Markets Actual Q4 Q1 Q2 Q3 2022
Currency 50.71 50.9 51.11 51.31 51.52 51.93
Stock Market (points) 7289.61 6973 6741 6517 6300 5887
Government Bond 10y (%) 4.93 5.09 5.22 5.35 5.48 5.76

Overview Actual Q4 Q1 Q2 Q3 2022
GDP Growth Rate (%) -1.30 2 2 2.5 4 2
GDP Annual Growth Rate (%) 11.80 5.5 6.5 5 5 9
Unemployment Rate (%) 6.90 6.7 6.5 6.8 6.4 6.2
Inflation Rate (%) 4.80 3.9 2.3 2.6 2.5 2.5
Inflation Rate Mom (%) 0.00 0.6 0.2 0.3 0.5 0.2
Interest Rate (%) 2.00 2 2.25 2.25 2.25 2.5
Balance of Trade (USD Thousand) -3577043.25 -4150000 -3700000 -3200000 -2900000 -3200000
Current Account (USD Million) -455.04 -450 550 550 400 590
Current Account to GDP (% of GDP) 3.60 -0.2 -2 -2 -2 -2
Government Debt to GDP (% of GDP) 53.50 53 54 54 54 54
Government Budget (% of GDP) -7.50 -4.5 -2.5 -2.5 -2.5 -6.5
Business Confidence (points) -5.60 25 28 25 20 30
Consumer Confidence (points) -19.30 -2 15 25 20 7
Corporate Tax Rate (%) 30.00 30 30 30 30 30
Personal Income Tax Rate (%) 35.00 35 35 35 35 35

GDP Actual Q4 Q1 Q2 Q3 2022
GDP Growth Rate (%) -1.30 2 2 2.5 4 2
GDP Annual Growth Rate (%) 11.80 5.5 6.5 5 5 9
GDP (USD Billion) 361.49 373 379 379 379 379
GDP Constant Prices (PHP Million) 4628075.00 3020534 5090570 4534474 4859479 5548721
Gross National Product (PHP Million) 4730870.30 3389920 5045976 4881511 4967414 5500114
Gross Fixed Capital Formation (PHP Million) 1154391.16 913222 1086259 928702 1212111 1184022
GDP per capita (USD) 2980.02 3160 3160 3160 3160 3300
GDP per capita PPP (USD) 7953.58 8720 8720 8720 8720 9000
GDP From Agriculture (PHP Million) 415945.00 222301 548221 462212 436742 597561
GDP From Construction (PHP Million) 341500.00 331038 344532 236798 358575 375540
GDP From Manufacturing (PHP Million) 882946.00 726879 1027584 940021 927093 1120066
GDP From Mining (PHP Million) 44888.00 23778 32630 38611 47132 35567
GDP From Public Administration (PHP Million) 265413.00 126649 263144 219253 278684 286827
GDP From Services (PHP Million) 2786333.00 1698146 2985817 2710501 2925650 3254540
GDP From Transport (PHP Million) 108311.00 215413 143109 143900 113727 155988
GDP From Utilities (PHP Million) 156464.00 86478 151786 146260 164287 165447

Labour Actual Q4 Q1 Q2 Q3 2022
Unemployment Rate (%) 6.90 6.7 6.5 6.8 6.4 6.2
Employed Persons (Thousand ) 41667.06 42500 42000 42000 42100 43000
Unemployed Persons (Thousand ) 3073.23 3500 3100 3100 3400 2900
Labor Force Participation Rate (%) 59.81 61 61.5 61.5 62 62
Wages in Manufacturing (points) 121.81 125 125 125 125 125
Population (Million) 109.60 112 114 114 114 114
Minimum Wages (PHP/day) 537.00 537 537 537 537 537
Employment Rate (%) 93.13 91.7 92.1 92.1 92.1 92.5

Prices Actual Q4 Q1 Q2 Q3 2022
Inflation Rate (%) 4.80 3.9 2.3 2.6 2.5 2.5
Inflation Rate Mom (%) 0.00 0.6 0.2 0.3 0.5 0.2
Consumer Price Index CPI (points) 129.30 131 131 131 133 134
Core Consumer Prices (points) 127.70 129 131 131 132 133
Core Inflation Rate (%) 3.30 3.6 4.1 3.8 3.2 3
Producer Prices (points) 90.50 94.99 94.83 92.09 94.12 96.42
Producer Prices Change (%) -1.80 2.5 5.5 2.5 4 1.5
Food Inflation (%) 6.40 5 3 5 4.5 3
CPI Housing Utilities (points) 118.40 119 118 120 121 122
CPI Transportation (points) 121.00 122 122 122 123 123

