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PHILIPPINES: GDP Weaker than Expected

PHILIPPINES
GlobalEM BulletPhilippinesBulletAPACEmerging Market NewsRegion
  • Philippines third quarter YoY GDP printed at +5.2 (survey +5.7%)
  • The second quarter GDP was revised up to +6.4% (from +6.3%).
  • The seasonally adjusted QoQ result for 3Q was better than expected at +1.7%.
  • The decline in GDP seemingly supports the Central Banks actions at prior meetings.
  • The Central Bank (“BSP”) has cut the overnight borrowing rate by 50 basis points to 6.00% over the course of the last two meetings.
  • CPI at +2.3%YoY, sits below their target of +3.0%.
  • BSP has indicated that a further rate cut is possible this year, with their last policy meeting scheduled for Dec 19. 
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  • Philippines third quarter YoY GDP printed at +5.2 (survey +5.7%)
  • The second quarter GDP was revised up to +6.4% (from +6.3%).
  • The seasonally adjusted QoQ result for 3Q was better than expected at +1.7%.
  • The decline in GDP seemingly supports the Central Banks actions at prior meetings.
  • The Central Bank (“BSP”) has cut the overnight borrowing rate by 50 basis points to 6.00% over the course of the last two meetings.
  • CPI at +2.3%YoY, sits below their target of +3.0%.
  • BSP has indicated that a further rate cut is possible this year, with their last policy meeting scheduled for Dec 19.