Philippine Economic Update

7/25/2019 Philippine Economic Update

1/19

Philippine Economic Update - January, 2015 Edition

Highlights

The World Bank expects the Philippine economy to grow at 6.5 percent in

2015 and 2016 despite a weak global economy.

rowth !orecast was re"ised !or 201# to 6.0 percent !rom 6.# percent$ owing

to slower go"ernment spending and lower !arm prod%ction.

The economy can grow beyond 6.5 percent i! the go"ernment can !%lly %tili&e

its b%dget as planned and accelerate re!orms.

Report Highlights

Economic growth slowed down to 5.3 percent in the third quarter of 2014, due toweak goernment spending on the demand side and agricultural production on thesuppl! side.

"oernment consumption contracted #! 2.$ percent while infrastructure spendingfell #! $.2 percent. %ontri#uting to weak goernment spending are the &upreme%ourt decision which found some proisions of the 'is#ursement (cceleration)rogram unconstitutional, #udget e*ecution #ottlenecks, and slow dis#ursement for

+!phoon olanda reconstruction.

'espite the slowdown, more than a million -o#s were created in cto#er 2014,although the qualit! of -o#s remains a challenge. +he 2013 (nnual )oert! /ndicator&ure! ()/& nds that real income of the #ottom 20 percent grew much fasterthan the rest of the population. +he sure! also conrms that the goernmentsconditional cash transfer program is reaching the poor, as reected in thesu#stantial growth of domestic cash transfers to the #ottom 20 percent.

ower goernment spending, inestment dela!s and slowdown, and weakere*ports are likel! to limit economic growth to $ percent in 2014 and $.5 percent in2015. )roided that goernment can full! commit to utili6ing the #udget as planned,as well as accelerating reforms, achieing growth of a#oe $.5 percent can #eachieed.

+ranslating higher growth into inclusie growth can help the goernment achieeits poert! target of 17 to 20 percent #! 201$.

Eradicating poert! requires a commitment to implement ke! reforms in the areasof infrastructure, health and education8 enhancing competition to leel the pla!ingeld8 simplif!ing regulations to promote -o# creation8 and protecting propert! rights.

9igher inestments need to #e supported #! ta* polic! reforms as ta*administration reforms are inadequate to full! fund the inestment gap. :orsening


2/19

port and road congestion and possi#le power shortages in 2015 underscore theneed to urgentl! raise inestments.

+a* polic! reform should aim for a more equita#le, e;cient and simpler ta*s!stem.

reedom of /nformation #ill, which institutionali6es opendata, enhancing #udget reporting, and simplif!ing ta* procedures and processes.

9igher inestments in infrastructure, health, and education need to #ecomplemented #! reforms to enhance competition. Essential reforms includecrafting and implementing a clear competition polic!, li#erali6ing ke! sectors of theeconom! to directl! #enet poor >ilipinos, and opening up the econom! to moreforeign competition.

&ource? http?@@www.world#ank.org@en@countr!@philippines@pu#lication@philippineA

economicAupdateA-anuar!A2015
http://www.worldbank.org/en/country/philippines/publication/philippine-economic-update-january-2015http://www.worldbank.org/en/country/philippines/publication/philippine-economic-update-january-2015http://www.worldbank.org/en/country/philippines/publication/philippine-economic-update-january-2015http://www.worldbank.org/en/country/philippines/publication/philippine-economic-update-january-2015


3/19

The Philippine economy is poering into 2015

2B Canuar! 2015

(uthor? "il#erto D. lanto, )/'&

+he )hilippines neer had it so good. ut with a slowing glo#al econom! and anelection coming up in 201$, what can it e*pect from the futureF

+he econom! has #een performing credita#l!. "') grew at an aerage of 5.B percent oer the last three !ears amid a lingering glo#al economic slowdown andnatural disasters. +he econom! has outperformed most (&E(G countries in the pastfew !ears and will #e a ma-or pla!er in the enisaged (&E(G Economic %ommunit!(E%. 9oweer, the o;cial growth target of $.5HI.5 per cent for 2014 has #eenreised downward to $HI per cent following goernment underspending, weakperformance of agriculture and the impact of natural disasters. +he (' has alsolowered its "') forecast to $ per cent.

