Markets Actual Q2 Q3 Q4 Q1 2023
Currency 54.89 54.23 54.71 55.2 55.69 56.69
Stock Market (points) 6217.56 6123 5921 5725 5536 5177
Government Bond 10y (%) 7.00 6.88 7.05 7.21 7.39 7.75

Overview Actual Q2 Q3 Q4 Q1 2023
GDP Growth Rate (%) 1.90 2.1 1.8 1.8 1.6 1.7
GDP Annual Growth Rate (%) 8.30 7 7.5 8 7 6.8
Unemployment Rate (%) 5.70 6.8 6.7 6.4 6.4 6.2
Inflation Rate (%) 5.40 5 4.5 4.2 3.5 3
Inflation Rate Mom (%) 0.40 0 0.5 0.3 0.4 0.1
Interest Rate (%) 2.50 2.5 3 3.25 3.25 3.75
Balance of Trade (USD Thousand) -4773150.00 -3200000 -2900000 -3200000 -3200000 -3200000
Current Account (USD Million) -2441.56 -980 -450 -1890 -997 -4966
Current Account to GDP (% of GDP) 3.60 -4.6 -4.6 -4.6 -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 -7.6 -6.1 -6.1
Business Confidence (points) 32.90 38.7 35 30 30 38
Consumer Confidence (points) -15.10 25 20 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 Q2 Q3 Q4 Q1 2023
GDP Growth Rate (%) 1.90 2.1 1.8 1.8 1.6 1.7
GDP Annual Growth Rate (%) 8.30 7 7.5 8 7 6.8
GDP (USD Billion) 361.49 379 379 379 379 379
GDP Constant Prices (PHP Million) 4618133.00 4961318 4750131 5617621 4941402 5999619
Gross National Product (PHP Million) 5117892.20 4992665 5094825 5421140 5476145 5789777
Gross Fixed Capital Formation (PHP Million) 993917.09 1256782 1008993 1193023 1063491 1274149
GDP per capita (USD) 3269.67 3160 3160 3300 3300 3300
GDP per capita PPP (USD) 7953.58 8720 8720 9000 9000 9000
Full Year GDP Growth (%) 5.60 8 8 8 6.5 6.5
GDP From Agriculture (PHP Million) 434737.00 445411 428159 569282 465169 607993
GDP From Construction (PHP Million) 253598.00 834579 586514 417264 271350 445638
GDP From Manufacturing (PHP Million) 974740.00 944057 783772 1136271 1042972 1213538
GDP From Mining (PHP Million) 42851.00 47650 27302 37266 45851 39801
GDP From Public Administration (PHP Million) 207445.00 287235 241501 285104 221966 304491
GDP From Services (PHP Million) 2766870.00 2987811 3027730 3296002 2960551 3520130
GDP From Transport (PHP Million) 170879.00 117112 147527 178471 182841 190607
GDP From Utilities (PHP Million) 145338.00 166884 185084 161752 155512 172751

Labour Actual Q2 Q3 Q4 Q1 2023
Unemployment Rate (%) 5.70 6.8 6.7 6.4 6.4 6.2
Employed Persons (Thousand ) 45631.23 42000 42100 43000 43000 43100
Unemployed Persons (Thousand ) 2762.16 3100 3400 2900 2900 2500
Labor Force Participation Rate (%) 63.80 61.5 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 92.1 92.5 92.5 93
Minimum Wages (PHP/day) 537.00 537 537 537 537 547

Prices Actual Q2 Q3 Q4 Q1 2023
Inflation Rate (%) 5.40 5 4.5 4.2 3.5 3
Inflation Rate Mom (%) 0.40 0 0.5 0.3 0.4 0.1
Consumer Price Index CPI (points) 113.90 113 114 115 116 119
Core Consumer Prices (points) 128.60 131 132 132 132 136
Core Inflation Rate (%) 3.00 3.8 3.2 3 3 3
Producer Prices (points) 95.92 93.18 95.99 94.41 96.79 95.82
Producer Prices Change (%) 6.10 2.5 4 1.5 1.5 1.5
Food Inflation (%) 4.90 5 4.5 3 3 3
CPI Housing Utilities (points) 111.50 110 112 113 115 116
CPI Transportation (points) 127.30 127 128 128 129 129

