Markets Actual Q4 Q1 Q2 Q3 2021
Currency 48.11 48.33 48.53 48.75 48.95 49.37
Stock Market (points) 6791.46 6663 6501 6342 6187 5877
Government Bond 10y (%) 3.05 3.07 3.12 3.17 3.21 3.31

Overview Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) 8.00 1.5 1 1 1 1.5
GDP Annual Growth Rate (%) -11.50 3.5 4.9 7.5 7.3 7.5
Unemployment Rate (%) 10.00 6 7.5 6.5 6.5 5.5
Inflation Rate (%) 2.50 2 2 2.5 2.2 3
Inflation Rate Mom (%) 0.30 0.2 0.2 0.1 0.1 0.2
Interest Rate (%) 2.00 2 2 2.25 2.25 2.25
Balance of Trade (USD Thousand) -1707670.00 -3480000 -2970000 -3400000 -3640000 -3480000
Current Account (USD Million) 1041.43 -250 560 720 -350 590
Current Account to GDP (%) 2.20 -3.5 -2.5 -2.5 -2.5 -2.5
Government Debt to GDP (%) 41.50 55 45 45 45 45
Government Budget (% of GDP) -3.50 -6.5 -5.5 -5.5 -5.5 -5.5
Business Confidence (points) -5.30 -6 12 18 20 25
Consumer Confidence (points) -54.50 1.4 2 5 6 7
Corporate Tax Rate (%) 30.00 30 30 30 30 30
Personal Income Tax Rate (%) 35.00 35 35 35 35 35

GDP Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) 8.00 1.5 1 1 1 1.5
GDP Annual Growth Rate (%) -11.50 3.5 4.9 7.5 7.3 7.5
GDP (USD Billion) 376.80 360 373 373 373 373
GDP Constant Prices (PHP Million) 4138012.00 2747350 4669038 4466442 4458132 2953401
Gross National Product (PHP Million) 4644991.71 3080094 5419787 4708951 4700190 3311101
Gross Fixed Capital Formation (PHP Million) 828760.44 788976 1125506 867285 865672 848149
GDP per capita (USD) 3337.70 3000 3160 3160 3160 3160
GDP per capita PPP (USD) 8908.20 8450 8720 8720 8720 8720
GDP From Agriculture (PHP Million) 404981.00 191482 461281 447632 446799 205843
GDP From Construction (PHP Million) 231440.00 313374 656653 596286 595176 336877
GDP From Manufacturing (PHP Million) 687801.00 643784 920544 770188 768755 692068
GDP From Mining (PHP Million) 24399.00 20425 36976 46136 46050 21957
GDP From Public Administration (PHP Million) 212539.00 129795 200074 277320 276804 139530
GDP From Services (PHP Million) 2622036.00 1568084 2792736 2780638 2775465 1685690
GDP From Transport (PHP Million) 121294.00 70702 176270 92677 92504 76004
GDP From Utilities (PHP Million) 167355.00 79055 143091 154059 153772 84985

Labour Actual Q4 Q1 Q2 Q3 2021
Unemployment Rate (%) 10.00 6 7.5 6.5 6.5 5.5
Employed Persons (Thousand ) 41306.00 41500 42100 42400 43000 43700
Unemployed Persons (Thousand ) 4571.00 3300 2900 2700 2700 2700
Labor Force Participation Rate (%) 61.94 60 61 62 62 62
Wages in Manufacturing (points) 113.20 110 120 120 125 125
Population (Million) 108.80 110 112 112 112 112
Minimum Wages (PHP/day) 537.00 537 557 557 557 557
Employment Rate (%) 90.04 90 90 92 92 92

Prices Actual Q4 Q1 Q2 Q3 2021
Inflation Rate (%) 2.50 2 2 2.5 2.2 3
Inflation Rate Mom (%) 0.30 0.2 0.2 0.1 0.1 0.2
Consumer Price Index CPI (points) 123.80 124 125 126 126 128
Core Consumer Prices (points) 123.70 125 125 127 128 130
Core Inflation Rate (%) 3.00 3 3 3.2 3.5 4
Producer Prices (points) 129.60 136 135 138 135 141
Producer Prices Change (%) -3.90 2.3 2.3 5.5 4.5 4
Food Inflation (%) 2.10 2.5 2.5 1.5 2.3 3
CPI Housing Utilities (points) 114.00 116 117 117 117 120
CPI Transportation (points) 114.80 109 106 112 118 112