+he goernment e*pects a re#ound to a IH7 per cent growth rate in 2015, which ise*pected to #e maintained until the end of the current administrations term in201$. +his #old forecast seems #ased on strong fundamentals? a sta#lemacroeconomic framework a regime of low ination and larger scal space,continued rise in remittances from >ilipino workers oerseas around J&K23 #illionin2013, a resurgent manufacturing sector and wellAperforming serice sector, aconsistent #uildAup of foreign e*change reseres currentl! at J&KIB.7 #illion andcredit rating upgrades from international credit rating agencies.

et there are some potential trou#les L e*ternal and internal L looming on thehori6on that could, if not properl! managed, spoil this impressie performance anddampen future growth prospects. +he econom! is #ecoming more integrated intothe glo#al and regional economies, so weaknesses in ma-or trading partners willimpact on domestic growth prospects. +rade is largest with East (sia 51 per cent oftotal alue e*ports and 3B per cent of total alue of imports and (&E(G 1$ and 22per cent of e*ports and imports respectiel!.
http://www.eastasiaforum.org/2015/01/22/bright-signs-on-the-horizon-for-the-philippines/http://www.eastasiaforum.org/2013/01/03/the-philippines-2013-outlook/http://www.eastasiaforum.org/2013/01/03/the-philippines-2013-outlook/http://www.eastasiaforum.org/2015/01/22/bright-signs-on-the-horizon-for-the-philippines/http://www.eastasiaforum.org/2013/01/03/the-philippines-2013-outlook/http://www.eastasiaforum.org/2013/01/03/the-philippines-2013-outlook/


4/19

ut last !ear, Capan could not seem to nd the formula for reigniting growth whilethe powerhouse %hinese econom! showed signs of slowing. +he proposed (E%oMers prospects of a large trading and inestment market, #ut it has !et to #eesta#lished. (&E(G is an important cog in East (sian trade and inestment, #ut isalso aMected #! weaknesses in East (sian economies. +he European Jnion and the

J& also continue to #e important trading partners. ut while the J& shows signs ofal#eit weak recoer!, the Euro6one continues to falter.

"ien these headwinds, )hilippine polic!making has to #e nim#le, astute ande;cient to take adantage of emerging opportunities in a er! d!namic region. +hegoernment should spend its remaining political capital on pursuing di;cult reformsL coering trade facilitation, competition polic! and regulator! frameworks. /tshould focus on creating a competitie #usiness enironment and #ringing down thecost of doing #usiness. )reious reforms hae paid oM? the countr!s ranking hasrisen in arious indicators on competitieness and reduced cost of doing #usiness#ut stronger action is needed to reall! make the )hilippines a preferred inestmentdestination.

(n important internal factor is the issue of who succeeds the current president, whowill end his term of o;ce in the middle of 201$. +he %onstitution #ars an incum#entpresident from seeking reAelection. +he market has responded faoura#l! to)resident (quinos drie for transparenc!, elimination of corruption and goodgoernance. :ill the same if not stronger commitment to good goernance, polic!and regulator! frameworks #e assured #! the succeeding administrationF +hechallenge for oters is select a leader who will not inch at di;cult reforms.

+here will #e plent! of populist contenders in the political sphere who could putpolitical e*pedienc! oer di;cult polic! and institutional reforms. +his poses adanger to the econom! #ecause )hilippine politics is personalised and opportunistic.

Noters ote not on issues #ut rather on the personal qualities and promises made #!political entrepreneurs. +he electorate, the ma-orit! of whom are poor and lesseducated, is igilant #ut it needs to #e #etter informed and educated if it is to holdgoernments to account.

