Markets Actual Q3 Q4 Q1 Q2 2023
Currency 55.66 56.12 56.59 57.06 57.53 58.49
Stock Market (points) 6699.66 6487 6280 6081 5887 5518
Government Bond 10y (%) 5.94 6.07 6.21 6.35 6.49 6.79

Overview Actual Q3 Q4 Q1 Q2 2023
GDP Growth Rate (%) -0.10 1.8 1.8 1.6 1.5 1.7
GDP Annual Growth Rate (%) 7.40 7.5 7.6 6.6 6.3 6.4
Unemployment Rate (%) 6.00 5.9 5.9 6 6 6.1
Inflation Rate (%) 6.40 5.6 5 4.4 3.5 4.4
Inflation Rate Mom (%) 0.80 0.5 0.4 0.4 0.1 0.1
Interest Rate (%) 3.25 3 3.25 3.5 3.5 3.5
Balance of Trade (USD Thousand) -5843301.53 -2900000 -3200000 -3200000 -3200000 -3200000
Current Account (USD Million) -2441.56 -450 -1890 -997 -997 -4966
Current Account to GDP (% of GDP) -1.80 -4.6 -4.6 -4.4 -4.4 -4.4
Government Debt to GDP (% of GDP) 60.40 54 54 54 54 54
Government Budget (% of GDP) -8.60 -7.6 -7.6 -6.1 -6.1 -6.1
Business Confidence (points) 35.40 35 30 30 30 38
Consumer Confidence (points) -5.20 20 7 7 7 7
Corporate Tax Rate (%) 30.00 30 30 30 30 30
Personal Income Tax Rate (%) 35.00 35 35 35 35 35

GDP Actual Q3 Q4 Q1 Q2 2023
GDP Growth Rate (%) -0.10 1.8 1.8 1.6 1.5 1.7
GDP Annual Growth Rate (%) 7.40 7.5 7.6 6.6 6.3 6.4
GDP (USD Billion) 394.09 379 379 379 379 379
GDP Constant Prices (PHP Million) 4990139.00 4750131 5596815 4917623 5304518 5955011
Gross National Product (PHP Million) 5132915.46 5094825 5401062 5455673 5456289 5746730
Gross Fixed Capital Formation (PHP Million) 1332641.02 1008993 1188605 1059516 1416597 1264675
GDP per capita (USD) 3412.59 3160 3300 3300 3300 3300
GDP per capita PPP (USD) 8301.23 8720 9000 9000 9000 9000
Full Year GDP Growth (%) 5.60 8 8 6.5 6.5 6.5
GDP From Agriculture (PHP Million) 416885.00 428159 567174 463467 443149 603473
GDP From Construction (PHP Million) 413485.00 586514 415719 273316 439535 442325
GDP From Manufacturing (PHP Million) 901888.00 783772 1132063 1035802 958707 1204515
GDP From Mining (PHP Million) 43026.00 27302 37128 46968 45737 39505
GDP From Public Administration (PHP Million) 292761.00 241501 284048 221136 311205 302227
GDP From Services (PHP Million) 3050535.00 3027730 3283795 2943343 3242719 3493958
GDP From Transport (PHP Million) 140424.00 147527 177810 181836 149271 189190
GDP From Utilities (PHP Million) 164401.00 185084 161153 154726 174758 171466

Labour Actual Q3 Q4 Q1 Q2 2023
Unemployment Rate (%) 6.00 5.9 5.9 6 6 6.1
Employed Persons (Thousand ) 45631.23 42100 43000 43000 43000 43100
Unemployed Persons (Thousand ) 2762.16 3400 2900 2900 2900 2500
Labor Force Participation Rate (%) 64.00 62 62 62 62 62
Wages in Manufacturing (points) 121.81 125 125 125 125 125
Population (Million) 110.20 114 114 114 114 114
Employment Rate (%) 94.00 92.1 92.5 92.5 92.5 93
Minimum Wages (PHP/day) 570.00 570 570 570 590 590

