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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: Spend Away

Government stimulus and catch-up spending will boost public construction and government consumption and services, supporting growth in Q4 and boosting H1 2012 growth. Waning demand for electronics will drag down export growth, while remittance inflows and income from business process outsourcing services will shore up domestic demand. The central bank will hold policy rates, resorting to more targeted policy tools to manage inflation and currency appreciation without discouraging long-term and FDI inflows.

Read the latest Philippines Outlook

Economic Research

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

Daily Digest

News

BSP likely to slash rates further

The Philippine Star  Lawrence Agcaoili Feb 09, 2012

News

NEDA sees 7% to 8% growth this year

Manila Times  Mayvelin U. Caraballo Feb 09, 2012

Analysis

The Market Call: January 2011

FMIC and UA&P Capital Markets Research  Feb 08, 2012

News

Bank Lending Eases in December

Bangko Sentral ng Pilipinas  Feb 08, 2012

News

Domestic Liquidity Growth Decelerated in December

Bangko Sentral ng Pilipinas  Feb 08, 2012

News

Latest inflation rate gives BSP enough room to respond

Manila Times  Lailany P. Gomez Feb 08, 2012

News

End-January 2012 GIR Level Hits the US$77.0 Billion Mark

Bangko Sentral ng Pilipinas  Feb 07, 2012

News

January Inflation Decelerates to 3.9 Percent

Bangko Sentral ng Pilipinas  Feb 07, 2012

News

Local rice inventory adequate – BAS

Manila Times  James Konstantin Galvez Feb 07, 2012

News

Tourism Sector Will Get Bulk Of Infrastructure Budget For 2012

Manila Bulletin  Chino S. Leyco Feb 07, 2012

News

AirAsia finally cleared for take-off in Clark

The Philippine Star  Mary Ann Ll. Reyes Feb 07, 2012

News

Producer Price Survey - December 2011

National Statistics Office, Republic of the Philippines  Feb 07, 2012

News

Inflation Rate and Consumer Price Index - January 2012

National Statistics Office, Republic of the Philippines  Feb 07, 2012

News

Banks reserve requirement cut to 18%

Philippine Daily Inquirer  Michelle V. Remo Feb 06, 2012

News

Gov't sees 20% BPO growth

The Philippine Star  Delon Porcalla Feb 06, 2012

News

Private analysts see ‘manageable’ inflation

Manila Times  Lailany P. Gomez Feb 06, 2012

News

DA pushing rice planting away from typhoon months

Manila Times  James Konstantin Galvez Feb 06, 2012

News

Banks' Credit Standards Stable – BSP

Manila Bulletin  Lee C. Chipongian Feb 05, 2012

News

Cheaper Power Seen In 2016

Manila Bulletin  Myrna M. Velasco Feb 05, 2012

News

Agriculture department eyeing South Korea for chicken exports

Manila Times  James Konstantin Galvez Feb 04, 2012

Analysis

Inflation Report Fourth Quarter 2011

Bangko Sentral ng Pilipinas  Feb 03, 2012

News

Price Pressures Ease Further in Q4 2011

Bangko Sentral ng Pilipinas  Feb 03, 2012

News

Monetary Board Approves Rationalization of Reserve Requirement Policy

Bangko Sentral ng Pilipinas  Feb 03, 2012

News

JP Morgan sees BSP slashing rates by 25 bps

The Philippine Star  Lawrence Agcaoili Feb 02, 2012

News

BSP chief sees stronger capital inflows to Phl on higher yields, sound fundamentals