>ortunatel!, the taste of growth drien #! reforms in goernance and polic! hasaroused an appetite for #roadl!Ashared prosperit! and has engendered a growingsupport for more polic! reforms. ( rising middle class empowered #! continuingcash remittances and returning oerseas >ilipino workers who hae e*periencedliing in functioning societies a#road could constitute the swing ote for a leaderwith the #est interest of the countr! in mind. :e can onl! hope.

ilberto '. (lanto is President o! the Philippine )nstit%te !or *e"elopment +t%dies.

&ource? http?@@www.eastasiaforum.org@2015@01@2B@theAphilippineAeconom!AisApoweringAintoA2015@
http://www.eastasiaforum.org/2011/09/06/poverty-and-growth-in-the-philippines/http://www.eastasiaforum.org/2015/01/29/the-philippine-economy-is-powering-into-2015/http://www.eastasiaforum.org/2015/01/29/the-philippine-economy-is-powering-into-2015/http://www.eastasiaforum.org/2011/09/06/poverty-and-growth-in-the-philippines/http://www.eastasiaforum.org/2015/01/29/the-philippine-economy-is-powering-into-2015/http://www.eastasiaforum.org/2015/01/29/the-philippine-economy-is-powering-into-2015/


5/19

PH to !e orld"s 2nd #astest groing economy in 2015 -

report

(&A%Gnews.com

)osted at 02@2$@2015 11?00 (D O Jpdated as of 02@2$@2015 11?2I (D

( iew of sk!rise #uildings in DanilaPs Dakati nancial district in this lephoto. Photo by ,rik *e -astro$ e%ters

D(G/(, )hilippines A ( loom#erg sure! of economists shows the )hilippines will#e the second fastestAgrowing econom! in the world this !ear, second onl! to %hna.

$loom!erg"s sur%eysa!s the )hilippines and %hina will #e the onl! twoeconomies out of 5I included in the report that will grow $ percent or more this!ear.

+he report is #ased on aerage economistsP estimates.

Narious anal!sts hae said the )hilippines is one of the #iggest #eneciaries in theworld from lower oil prices.

Q+he world is e*pected to grow 3.2 percent in 2015 and 3.I percent ne*t !ear aftere*panding 3.3 percent in each of the past two !ears, according to a loom#ergsure! of economists. %hina, the )hilippines, =en!a, /ndia and /ndonesia, which

together make up a#out 1$ percent of glo#al gross domestic product, are allforecast to grow more than 5 percent in 2015,Q loom#erg said.

Dala!sia, an oil producer that is #eing hit #! lower oil prices, will see growth slowfrom $ percent to less than 5 percent.

(lso in the top 5 are =en!a and Gigeria. Dan! economists are pointing to (frica asthe ne*t fastAgrowth region after (sia. H &'(
http://www.bloomberg.com/news/articles/2015-02-25/the-20-fastest-growing-economies-this-yearhttp://www.bloomberg.com/news/articles/2015-02-25/the-20-fastest-growing-economies-this-year


6/19

)ource* http*++a!s-c!nnescom+!usiness+02+2+15+ph-!e-orlds-

2nd-#astest-economy-2015-report

PH ./P groth slos to -year lo* 52 in 1 2015

34th UP/&TE The Philippines" 6rst 7uarter gross domestic product groth

is !elo go%ernment and mar8et e9pectations

Rapplercom

Pu!lished 10*0: &;, ;ay 2


7/19

down the oerall growth of the econom!,Q said alisacan, who is Gational Economicand 'eelopment (uthorit! GE'( chief.

Q'rop in pu#lic construction spending was due to dela!s in some pro-ects ofgoernment agencies,Q alisacan said.

)u#lic construction spending dropped to )5$.2I #illion K1.2$ #illion, or 24.$Rlower than the recorded )I3.B3 #illion K1.$5 #illion in the same period last !ear.+he oerall construction su#Asector was a#le to grow last quarter due to theincreased priate construction spending of )2IB.2$ #illion K$.25 #illion from last!ears )240.$1 #illion K5.3B #illion.

