Research

RGE Currency Outlook: The Philippine Peso

By Mikka Pineda Jan 1, 2010

Economic Research

Are Capital Controls in Fashion Again?

By RGE Analyst Team Oct 28, 2009

Economic Research

Philipines Economic Outlook, Q4 2009

By Mikka Pineda Oct 7, 2009

Economic Research

Philippines Economic Outlook, Q3 2009

By Mikka Pineda Jul 24, 2009

Economic Research

How Far Will Remittances to the Philippines Fall in 2009?

By Mikka Pineda Mar 2, 2009

Economic Research

Accrual Accounting for Governments

By Mikka Pineda Oct 16, 2007

EconoMonitors

RGE Analysts

Philippines: Reconciling Short-Circuiting Electronic Exports

Derrick Metriyakool Feb 17, 2012

RGE Analysts

Continued Reliance on Remittances Stress the Need for Phillipines to Focus on Domestic Job Creation

Derrick Metriyakool Jul 28, 2011

RGE Analysts

Broader Network of Trade Links Key to Philippine Growth and Stability

Derrick Metriyakool Jun 18, 2011

Geostrategy Channel

Philippines’ Electronics and Automotive Industries Feel the Aftershocks from the Tohoku Earthquake

Derrick Metriyakool Apr 3, 2011

The Wilder View

I Understand Why Asia's Worried About Europe

Rebecca Wilder Jun 14, 2010

RGE Analysts

2010 Philippines Elections: Ready, Steady, Go...?

Melissa Fabros Feb 16, 2010

Geostrategy Channel

Automated Elections Do Not Automatically Make Philippines a Democracy

Mikka Pineda Feb 10, 2010

Daily Digest

Opinions

Joblessness, poverty and hunger

Business World Online  Benjamin E. Diokno May 23, 2012

News

Infrastructure spending up

Business World Online  Diane Claire J. Jiao May 23, 2012

News

Manufacturing growth likely slows in April

The Philippine Star  Czeriza Valencia May 23, 2012

News

2013 Phl GDP forecast at 5.5%

The Philippine Star  Lawrence Agcaoili May 23, 2012

News

Credit card receivables up 9.9% to P132.2B

The Philippine Star  Lawrence Agcaoili May 23, 2012

News

Firms cut pump prices anew

Business World Online  E. N. J. David May 22, 2012

News

BSP seen keeping rates steady

The Philippine Star  Lawrence Agcaoili May 22, 2012

News

Consumer loans up 15.5%

The Philippine Star  Lawrence Agcaoili May 22, 2012

News

Gov't posts budget surplus in April

The Philippine Star  Iris C. Gonzales May 22, 2012

News

April Surplus Achieved; 4-Month Deficit Cut to P2.8 B

Department of Finance  May 21, 2012

Analysis

April Surplus Recorded at P31.024 Billion

Bureau of the Treasury, Republic of the Philippines   May 21, 2012

News

Bank credit growth slow despite rate cut

Viet Nam News  May 21, 2012

Analysis

Fourth Quarter Consumer Loans Increase to P546 Billion

Bangko Sentral ng Pilipinas  May 21, 2012

Analysis

General Wholesale Price Index - March 2012

National Statistics Office  May 21, 2012

Analysis

Residential Real Estate Loans Grow by P13 Billion Last Year

Bangko Sentral ng Pilipinas  May 21, 2012

News

Jobless ranks hit new peak

Business World Online  A. S. O. Alegado May 21, 2012

News

Q1 GDP projected at 4.8%

The Philippine Star  Lawrence Agcaoili May 21, 2012

News

Phl exports seen to recover

The Philippine Star  May 21, 2012

News

The Philippines: Property surge takes shape

Business World Online  Charles Colon May 18, 2012

Analysis

Foreign Portfolio Investments Surge in April

Bangko Sentral ng Pilipinas  May 18, 2012

News

DBM warns ‘small spenders’ in government

Business Mirror  V.G. Cabuag May 18, 2012

News

Growth target within reach -- NEDA chief

Business World Online  T. P. Octaviano May 18, 2012

News

'Hot money' cut by half to $772 million in 4 months

Business World Online  Lawrence Agcaoili May 18, 2012

News

DBS Bank cuts inflation forecast as fuel prices ease

Business World Online  Kathleen A. Martin May 17, 2012

News

Investments in April up 255%

Philippine Daily Inquirer  May 17, 2012

Opinions

Bottlenecks and catch-up plans

Business World Online  Benjamin E. Diokno May 17, 2012

Opinions

Underperforming

Business World Online  Benjamin E. Diokno May 16, 2012

Opinions

Boom or bust?

