Current Account in Philippines

Philippines Current Account (USD bn) | Economic News & Forecasts

Philippines - Current Account (billions of U.S. Dollars)

Growth 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 (USD bn) Data

2015   2016   2017   2018   2019  
Current Account Balance (USD bn)7.3  -1.2  -2.1  -8.8  -0.5  

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Philippines Current Account (USD bn) Chart


Philippines Current Account
Note: Current account balance as % of GDP.
Source: National Statistics Office and FocusEconomics calculations.

Philippines Facts

Value Change Date
Bond Yield4.44-4.11 %Dec 27
Exchange Rate50.660.02 %Jan 01

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