9e added, howeer, that Qthe recent uptick in dis#ursements from the 'epartmentof udget and Danagement 'D has not !et #een reected in the national incomeaccounts.Q

alisacan said that the 4.7R growth in pu#lic consumption in the rst quarter isQmuch fasterQ than in the same period last !ear.

QS+his isT drien #! the 1B.2R increase in dis#ursements for maintenance and otheroperating e*penses primaril! on social protection programs, #ottomAup #udgetingpro-ects, and the countr!s hosting of the (siaA)acic Economic %ooperationmeetings,Q he said.

"Higher groth in remaining 7uarters"

alisacan e*pressed condence that the econom! will grow faster for the rest of the!ear, citing the Qi#rantQ economic actiit! of the priate sector.

Q'espite this lowerAthanAe*pected growth, it is reasona#le to #eliee that theeconom! will grow at a faster rate in the remaining quarters,Q he said.

+he GE'( chief said that priate construction registered a dou#leAdigit rise of 14.2Rin the rst quarter, while priate inestments in dura#le equipment rose #! 14.3R.9e added that the latest #usiness condence inde*from the angko &entral ng)ilipinas Qshows that ne*t quarter condence inde* clim#ed to 57.2R from 43.1R inthe preious sure!.Q
http://www.rappler.com/business/economy-watch/76258-philippines-economy-gdp-third-quarter-2014http://www.rappler.com/business/economy-watch/94217-apec-trade-ministers-meeting-boracayhttp://www.rappler.com/business/economy-watch/94217-apec-trade-ministers-meeting-boracayhttp://www.rappler.com/business/economy-watch/75691-businesses-more-optimistic-4q-2014http://www.rappler.com/business/economy-watch/76258-philippines-economy-gdp-third-quarter-2014http://www.rappler.com/business/economy-watch/94217-apec-trade-ministers-meeting-boracayhttp://www.rappler.com/business/economy-watch/94217-apec-trade-ministers-meeting-boracayhttp://www.rappler.com/business/economy-watch/75691-businesses-more-optimistic-4q-2014


8/19

9e said growth in household consumption Qremains stead!Q at 5.4R.

Qased on the rst quarter 2015 %onsumer E*pectation &ure!, consumersentiment improed in the quarter due to e*pectations of sta#le price ofcommodities, decline in oil prices, aaila#ilit! of more -o#s, higher num#er ofemplo!ed famil! mem#ers, and fewer calamities during the period, among others,Qalisacan said.

9e added? Q+hese clearl! indicate that #usiness and consumer condence on theeconom! is still er! high and is supportie of our optimism in hitting our growthtargets for 2015.Q

@aster go%"t spendingA increased e9ports

9e cited the latest 'D report on the goernmentPs dis#ursement performance forthe rst quarter, which shows a QtrendQ toward faster goernment spending.

Q/f this dis#ursement tra-ector! is sustained and reected in all goernmentagencies, the higher goernment spending will fuel een more actiities in thepriate sector, and thus push economic growth in the ne*t quarters of the !ear,Qalisacan said.

'ata from the 'epartment of >inance showed that goernment spending of )504#illion K1.2 #illion during last quarter was 13R #elow target, een if it grew #!4.7R from the same period last !ear.

Deanwhile, e*port growth decelerated to 2.1R in Darch, from 12.1R in the samemonth last !ear, according to the latest data from the Gational &tatistics ;ce.
http://www.rappler.com/business/economy-watch/92953-ph-exports-rebound-march-2015http://www.rappler.com/business/economy-watch/92953-ph-exports-rebound-march-2015


9/19

Q+hese are elements largel! within our control8 these are opportunities we intend tocapitali6e on in the ne*t quarters. Gum#ers uctuate each quarter #ut the! clearl!show an unmistaka#le positie tra-ector!. :e are less concerned a#out the quarterl!num#ers game than getting the foundations of our growth right,Q >inance &ecretar!%esar )urisima said in a statement.

alisacan said, Q:e are hopeful that e*ports will pick up in the ne*t quarters.Q

alisacan also said the rst quarter gure points to Qissues that the goernmentneeds to confront in order to maintain the high leel of condence that the #usinesssector is showing and entrusting the countr!.Q

Q+herefore, we are keeping a careful watch oer the spending performance of theagencies to ensure that implementation #ottlenecks are #eing addressed and thee*ecution of programs and pro-ects will not #e further dela!ed,Q the GE'( chiefsaid.