The Philippine Star  Lawrence Agcaoili Feb 02, 2012

News

Palace Allocates P1.17B For Power Rate Subsidy To Ecozone Locators

Manila Bulletin  Bernie Cahiles-Magkilat Feb 01, 2012

News

Foreign Exchange Swaps Decline 60%

Manila Bulletin  Lee C. Chipongian Feb 01, 2012

News

DBM sets time frame on 2013 spending

Manila Times  Lailany P. Gomez Feb 02, 2012

News

DA pushing advanced planting calendar

Manila Times  James Konstantin Galvez Feb 02, 2012

Analysis

2010 Survey on Overseas Filipinos

National Statistics Office, Republic of the Philippines  Feb 01, 2012

Analysis

2011 Annual Labor and Employment Status (Comparative annual estimates for 2010 and 2011)

National Statistics Office, Republic of the Philippines  Feb 01, 2012

News

Philippine Bonds Advance on Rate-Cut Outlook; Peso Declines

Bloomberg News  David Yong Feb 01, 2012

News

PPP projects taking off under Aquino admin

The Philippine Star  Iris C. Gonzales Jan 31, 2012

News

Electronics Sector Confident Of Rebound

Manila Bulletin  Bernie Cahiles-Magkilat Jan 31, 2012

News

Global Outsourcing Outlook In 2012

Manila Times  Wilma T. Miranda Jan 31, 2012

News

IT-BPO industry seeks lead in four more areas

Manila Times  Raadee S. Sausa Jan 31, 2012

News

Barclays Capital sees BSP cutting rates by another 25 bps

The Philippine Star  Lawrence Agcaoili Jan 31, 2012

News

BSP signals further cut in policy rates

Philippine Daily Inquirer  Michelle V. Remo Jan 30, 2012

News

Sec. Paderanga on PHL's 2011 Econ Growth

National Economic and Development Authority  Secretary of Socio-Economic Planning Paderanga Jan 30, 2012

Analysis

Philippine Economy Grew by 3.7 percent in Q4 2011

National Statistical Coordination Board  Romulo A. Virola Jan 30, 2012

News

Philippines GDP: plain sailing

Financial Times  Josh Noble Jan 30, 2012

News

'Phl due for credit rating upgrade'

