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PHILIPPINES: Exports Surprise to the Upside

PHILIPPINES
  • July exports rose 0.1% yoy versus estimate of -3.2% and prior -17.3%.
  • Imports rose 7.2% yoy (from +2.6% prior) and -7.3% in June.
  • The trade deficit widened to US$4.6bn.
  • The strength of the exports and resilience of imports should provide the BSP time to think about the next move in interest rates as the economy is showing signs of stabilizing. 

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