9e e*pressed hope that the QeMectie facilitationQ of goernment programs on

poert! reduction and -o# generation will help it meet its growth targets until theend of the (quino administration.

QEen if we end up with a IR "') growth for the whole !ear, we will still #e one ofthe fastest growing economies in (sia,Q alisacan said.

+he )hilippine &tock E*change /nde* was down following the announcement of thelowerAthanAe*pected "') growth. +he )&Ei was down 1.2IR at I,502.1B in midAmorning trade.

@ull-year groth target still attaina!le

'espite the letdown in the rst quarter, alisacan said the goernment is keeping

its fullA!ear target of IR to 7R as it e*pects faster goernment spending in theremaining quarters.

9e said, howeer, that the econom! should hit an aerage growth of I.5R in thene*t 3 quarters to meet its fullA!ear target.

Q+hatPs fullA!ear growth target not impossi#le, especiall! now that the conditions interms of macroeconomic fundamentals are good,Q he said.

alisacan said that the Qmissed opportunit!Q to achiee higher growth in the rstquarter Qis not totall! foregone as we still e*pect pu#lic spending to pick up for therest of the !ear.Q / with reports !rom -hrisee de la Pa&$ gence rancePresse 3appler.com

41P##.6

&ource? http?@@www.rappler.com@#usiness@econom!Awatch@B4550AphilippineAeconom!AgrowthAq1A2015
http://www.rappler.com/thought-leaders/94545-economic-competitiveness-aquino-philippineshttp://www.rappler.com/thought-leaders/94545-economic-competitiveness-aquino-philippineshttp://www.rappler.com/business/economy-watch/94550-philippine-economy-growth-q1-2015http://www.rappler.com/business/economy-watch/94550-philippine-economy-growth-q1-2015http://www.rappler.com/thought-leaders/94545-economic-competitiveness-aquino-philippineshttp://www.rappler.com/thought-leaders/94545-economic-competitiveness-aquino-philippineshttp://www.rappler.com/business/economy-watch/94550-philippine-economy-growth-q1-2015http://www.rappler.com/business/economy-watch/94550-philippine-economy-growth-q1-2015


10/19

Philippines* Economy

( recoer! in goernment e*penditure in the )hilippines is seen driing strongeconomic growth, together with ro#ust priate consumption, inestment, ande*ports. /nation has eased and is forecast to remain moderate. %hallenges centeron accelerating infrastructure deelopment and adancing inestment climatereforms to generate more and #etter -o#s for poert! reduction.

&elected economic indicators R A)hilippines

2015 201$

"') "rowth $.4 $.3/nation 2.7 3.3

%urrent (ccount alance share of"')

4.0 3.$

&ource? (' estimates.

Economic performance

+he econom! of the )hilippines e*panded #! $.1R in 2014, fueled #! sustainedincreases in priate consumption, higher *ed inestment, and recoer! in e*ports.

+he pace of growth decelerated #! almost 1 percentage point from the aerage ofthe preious 2 !ears, largel! on a slowdown in goernment e*penditure.

)riate consumption generated more than $0R of the growth in gross domesticproduct "') last !ear. %onsumer spending grew #! 5.4R, #enetting from a 2.7Rrise in emplo!ment, modest ination, and higher remittances from oerseas>ilipinos, which reached K2I.0 #illion after clim#ing in 2014 #! $.3R, or #! 10.BR in)hilippine peso terms.

