Markets Actual Q3 Q4 Q1 Q2 2023
Currency 55.10 55.61 56.1 56.59 57.09 58.1
Stock Market (points) 6183.62 5958 5757 5563 5376 5019
Government Bond 10y (%) 6.97 7.16 7.32 7.48 7.65 8

Overview Actual Q3 Q4 Q1 Q2 2023
GDP Growth Rate (%) 1.90 1.8 1.8 1.6 1.5 1.7
GDP Annual Growth Rate (%) 8.30 7.5 7.6 6.6 6.3 6.4
Unemployment Rate (%) 5.70 5.9 5.9 6 6 6.1
Inflation Rate (%) 5.40 5.6 5 4.4 3.5 4.4
Inflation Rate Mom (%) 0.40 0.5 0.4 0.4 0.1 0.1
Interest Rate (%) 2.50 3 3.25 3.5 3.5 3.5
Balance of Trade (USD Thousand) -4773150.00 -3200000 -2900000 -3200000 -3200000 -3200000
Current Account (USD Million) -2441.56 -450 -1890 -997 -997 -4966
Current Account to GDP (% of GDP) 3.60 -4.6 -4.6 -4.4 -4.4 -4.4
Government Debt to GDP (% of GDP) 53.50 54 54 54 54 54
Government Budget (% of GDP) -7.50 -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 (%) 1.90 1.8 1.8 1.6 1.5 1.7
GDP Annual Growth Rate (%) 8.30 7.5 7.6 6.6 6.3 6.4
GDP (USD Billion) 361.49 379 379 379 379 379
GDP Constant Prices (PHP Million) 4618133.00 5003049 4750131 5581211 4922930 5938408
Gross National Product (PHP Million) 5117892.20 5034659 5094825 5386003 5455673 5730707
Gross Fixed Capital Formation (PHP Million) 993917.09 1267353 1008993 1185291 1059516 1261149
GDP per capita (USD) 3269.67 3160 3300 3300 3300 3300
GDP per capita PPP (USD) 7953.58 8720 9000 9000 9000 9000
Full Year GDP Growth (%) 5.60 8 8 6.5 6.5 6.5
GDP From Agriculture (PHP Million) 434737.00 449157 428159 565592 463430 601790
GDP From Construction (PHP Million) 253598.00 841598 586514 414560 270335 441092
GDP From Manufacturing (PHP Million) 974740.00 951998 783772 1128907 1039073 1201157
GDP From Mining (PHP Million) 42851.00 48050 27302 37025 45679 39395
GDP From Public Administration (PHP Million) 207445.00 289651 241501 283256 221136 301384
GDP From Services (PHP Million) 2766870.00 3012942 3027730 3274639 2949483 3484216
GDP From Transport (PHP Million) 170879.00 118097 147527 177314 182157 188662
GDP From Utilities (PHP Million) 145338.00 168288 185084 160703 154930 170988

Labour Actual Q3 Q4 Q1 Q2 2023
Unemployment Rate (%) 5.70 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 (%) 63.80 62 62 62 62 62
Wages in Manufacturing (points) 121.81 125 125 125 125 125
Population (Million) 109.60 114 114 114 114 114
Employment Rate (%) 93.60 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 (%) 5.40 5.6 5 4.4 3.5 4.4
Inflation Rate Mom (%) 0.40 0.5 0.4 0.4 0.1 0.1
Consumer Price Index CPI (points) 113.90 115 116 117 118 121
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) 96.50 93.18 95.99 94.41 96.79 95.83
Producer Prices Change (%) 6.90 4 1.5 1.5 1.5 1.5
Food Inflation (%) 4.90 4.5 3 3 3 3
CPI Housing Utilities (points) 111.50 113 114 116 115 119
CPI Transportation (points) 127.30 128 128 129 129 129

Money Actual Q3 Q4 Q1 Q2 2023
Interest Rate (%) 2.50 3 3.25 3.5 3.5 3.5
Money Supply M2 (PHP Million) 14695645.26 13700000 1380000 1380000 1380000 14005770
Foreign Exchange Reserves (USD Million) 103530.00 110000 110000 110000 110000 108000
Banks Balance Sheet (PHP Billion) 1459.10 3700 3325 3325 3325 3125
Deposit Interest Rate (%) 2.00 2 2.5 2.75 3 3
Cash Reserve Ratio (%) 12.00 12 12 12 12 12
Central Bank Balance Sheet (PHP Billion) 7576.42 8010 7950 7950 7950 7900
Lending Rate (%) 2.50 2.5 3 3.25 3.5 3.5
Loans To Banks (PHP Million) 332525.79 345000 350000 350000 350000 397000
Loans To Private Sector (PHP Million ) 8741865.36 8657598 8810625 9145539 9202061 9730853

Trade Actual Q3 Q4 Q1 Q2 2023
Balance of Trade (USD Thousand) -4773150.00 -3200000 -2900000 -3200000 -3200000 -3200000
Current Account (USD Million) -2441.56 -450 -1890 -997 -997 -4966
Current Account to GDP (% of GDP) 3.60 -4.6 -4.6 -4.4 -4.4 -4.4
Imports (USD Thousand) 10901725.57 8900000 8500000 8500000 8500000 8500000
Exports (USD Thousand) 6128575.95 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) 2395492.70 2850000 2509084 2509084 2509084 2509084
Tourist Arrivals 24353.00 300000 300000 300000 300000 300000
Gold Reserves (Tonnes) 156.29 180 200 200 200 200
Foreign Direct Investment (USD Million) 727.00 1200 1200 1200 1200 1000

Government Actual Q3 Q4 Q1 Q2 2023
Government Debt to GDP (% of GDP) 53.50 54 54 54 54 54
Government Budget (% of GDP) -7.50 -7.6 -7.6 -6.1 -6.1 -6.1
Government Budget Value (PHP Million) -146785.00 -90000 -110000 -87000 -85000 -69000
Government Spending (PHP Million) 673241.00 878079 745397 730514 717675 777267
Government Revenues (PHP Million) 304915.00 230000 255000 255000 255000 255000
Fiscal Expenditure (PHP Million) 451700.00 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 (%) 9.70 -15 6 6 6 6
Capacity Utilization (%) 69.18 75.66 75.98 75.98 75.98 79.01
Manufacturing PMI (points) 53.80 52.5 53 53 53 53
Total Vehicle Sales (Units) 6964.00 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) 3476449.94 3378267 3488016 4210385 3705896 4479850
Bank Lending Rate (%) 6.54 6.54 7.04 7.29 7.54 7.54
Gasoline Prices (USD/Liter) 1.55 1.61 1.66 1.72 1.79 1.79
Consumer Credit (PHP Billion) 446.07 434 435 473 476 503

Housing Actual Q3 Q4 Q1 Q2 2023
Housing Index (PHP/SQ. METRE) 10898.00 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 Tuesday, July 5, 2022.