Prices Actual Q3 Q4 Q1 Q2 2023
Inflation Rate (%) 6.40 5.6 5 4.4 3.5 4.4
Inflation Rate Mom (%) 0.80 0.5 0.4 0.4 0.1 0.1
Consumer Price Index CPI (points) 115.80 115 116 117 119 121
Core Consumer Prices (points) 128.60 131 132 132 132 136
Core Inflation Rate (%) 3.00 3.2 3 3 3 3
Producer Prices (points) 97.46 95.99 94.41 96.99 98.92 95.83
Producer Prices Change (%) 7.20 4 1.5 1.5 1.5 1.5
CPI Housing Utilities (points) 112.20 113 114 116 116 119
CPI Transportation (points) 133.20 134 134 135 135 135
Food Inflation (%) 6.90 4.5 3 3 3 3

Money Actual Q3 Q4 Q1 Q2 2023
Interest Rate (%) 3.25 3 3.25 3.5 3.5 3.5
Money Supply M2 (PHP Million) 14826540.32 13700000 1380000 1380000 1380000 14005770
Foreign Exchange Reserves (USD Million) 98800.00 110000 110000 110000 110000 108000
Banks Balance Sheet (PHP Billion) 1516.50 3700 3325 3325 3325 3125
Deposit Interest Rate (%) 2.75 2.5 2.75 3 3 3
Cash Reserve Ratio (%) 12.00 12 12 12 12 12
Central Bank Balance Sheet (PHP Billion) 7838.27 8010 7950 7950 7950 7900
Lending Rate (%) 3.25 3 3.25 3.5 3.5 3.5
Loans To Banks (PHP Million) 304215.10 345000 350000 350000 350000 397000
Loans To Private Sector (PHP Million ) 8988017.67 8810625 9171109 9202061 9554263 9758060

Trade Actual Q3 Q4 Q1 Q2 2023
Balance of Trade (USD Thousand) -5843301.53 -2900000 -3200000 -3200000 -3200000 -3200000
Current Account (USD Million) -2441.56 -450 -1890 -997 -997 -4966
Current Account to GDP (% of GDP) -1.80 -4.6 -4.6 -4.4 -4.4 -4.4
Imports (USD Thousand) 12487270.35 8900000 8500000 8500000 8500000 8500000
Exports (USD Thousand) 6643968.82 6000000 5300000 5300000 5300000 5300000
External Debt (USD Million) 106428.26 1050000 1050000 1050000 1050000 980000
Capital Flows (USD Million) -33.36 7 4.89 4.89 4.89 6
Remittances (USD Thousand) 2425325.80 2850000 2509084 2509084 2509084 2509084
Tourist Arrivals 254312.00 300000 300000 300000 300000 300000
Gold Reserves (Tonnes) 153.01 180 200 200 200 200
Foreign Direct Investment (USD Million) 742.00 1200 1200 1200 1200 1000

Government Actual Q3 Q4 Q1 Q2 2023
Government Debt to GDP (% of GDP) 60.40 54 54 54 54 54
Government Budget (% of GDP) -8.60 -7.6 -7.6 -6.1 -6.1 -6.1
Government Budget Value (PHP Million) -215523.00 -110000 -87000 -85000 -85000 -69000
Government Spending (PHP Million) 903919.54 745397 732557 717675 960866 779440
Government Revenues (PHP Million) 290268.00 230000 255000 255000 255000 255000
Fiscal Expenditure (PHP Million) 505791.00 340000 340000 340000 340000 324000
Military Expenditure (USD Million) 3495.00 3500 3500 3500 3500 3500

Taxes Actual Q3 Q4 Q1 Q2 2023
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 Q3 Q4 Q1 Q2 2023
Business Confidence (points) 35.40 35 30 30 30 38
Industrial Production (%) 9.80 -15 6 6 6 6
Capacity Utilization (%) 71.10 75.66 75.98 75.98 75.98 79.01
Manufacturing PMI (points) 50.80 52.5 53 53 53 53
Total Vehicle Sales (Units) 7457.00 8800 8800 8800 8800 9000

Consumer Actual Q3 Q4 Q1 Q2 2023
Consumer Confidence (points) -5.20 20 7 7 7 7
Consumer Spending (PHP Million) 3401517.15 3488016 4222157 3705896 3615813 4492375
Consumer Credit (PHP Billion) 446.07 435 474 476 474 504
Gasoline Prices (USD/Liter) 1.35 1.4 1.45 1.51 1.56 1.56

Housing Actual Q3 Q4 Q1 Q2 2023
Housing Index (PHP/SQ. METRE) 10900.42 12500 13000 13000 13000 13000
Building Permits 33981.00 42000 45000 45000 45000 48000


Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Philippines Forecast - was last updated on Sunday, August 14, 2022.