Economic prospects

&trong "') growth is pro-ected for 2015 and 201$ #ased on #uo!ant priateconsumption, a solid outlook for inestment and e*ports, and recoer! ingoernment e*penditure. "') is pro-ected to increase #! $.4R in 2015 and $.3R in201$.

>actors that powered priate consumption in 2014 A growth in emplo!ment, modestination, and higher inows of remittances A are pro-ected to continue through theforecast period.

E*cerpted from the (sian 'eelopment utlook 2015.

&ource? http?@@www.ad#.org@countries@philippines@econom!
http://www.adb.org/publications/asian-development-outlook-2015-financing-asias-future-growthhttp://www.adb.org/countries/philippines/economyhttp://www.adb.org/publications/asian-development-outlook-2015-financing-asias-future-growthhttp://www.adb.org/countries/philippines/economy


11/19

Bhat"s Bith the Philippine EconomyC

( disappointing quarter has some worr!ing a#out Danilas prospects.

$y Prashanth Paramesaran

Da! 2B, 2015

er the past few !ears, the )hilippines has emerged as one of the most i#ranteconomies in the world, shedding its old image as Uthe sick man of (sia.V Danilaclosed out last !ear as (sias secondAfastest rising econom!, after %hina, with a$.1R growth rate.

et the rst quarter statistics for 2015 are a #it worr!ing. (ccording to the )hilippine&tatistics (uthorit!, growth in the )hilippine econom! slowedin the rst quarter of2015 to 5.2R, its weakest leel in three !ears and wa! #elow the $.$R mark man!

had predicted.

+he slowdown has #een attri#uted to seeral factors. E*ports dropped dramaticall!H growing -ust 1R on !ear compared with 12.7R in the fourthAquarter H amiddeclining e*ternal demand across some of Danilas main trading partners such as

Capan and %hina. "oernment spending was also quite low at 4.7R, nearl! half whatit was in the fourth quarter of last !ear.

+he ke! question, though, is whether this is -ust a #lip or the start of a slowergrowth trend for the rest of the !ear. )hilippine o;cials are coninced that it is theformer. +he countr!s economic planning chief, (rsenio alisacan, sa!sgoernmentspending and e*ports can #e e*pected to pick up in the coming quarters. )hilippine

>inance &ecretar! %esar )urisima also told %G%that despite the focus ongoernment spending, priate sector gures were still quite encouraging in the rstquarter. /nestment also e*panded signicantl! #! around 10.1R on !ear, whilehousehold consumption also rose relatie to the preious quarter.

Dore generall!, the fundamentals of the )hilippine econom! are quite strong. >orinstance, in a report released last month, the :orld ank noted that strongremittances, falling oil prices, and up#eat consumer and #usiness sentimentsindicated strong growth for 2015. /t suggested that a $.5R growth was not out ofreach.

ut the report also warned of general risks to nearAterm growth, some of which

pla!ed into the countr!s sluggish rst quarter in 2015. +hese include dela!s in theplanned e*ecution of the 2015 #udget, dela!s in inestment in particular thoseunder priateApu#lic partnership pro-ects and a tepid glo#al econom!. +he lower5.2R growth rate, and the underl!ing trends, make the goernments IA7R growthforecast for 2015 H and een the :orld anks lower $.5R gure H look quiteoptimistic for now.

&ource? http?@@thediplomat.com@2015@05@whatsAwithAtheAphilippineAeconom!@
http://thediplomat.com/authors/prashanth-parameswaran/http://www.bloomberg.com/news/articles/2015-05-28/philippine-gdp-growth-slows-to-three-year-low-missing-estimateshttp://www.bloomberg.com/news/articles/2015-05-28/philippine-gdp-growth-slows-to-three-year-low-missing-estimateshttp://www.cnbc.com/id/102712517http://thediplomat.com/authors/prashanth-parameswaran/http://www.bloomberg.com/news/articles/2015-05-28/philippine-gdp-growth-slows-to-three-year-low-missing-estimateshttp://www.bloomberg.com/news/articles/2015-05-28/philippine-gdp-growth-slows-to-three-year-low-missing-estimateshttp://www.cnbc.com/id/102712517


12/19


13/19

Philippines has most resilient economy ? study

! )aolo +aruc, %GG )hilippines

Jpdated 17?20 )D )9+ +ue, (pril I, 2015

3('' Philippines D&hould an economic crisis akin to last decadePs "reat


14/19

ikewise, the countr! also stood out #ecause of its improed ination performancein 2014 relatie to 200I. our of the si* atin(merican countries in the sample hae deteriorated their positions in the ranking.