Business Mirror  May 16, 2012

News

Strike two for tax bureau

Business World Online  Diane Claire J. Jiao May 16, 2012

News

Manufacturing output up 8.2%

The Philippine Star  May 16, 2012

News

OFW remittances up 5.4% to $4.8 billion in Q1

The Philippine Star  Lawrence Agcaoili May 16, 2012

News

March remittances grow slower at 5% to $1.7-B

Rappler  Lala Rimando May 15, 2012

Analysis

Domestic Liquidity Continues to Grow

Bangko Sentral ng Pilipinas  May 15, 2012

Analysis

Bank Lending Rises in March

Bangko Sentral ng Pilipinas  May 15, 2012

News

Jeepney fare cut as oil firms slash pump prices

Business World Online  May 15, 2012

News

Country fairly rated -- Fitch

Business World Online  Diane Claire J. Jiao May 15, 2012

News

Bank assets up 5.7% to P7.54 trillion in February

The Philippine Star  Lawrence Agcaoili May 15, 2012

News

Phl no longer sick man of Asia, says Montinola

The Philippine Star  Rainier Allan Ronda May 15, 2012

Analysis

Exposure to Real Estate of U/KBs & TBs Continues to Rise in 2011

Bangko Sentral ng Pilipinas  March 23, 2012

Analysis

Philippine Banks Remain Healthy As CARs Persist Above 10 Percent

Bangko Sentral ng Pilipinas  April 27, 2012

Analysis

U/KBs' NPL Ratio at 2.34 Percent

Bangko Sentral ng Pilipinas  April 20, 2012

Analysis

Bank Lending Remains Solid in February

Bangko Sentral ng Pilipinas  April 12, 2012

Analysis

Domestic Liquidity Continues to Expand

Bangko Sentral ng Pilipinas  April 12, 2012

News

Higher remittance in March seen

Business World Online  Kathleen A. Martin May 14, 2012

News

More ‘hot money’ seen to make its way to PH

Philippine Daily Inquirer  Ronnel W. Domingo May 14, 2012

News

BSP ready to tweak policy, monitoring euro zone

Business World Online  Kathleen A. Martin May 14, 2012

Opinions

Tooling our central bank

Business World Online  Romeo L. Bernardo May 14, 2012

News

Phl seen achieving invest grade level in 2014

The Philippine Star  Lawrence Agcaoili May 14, 2012

News

Net FDIs sink to $84 million in February

Business World Online  Kathleen A. Martin May 11, 2012

News

March slump prompts export growth worry

Business World Online  Trishia P. Octaviano May 11, 2012

News

Q1 growth exceeded 5%

Business Mirror  Cai U. Ordinaro May 11, 2012

News

Fiscal transparency efforts noted

Business World Online  Diane Claire J. Jiao May 11, 2012

News

FDI inflows surge 154% in Jan-Feb

The Philippine Star  Lawrence Agcaoili May 11, 2012

News

UN arm sees Phl economy growing by 4.8% this year

The Philippine Star  Lawrence Agcaoili May 11, 2012

News

Exports drop in March, first time in 3 months

ABS CBN News  May 10, 2012

News

Philippines Exports Fall Unexpectedly; Won't Derail 1Q GDP Growth

The Wall Street Journal  Cris Larano and Rhea Sandique-Carlos May 10, 2012

News

Merchandise Export Performance - March 2012

National Statistics Office  Carmelita N. Ericta May 10, 2012

News

Exports down by 1.2% in March

Business World Online  Trishia P. Octaviano May 10, 2012

News

Asia Exports Slowdown Adds Pressure for Growth Measures

Bloomberg  Shamim Adam May 10, 2012

News

Banks doing well, profitability tripled

Business Mirror  Jun Vallecera May 10, 2012

News

BSP cites need for measures to boost banks

The Philippine Star  Lawrence Agcaoili May 10, 2012

News

