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PHILIPPINES: Trade Data Disappoints Again Giving BSP Room to Cut. 

PHILIPPINES
EM BulletPhilippinesBulletAPACEmerging Market News
  • The Philippines trade data for December showed another month of contraction, albeit at a slower rate than prior.
  • Exports YoY declined -2.2% whilst Imports declined +1.7% with both releases well below market expectations.
  • The trade deficit narrowed to $4.136bn from prior $4.852bn.
  • The Philippines Central Bank (the BSP) cut rates in August and October this year but held rates steady in their November meeting.
  • December data saw a bump in inflation which until today’s trade data was likely driving the thinking of policymakers; yet the current trajectory for exports is likely to override inflationary concerns when it comes to the next BSP meeting.  
  • The BSP next meeting is 13 February. 
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  • The Philippines trade data for December showed another month of contraction, albeit at a slower rate than prior.
  • Exports YoY declined -2.2% whilst Imports declined +1.7% with both releases well below market expectations.
  • The trade deficit narrowed to $4.136bn from prior $4.852bn.
  • The Philippines Central Bank (the BSP) cut rates in August and October this year but held rates steady in their November meeting.
  • December data saw a bump in inflation which until today’s trade data was likely driving the thinking of policymakers; yet the current trajectory for exports is likely to override inflationary concerns when it comes to the next BSP meeting.  
  • The BSP next meeting is 13 February.