+his includes (rgentina, which now holds the last position. Q

(part from Q#ad luck in terms of unfaora#le trade,Q


15/19

Philippines ./P .roth Rate1BB7A2015 O 'ata O %hart O %alendar+he "ross 'omestic )roduct "') in )hilippines e*panded 1.70 percent in the

second quarter of 2015 oer the preious quarter. "') "rowth


16/19

The Philippines has a status of emerging economy. In recent years, the country has been steadily

growing mainly due to inflow of foreign direct investment and remittances. The Philippines is the

worlds largest center for business process outsourcing. The country also has a strong industrial

sector based on the manufacturing of electronics and other high-tech components for overseas

corporations. The Philippines is rich in natural resources; it has significant reserves of chromite,

nickel, copper, coal and oil. This page provides - Philippines GDP Growth Rate - actual values,

historical data, forecast, chart, statistics, economic calendar and news. Content for - Philippines

GDP Growth Rate - was last refreshed on Tuesday, September 22, 2015.

&alen'ar ()* +e,erence Actual Previous &onsensus Forec

201#-01-2! 0200 A) % 2.# 0./+ 1./

201#-0#-28 0300 A) %1 0.3 2.# 1.

201#-08-2/ 0300 A) %2 1.8 0. 2

201#-11-2 0200 A) %3 1.8

Philippines Economy .ros 1


17/19

Recent Releases

Philippines Economy Expands 0.3% QoQ in Q1

The Philippines GDP advanced 0.3 percent in the first quarter of 2015, markedly slowing from a 2.5

percent expansion reported in October to December and missing market forecasts, as an increase in

the services sector was unable to offset a decline in the industry and the agriculture sector.Published on 2015-05-28

Philippines Economy Grows 2.5% QoQ in Q4

The Philippines GDP advanced 2.5 percent in the last quarter of 2014, accelerating from a revised

0.7 percent growth in the previous three month period. It is the fastest expansion since the first

quarter of 2013 as all sectors of the economy grew.

Published on 2015-01-29


In the third quarter of 2014, the Philippines GDP advanced 0.4 percent over the previous quarter,slower than a 1.9 percent expansion in April to June period and the lowest since the first quarter of

2009. The industry and services sector slowed, while agriculture declined.



In the second quarter of 2014, the Philippines GDP advanced 1.9 percent on a seasonally adjusted

basis over the previous quarter, higher than a revised 1.4 percent expansion in the previous three

months and the fastest in the last five quarters. All major sectors posted growth.