Money Actual Q4 Q1 Q2 Q3 2022
Interest Rate (%) 2.00 2 2.25 2.25 2.25 2.5
Money Supply M2 (PHP Million) 13800146.63 13919861 14010757 13900000 13700000 1380000
Foreign Exchange Reserves (USD Million) 107160.00 106000 105000 106000 110000 110000
Banks Balance Sheet (PHP Billion) 33021.80 3686 3850 3750 3700 3325
Deposit Interest Rate (%) 1.50 4 1.5 1.75 1.75 2
Lending Rate (%) 2.00 5 2.5 2.75 2.75 3
Loans To Banks (PHP Million) 364222.61 330000 344000 350000 345000 350000
Loans To Private Sector (PHP Million ) 8140463.82 8483581 8400655 8424910 8547487 9247103
Cash Reserve Ratio (%) 12.00 12 12 12 12 12
Central Bank Balance Sheet (PHP Billion) 7634.14 6888 6722 6500 6500 6623

Trade Actual Q4 Q1 Q2 Q3 2022
Balance of Trade (USD Thousand) -3577043.25 -4150000 -3700000 -3200000 -2900000 -3200000
Current Account (USD Million) -455.04 -450 550 550 400 590
Current Account to GDP (% of GDP) 3.60 -0.2 -2 -2 -2 -2
Imports (USD Thousand) 10043030.78 9800000 9000000 8700000 8900000 8500000
Exports (USD Thousand) 6465987.53 5650000 5300000 5500000 6000000 5300000
External Debt (USD Million) 98488.01 1020000 1050000 1050000 1050000 1050000
Remittances (USD Thousand) 2609000.00 2780795 2698541 2798541 2850000 2509084
Tourist Arrivals 11855.00 10000 200000 250000 300000 300000
Gold Reserves (Tonnes) 156.15 170 180 180 180 200
Foreign Direct Investment (USD Million) 1300.00 800 1000 1000 1200 1000

Government Actual Q4 Q1 Q2 Q3 2022
Government Debt to GDP (% of GDP) 53.50 53 54 54 54 54
Government Budget (% of GDP) -7.50 -4.5 -2.5 -2.5 -2.5 -6.5
Government Budget Value (PHP Million) -120936.00 -54000 -110000 -126000 -90000 -69000
Government Spending (PHP Million) 807843.81 287350 667884 692608 848236 727994
Government Revenues (PHP Million) 259252.00 234000 214000 250000 230000 255000
Fiscal Expenditure (PHP Million) 380188.00 344000 340000 340000 340000 324000
Military Expenditure (USD Million) 3495.00 3500 3500 3500 3500 3500

Taxes Actual Q4 Q1 Q2 Q3 2022
Corporate Tax Rate (%) 30.00 30 30 30 30 30
Personal Income Tax Rate (%) 35.00 35 35 35 35 35
Sales Tax Rate (%) 12.00 12 12 12 12 12
Social Security Rate (%) 12.00 11.36 11.36 11.36 11.36 11.36
Social Security Rate For Companies (%) 8.00 7.67 7.67 7.67 7.67 7.67
Social Security Rate For Employees (%) 4.00 3.69 3.69 3.69 3.69 3.69

Business Actual Q4 Q1 Q2 Q3 2022
Business Confidence (points) -5.60 25 28 25 20 30
Industrial Production (%) 523.30 150 350 -10 -15 6
Total Vehicle Sales (Units) 6580.00 8000 9000 9000 8800 9000
Manufacturing PMI (points) 50.90 50 52 53 52.5 53

Consumer Actual Q4 Q1 Q2 Q3 2022
Consumer Confidence (points) -19.30 -2 15 25 20 7
Retail Sales Yoy (%) 1.80 3.6 3.2 1.8 2 3.6
Consumer Spending (PHP Million) 3129503.91 2176644 3852634 3358805 3285979 4199371
Bank Lending Rate (%) 6.54 7.02 6.54 6.79 6.79 7.04
Gasoline Prices (USD/Liter) 1.03 0.98 0.93 0.88 0.84 0.8
Consumer Credit (PHP Billion) 402.24 436 443 426 422 483

Housing Actual Q4 Q1 Q2 Q3 2022
Housing Index (PHP/SQ. METRE) 10409.00 12500 12100 12100 12500 13000
Building Permits 38389.00 38000 42000 40000 42000 43000


This page has economic forecasts for Philippines including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Philippines economy.