The Philippine Star  Ted P. Torres Jan 28, 2012

News

DTI launches web-based registry for new businesses

Manila Times  Raadee S. Sausa Jan 28, 2012

News

DTI: US bill on outsourcing unlikely to hurt PH industry

Philippine Daily Inquirer  Amy R. Remo Jan 27, 2012

News

No Base Plans – US

Manila Bulletin  Jan 27, 2012

News

QE3 May Be Preferred Over Fed’s QE2 for Asia Economies Facing Export Slump

Bloomberg  Shamim Adam and Karl Lester M. Yap Jan 27, 2012

News

JFC sees more FDI potential in Philippines

Manila Times  Raadee S. Sausa Jan 27, 2012

News

BSP Issues Rules to Strengthen Banks’ Compliance Systems

Bangko Sentral ng Pilipinas  Jan 26, 2012

News

MB Strengthens Governance Standards for Financial Institutions

Bangko Sentral ng Pilipinas  Jan 26, 2012

News

Philippine exports expected to pick up this year

Philippine Daily Inquirer  Michelle V. Remo Jan 26, 2012

News

2012 Remittances Seen Growing 5%

Manila Bulletin  Lee C. Chipongian Jan 26, 2012

News

Tepid Nov. Import Growth Explained

Manila Bulletin  Edu Lopez Jan 26, 2012

News

Philippine Deficit Widens as Government Spends to Aid Growth

Bloomberg News  Karl Lester M. Yap and Max Estayo Jan 25, 2012

Analysis

Monthly Integrated Survey of Selected Industries - November 2011

National Statistics Office, Republic of the Philippines  Jan 25, 2012

Analysis

External Trade Performance - November 2011

National Statistics Office, Republic of the Philippines  Jan 25, 2012

News

IMF cuts growth forecast for Philippines, Asean

Philippine Daily Inquirer  Michelle V. Remo Jan 25, 2012

News

2011 farm output below estimates

The Philippine Star  Czeriza Valencia Jan 25, 2012

News

Labor pool estimated at 39.7M Pinoys

Manila Times  Mayvelin U. Caraballo Jan 25, 2012

News

Gov't Intensifies Reforms In Budget

Manila Bulletin  Chino S. Leyco Jan 24, 2012

News

LRT rehab project attracts six firms

Philippine Daily Inquirer  Paolo G. Montecillo Jan 23, 2012

News

BSP clears P500-billion debt issue by government

The Philippine Star  Lawrence Agcaoili Jan 23, 2012

News

Gov't Keeps GDP Growth Target

Manila Bulletin  Lee C. Chipongian Jan 23, 2012

News

Central bank cuts rediscount rate for loans

Manila Times  Lailany P. Gomez Jan 23, 2012

News

Experts forecast bullish Philippine market in 2012

Manila Times  Mayvelin U. Caraballo Jan 23, 2012

News

Another BSP rate cut possible in March

Manila Times  Lailany P. Gomez Jan 21, 2012

News

Services, agribusiness, mining top job creators

Manila Times  Raadee S. Sausa Jan 21, 2012

News

Significant growth in BPO sector seen

Philippine Daily Inquirer  Paolo G. Montecillo Jan 20, 2012

News

Record Philippine Stock Inflows Show Confidence in Aquino GDP Growth Plans

Bloomberg  Michael Patterson and Ian Sayson Jan 20, 2012

News

Philippines not ready amid looming global economic down

Philippine Daily Inquirer  Matikas Santos Jan 20, 2012

News

Monetary Board Cuts Policy Rates

Bangko Sentral ng Pilipinas  Jan 19, 2012

News

BSP seen to cut rates amid low inflation

Philippine Daily Inquirer  Michelle V. Remo Jan 19, 2012

News

World Bank cuts Phl growth forecast to 4.2% this year

The Philippine Star  Ted P. Torres Jan 19, 2012

News

Power Discount Benefits 514 Locators

Manila Bulletin  Myrna M. Velasco Jan 19, 2012

News

2.6% Deficit-GDP Ratio Maintain

Manila Bulletin  Chino S. Leyco Jan 19, 2012

News

Domestic manufacturing posts slower growth

Manila Times  Krista Angela M. Montealegre Jan 19, 2012

News

Bangko Sentral net loss hits P23.6B

Philippine Daily Inquirer  Michelle V. Remo Jan 18, 2012

News

BSP seen cutting rates by 25 bps

The Philippine Star  Lawrence Agcaoili Jan 18, 2012

News

DTI maintains export target

Manila Times  Raadee S. Sausa Jan 18, 2012

News

Global turbulence affecting economy

Manila Times  Raadee S. Sausa Jan 18, 2012

News

January-November OF Remittances Reach US$18.3 Billion

Bangko Sentral ng Pilipinas  Jan 16, 2012

News

Jobless rate down to 7% as labor force hits 40M

Philippine Daily Inquirer  Ronnel W. Domingo Jan 14, 2012

News

Phl not worried over proposed US BPO ban

The Philippine Star  Ma. Elisa P. Osorio Jan 14, 2012

News

New Discounted Ecozone Power Rates Expected To Benefit 632 Companies

Manila Bulletin  Myrna M. Velasco Jan 13, 2012

News

US Backs RP Budget Management

Manila Bulletin  Chino S. Leyco Jan 13, 2012

News

U/KBs’ NPL Ratio at 2.39 Percent

Bangko Sentral ng Pilipinas  Jan 13, 2012

News

More fuel subsidy for jeepney drivers–P2,000 load

Philippine Daily Inquirer  Amy R. Remo Jan 13, 2012

News

Philippines to leapfrog to be 16th largest economy by 2050

Philippine Daily Inquirer  Michelle V. Remo Jan 13, 2012

News

Country can weather global economic crisis

Manila Times  Krista Angela M. Montealegre Jan 13, 2012

News

DA confident on 2011 farm production

Manila Times  James Konstantin Galvez Jan 13, 2012

News

Foreign Portfolio Investment Transactions for December Yield Net Inflows

Bangko Sentral ng Pilipinas  Jan 12, 2012

News

DBS sees Bangko Sentral cutting rates next week

Philippine Daily Inquirer  Ronnel W. Domingo Jan 12, 2012

News

Banks see lending business growing 15-20% this year

The Philippine Star  Lawrence Agcaoili Jan 12, 2012

News

Local Motor Industry Expects Turnaround

Manila Bulletin  Jan 12, 2012

News

Ford Philippines Reports Record Sales

Manila Bulletin  Bernie Cahiles-Magkilat Jan 12, 2012