Phili$$ines (DP Last Previous Highest Lowest Unit

(DP 28.#8 2/2.10 28.#8 .0 UD 4illion 56

(DP (rowth +ate 1.80 0.30 3.30 -2.0 $ercent 56

(DP Annual (rowth +ate #.0 #.00 8.!0 0.#0 $ercent 56

(DP &onstant Prices 18//23.00 183/#.00 18//23.00 82#!.00 PHP )illion 56

(ross ational Pro'uct 22##8#.00 221#12.00 22##8#.00 !320.00 PHP )illion 56

(DP $er ca$ita 1!.3# 1#81.! 1!.3# !.0# UD 56

(ross Fi9e' &a$ital For:ation 3!#21.!# 1321.#3 2218.11 133#/.! PHP )illion 56

(DP $er ca$ita PPP #!/. 32.21 #!/. 380.8 UD 56

(DP Fro: Agriculture 1320.8 1#118.// 1//0!.#0 11//8. PHP )illion 56
http://www.tradingeconomics.com/articles/05282015050104.htmhttp://www.tradingeconomics.com/articles/01292015040340.htmhttp://www.tradingeconomics.com/articles/11272014035901.htmhttp://www.tradingeconomics.com/articles/08282014063324.htmhttp://www.tradingeconomics.com/philippines/gdphttp://www.tradingeconomics.com/philippines/gdphttp://www.tradingeconomics.com/philippines/gdp-growthhttp://www.tradingeconomics.com/philippines/gdp-growthhttp://www.tradingeconomics.com/philippines/gdp-growth-annualhttp://www.tradingeconomics.com/philippines/gdp-growth-annualhttp://www.tradingeconomics.com/philippines/gdp-constant-priceshttp://www.tradingeconomics.com/philippines/gdp-constant-priceshttp://www.tradingeconomics.com/philippines/gross-national-producthttp://www.tradingeconomics.com/philippines/gross-national-producthttp://www.tradingeconomics.com/philippines/gdp-per-capitahttp://www.tradingeconomics.com/philippines/gdp-per-capitahttp://www.tradingeconomics.com/philippines/gross-fixed-capital-formationhttp://www.tradingeconomics.com/philippines/gross-fixed-capital-formationhttp://www.tradingeconomics.com/philippines/gdp-per-capita-ppphttp://www.tradingeconomics.com/philippines/gdp-per-capita-ppphttp://www.tradingeconomics.com/philippines/gdp-from-agriculturehttp://www.tradingeconomics.com/philippines/gdp-from-agriculturehttp://www.tradingeconomics.com/articles/05282015050104.htmhttp://www.tradingeconomics.com/articles/01292015040340.htmhttp://www.tradingeconomics.com/articles/11272014035901.htmhttp://www.tradingeconomics.com/articles/08282014063324.htmhttp://www.tradingeconomics.com/philippines/gdphttp://www.tradingeconomics.com/philippines/gdphttp://www.tradingeconomics.com/philippines/gdp-growthhttp://www.tradingeconomics.com/philippines/gdp-growthhttp://www.tradingeconomics.com/philippines/gdp-growth-annualhttp://www.tradingeconomics.com/philippines/gdp-growth-annualhttp://www.tradingeconomics.com/philippines/gdp-constant-priceshttp://www.tradingeconomics.com/philippines/gdp-constant-priceshttp://www.tradingeconomics.com/philippines/gross-national-producthttp://www.tradingeconomics.com/philippines/gross-national-producthttp://www.tradingeconomics.com/philippines/gdp-per-capitahttp://www.tradingeconomics.com/philippines/gdp-per-capitahttp://www.tradingeconomics.com/philippines/gross-fixed-capital-formationhttp://www.tradingeconomics.com/philippines/gross-fixed-capital-formationhttp://www.tradingeconomics.com/philippines/gdp-per-capita-ppphttp://www.tradingeconomics.com/philippines/gdp-per-capita-ppphttp://www.tradingeconomics.com/philippines/gdp-from-agriculturehttp://www.tradingeconomics.com/philippines/gdp-from-agriculture


18/19

Phili$$ines (DP Last Previous Highest Lowest Unit

(DP Fro: &onstruction 1!0/82.! 1801.3# 1!0/82.! 8##02./ PHP )illion 56

(DP Fro: )anu,acturing 33/33.# 2!88. /233.0# 2#23//.2 PHP )illion 56

(DP Fro: )ining 2800. 1!!/.28 2800. 103!.10 PHP )illion 56

(DP Fro: *rans$ort #03.#8 #82#1.! #03.#8 382/./1 PHP )illion 56

(DP Fro: Utilities 1/1./ #31.8 3/.3/ 211/.3 PHP )illion 56

(DP (rowth +ate +e,erence Previous Highest Lowest Unit

Australia 0.20 ;un


19/19

(DP (rowth +ate +e,erence Previous Highest Lowest Unit

Unite' @ing'o: 0./0 ;un

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Philippine Economic Update