Government releases over half of 2012 budget

The Philippine Star  Iris C. Gonzales May 10, 2012

News

Tbonds increase yield

Business Mirror  V G Cabaug May 09, 2012

News

Electricity bills down in May as Meralco cuts rate

Business World Online  E. N. J. David May 09, 2012

News

Rate hikes to resume in 2013 -- HSBC

Business World Online  Kathleen A. Martin May 09, 2012

News

ADB Expects To Issue This Year $14-B-$15-B In Bonds

Manila Bulletin  May 09, 2012

News

Spending to 'definitely' rise

Business World Online  Diane Claire J. Jiao May 09, 2012

Analysis

Producer Price Survey - March 2012

National Statistics Office  Carmelita N. Ericta May 08, 2012

News

Inflation manageable, says NEDA

Philippine Daily Inquirer  Riza T. Olchondra May 08, 2012

News

Reliance on remittances ‘risky’

Business Mirror  Dennis D. Estopace May 08, 2012

Analysis

Daily Breakfast Spread: Phl Exports

DBS Group Research  May 08, 2012

News

Export growth seen in March

Business World Online  Kathleen A. Martin May 08, 2012

News

$400-M loan expected to boost competitiveness

Business World Online  Diane Claire J. Jiao May 08, 2012

News

Forex reserves up 11% to $75.965B

The Philippine Star  Lawrence Agcaoili May 08, 2012

Opinions

Poised to hit ‘sweet spot’?

Business World Online  Ernesto M. Pernia May 07, 2012

News

Philippines seen to draw investors with open wallets

Philippine Daily Inquirer  Doris C. Dumlao May 07, 2012

Analysis

End-April 2012 GIR Level Stands At US$76.0 Billion

Bangko Sentral ng Pilipinas  May 07, 2012

News

Inflation rates may trend higher from April to June

Business Mirror  Jun Vallecera May 07, 2012

News

Philippines 'very complicated,' Sachs says

Business World Online  Felipe F. Salvosa II May 07, 2012

News

ADB economist sees strong remittance growth in region

The Philippine Star  Ted P. Torres May 07, 2012

News

Private economists cut inflation forecast to 3.5%

The Philippine Star  Lawrence Agcaoili May 07, 2012

Analysis

April Inflation Rises to 3.0 Percent

Bangko Sentral ng Pilipinas  May 04, 2012

News

Inflation accelerates in April; rates expected to stay steady

Business World Online  Kathleen A. Martin and Luis Nonito Q. Pasuelo May 04, 2012

News

Inflation accelerates to 3% in April

Business World Online  May 04, 2012

News

Investments hurdle tagged

Business World Online  Judy T. Gulane May 04, 2012

News

Philippine Inflation Gathers Pace In April

The Wall Street Journal  Rhea Sandique-Carlos May 04, 2012

News

Inflation rises to 3% –NSO

Philippine Daily Inquirer  Riza T. Olchondra May 04, 2012

Analysis

Inflation Outlook Remains Manageable in Q1 2012

Bangko Sentral ng Pilipinas  May 04, 2012

Analysis

Inflation Rate and Consumer Price Index - April 2012

National Statistics Office  May 04, 2012

Analysis

Studying the South China Sea: The Chinese Perspective

Center for a New American Security  Yun Sun May 03, 2012

News

ASEAN infrastructure fund launched

Business World Online  May 03, 2012

News

Renewed crisis will have lesser impact on GDP growth, says ADB

Business World Online  Felipe F. Salvosa II May 03, 2012

News

PH seen becoming preferred investment destination of MNCs

Philippine Daily Inquirer  Doris C. Dumlao May 03, 2012

Opinions

Fiscal position remains shaky

Business World Online  Benjamin E. Diokno May 03, 2012