Money Actual Q4 Q1 Q2 Q3 2021
Interest Rate (%) 2.00 2 2 2.25 2.25 2.25
Money Supply M2 (PHP Million) 12841969.84 15107701 15982462 16857223 17658212 18606745
Foreign Exchange Reserves (USD Million) 103813.96 119139 131828 144516 157205 169894
Banks Balance Sheet (PHP Billion) 3078.50 3050 3209 3368 3410 3686
Deposit Interest Rate (%) 1.50 1.5 1.5 1.75 1.75 1.75
Lending Rate (%) 2.50 2.5 2.5 2.75 2.75 2.75
Loans To Banks (PHP Million) 335424.60 297453 269485 263517 259311 251581
Loans To Private Sector (PHP Million ) 7902962.28 8358213 8586730 8677661 8471451 8985079
Cash Reserve Ratio (%) 12.00 12 12 12 12 12
Central Bank Balance Sheet (PHP Billion) 5951.07 5782 5647 5613 5422 5545

Trade Actual Q4 Q1 Q2 Q3 2021
Balance of Trade (USD Thousand) -1707670.00 -3480000 -2970000 -3400000 -3640000 -3480000
Current Account (USD Million) 1041.43 -250 560 720 -350 590
Current Account to GDP (%) 2.20 -3.5 -2.5 -2.5 -2.5 -2.5
Imports (USD Thousand) 7924000.00 7420000 7900000 8550000 8590000 9020000
Exports (USD Thousand) 6216330.00 4750000 4930000 5150000 4950000 4960000
External Debt (USD Million) 83617.93 83964 84265 84265 84265 84265
Remittances (USD Thousand) 2601263.30 2457800 2463549 2469298 2473222 2480795
Tourist Arrivals 776798.00 450000 550000 550000 535000 605000
Gold Reserves (Tonnes) 190.15 200 200 200 200 200
Foreign Direct Investment (USD Million) 637.00 500 600 900 1150 1000

Government Actual Q4 Q1 Q2 Q3 2021
Government Debt to GDP (%) 41.50 55 45 45 45 45
Government Budget (% of GDP) -3.50 -6.5 -5.5 -5.5 -5.5 -5.5
Government Budget Value (PHP Million) -61362.00 -54000 -54000 -102000 -114500 -54000
Government Spending (PHP Million) 612156.61 290391 591158 918794 917084 312171
Government Revenues (PHP Million) 212415.00 185000 213000 200500 223000 234000
Fiscal Expenditure (PHP Million) 350940.00 336000 315000 315000 319500 324000
Military Expenditure (USD Million) 3753.00 3000 3500 3500 3500 3500

Taxes Actual Q4 Q1 Q2 Q3 2021
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 (%) 11.36 11.36 11.36 11.36 11.36 11.36
Social Security Rate For Companies (%) 7.67 7.67 7.67 7.67 7.67 7.67
Social Security Rate For Employees (%) 3.69 3.69 3.69 3.69 3.69 3.69

Business Actual Q4 Q1 Q2 Q3 2021
Business Confidence (points) -5.30 -6 12 18 20 25
Industrial Production (%) -11.90 5.3 5.3 9.5 5.5 6
Total Vehicle Sales 8988.00 7500 8500 9000 9000 9000
Manufacturing PMI (points) 48.50 51 52 53 51 53.4

Consumer Actual Q4 Q1 Q2 Q3 2021
Consumer Confidence (points) -54.50 1.4 2 5 6 7
Retail Sales Yoy (%) 1.20 2.5 3.5 9.5 5.5 3.6
Consumer Spending (PHP Million) 3028855.19 1954823 3476924 3131739 3125913 2101434
Bank Lending Rate (%) 6.54 6.54 6.54 6.79 6.79 6.79
Gasoline Prices (USD/Liter) 0.89 0.89 0.85 0.81 0.77 0.84
Consumer Credit (PHP Billion) 412.52 473 468 443 443 508

Housing Actual Q4 Q1 Q2 Q3 2021
Housing Index (PHP/SQ. METRE) 10891.00 11000 11700 12100 11900 12500
Building Permits 30838.00 35500 35500 43000 42500 43000


This page has economic forecasts for Philippines including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Philippines economy.