Money Actual Q2 Q3 Q4 Q1 2023
Interest Rate (%) 2.50 2.5 3 3.25 3.25 3.75
Money Supply M2 (PHP Million) 14657098.50 13900000 13700000 1380000 1380000 14005770
Foreign Exchange Reserves (USD Million) 103530.00 106000 110000 110000 110000 108000
Banks Balance Sheet (PHP Billion) 1459.10 3750 3700 3325 3325 3125
Deposit Interest Rate (%) 2.00 2 2.5 2.63 2.75 3
Cash Reserve Ratio (%) 12.00 12 12 12 12 12
Central Bank Balance Sheet (PHP Billion) 7576.42 7970 8010 7950 7950 7900
Lending Rate (%) 3.00 3 3.5 3.63 3.75 4
Loans To Banks (PHP Million) 332525.79 350000 345000 350000 350000 397000
Loans To Private Sector (PHP Million ) 8741865.36 8585385 8810625 9205202 9236590 9831156

Trade Actual Q2 Q3 Q4 Q1 2023
Balance of Trade (USD Thousand) -4773150.00 -3200000 -2900000 -3200000 -3200000 -3200000
Current Account (USD Million) -2441.56 -980 -450 -1890 -997 -4966
Current Account to GDP (% of GDP) 3.60 -4.6 -4.6 -4.6 -4.4 -4.4
Imports (USD Thousand) 10901725.57 8700000 8900000 8500000 8500000 8500000
Exports (USD Thousand) 6128575.95 5500000 6000000 5300000 5300000 5300000
External Debt (USD Million) 106428.26 1050000 1050000 1050000 1050000 980000
Capital Flows (USD Million) -33.36 5.5 7 4.89 4.89 6
Remittances (USD Thousand) 2395492.70 2798541 2850000 2509084 2509084 2509084
Tourist Arrivals 11855.00 250000 300000 300000 300000 300000
Gold Reserves (Tonnes) 156.29 180 180 200 200 200
Foreign Direct Investment (USD Million) 727.00 1000 1200 1200 1200 1000

Government Actual Q2 Q3 Q4 Q1 2023
Government Debt to GDP (% of GDP) 53.50 54 54 54 54 54
Government Budget (% of GDP) -7.50 -7.6 -7.6 -7.6 -6.1 -6.1
Government Budget Value (PHP Million) -146785.00 -90000 -110000 -87000 -85000 -69000
Government Spending (PHP Million) 673241.00 870755 745397 735280 720368 785279
Government Revenues (PHP Million) 347949.00 250000 230000 255000 255000 255000
Fiscal Expenditure (PHP Million) 343013.00 340000 340000 340000 340000 324000
Military Expenditure (USD Million) 3495.00 3500 3500 3500 3500 3500

Taxes Actual Q2 Q3 Q4 Q1 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 Q2 Q3 Q4 Q1 2023
Business Confidence (points) 32.90 38.7 35 30 30 38
Industrial Production (%) 9.70 -10 -15 6 6 6
Capacity Utilization (%) 69.18 76.02 75.66 75.98 75.98 79.01
Manufacturing PMI (points) 54.10 53 52.5 53 53 53
Total Vehicle Sales (Units) 6964.00 9000 8800 8800 8800 9000

Consumer Actual Q2 Q3 Q4 Q1 2023
Consumer Confidence (points) -15.10 25 20 7 7 7
Consumer Spending (PHP Million) 3476449.94 3350088 3488016 4237853 3719801 4526027
Bank Lending Rate (%) 6.54 6.54 7.04 7.17 7.29 7.54
Gasoline Prices (USD/Liter) 1.55 1.6 1.66 1.72 1.78 1.78
Consumer Credit (PHP Billion) 440.63 430 435 476 471 508

Housing Actual Q2 Q3 Q4 Q1 2023
Housing Index (PHP/SQ. METRE) 10898.00 12100 12500 13000 13000 13000
Building Permits 33981.00 40000 42000 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 Saturday, June 25, 2022.