Philippines Economic Outlook
bet360备用网址February 25, 2020Economic growth appears to have stabilized in the first quarter of 2020 after accelerating in the final quarter of last year. Strong government spending and a low base effect should support growth, while the manufacturing PMI edged up in January. However, the economy has faced several disruptions in Q1, particularly the eruption of the Taal Volcano and Typhoon Tisoy in December, which have likely hampered economic activity and disrupted supply chains. Exacerbating matters, the coronavirus outbreak is likely denting tourism due to a travel ban on visitors from mainland China, while shutdowns and delays in China are expected to drag on demand for Filipino goods. Remittances from overseas workers could also come under pressure in Q1 due to the outbreak. On 11 February, Fitch Ratings affirmed the Philippines’ BBB credit rating and upgraded the outlook to positive due to progress on fiscal reform and solid macroeconomic fundamentals.
Philippines Economic GrowthStrong fiscal stimulus and accommodative monetary policy should propel the economy forward this year. The public infrastructure program should drive investment and construction, while consumer spending will also support growth. However, U.S.-China trade negotiations and the severity of the coronavirus are important factors for the outlook. FocusEconomics panelists see GDP expanding 6.2% in 2020, which is unchanged from last month’s forecast, and 6.3% in 2021.
Philippines Economy Data
5 years of Philippines economic forecasts for more than 30 economic indicators.
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Philippines Economic News
March 10, 2020
Merchandise exports grew 9.7% in annual terms in January, moderating from December’s revised 21.6% surge (previously reported: +21.4% year-on-year) but remaining strong in light of last year’s tepid performance nonetheless.
March 5, 2020
bet360备用网址Consumer prices fell 0.16% over the prior month in February, contrasting January’s 0.57% increase and marking the first dip in month-on-month prices in over a year.
March 2, 2020
bet360备用网址The manufacturing Purchasing Managers’ Index (PMI), produced by IHS Markit, rose to a 13-month high of 52.3 in February from 52.1 in January.
February 17, 2020
Cash remittances from Overseas Filipino Workers (OFW) surged to a total of USD 2.9 billion in December from USD 2.4 billion in November.
February 11, 2020
bet360备用网址Merchandise export growth soared 21.4% year-on-year in December, sharply rebounding from November’s revised 0.4% decline (previously reported: -0.7% year-on-year).