Current Account in Philippines
Philippines - Current AccountGrowth beat market expectations in Q1 in annual terms, in part due to a low base effect. The loosening of Covid-19 restrictions at the end of the quarter supported private consumption. Turning to Q2, the growth rate is likely to remain one of the fastest in the region. Private spending will continue to be boosted by loosened Covid-19 restrictions. Notably, the manufacturing PMI rose at the fastest rate in nearly five years in April. That said, rising inflation will be hampering consumer spending, while the pre-election spending ban will have dampened public expenditure. In politics, the new president, Ferdinand Marcos Jr., named his cabinet on 3 June. His picks signaled continuity of the policies of the prior president. Notably, current central bank governor Benjamin Diokno was selected as the secretary of finance.
Philippines - Current Account Data
|Current Account (% of GDP)||2.4||-0.4||-0.7||-2.5||-0.1|
5 years of economic forecasts for more than 30 economic indicators.
Philippines Current Account Chart
Source: National Statistics Office and FocusEconomics calculations.
|Bond Yield||4.44||-4.11 %||Dec 27|
|Exchange Rate||50.66||0.02 %||Jan 01|
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August 18, 2022
At its regular meeting on 18 August, the Bangko Sentral ng Pilipinas (BSP) raised the overnight reverse repurchase facility rate by 50 basis points to 3.75%.
August 9, 2022
GDP growth waned to 7.4% year on year in the second quarter, from 8.2% in the first.
August 5, 2022
Consumer prices rose a seasonally-adjusted 0.61% over the previous month in July, moderating from the 0.97% increase seen in June.
August 1, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) fell to 50.8 in July from June's 53.8.
July 14, 2022
Remittances came in at USD 2.4 billion in May, representing a 1.8% year-on-year rise.