Markets Actual Q1 Q2 Q3 Q4 2022
Currency 48.69 48.91 49.12 49.34 49.55 49.97
Stock Market (points) 6814.67 6615 6454 6297 6143 5835
Government Bond 10y (%) 3.45 3.5 3.56 3.61 3.66 3.77

Overview Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 5.60 2 4 3 2 2
GDP Annual Growth Rate (%) -8.30 5.5 13 9.3 7.5 9
Unemployment Rate (%) 8.70 8 7.5 7 6.5 5.5
Inflation Rate (%) 4.20 4.5 5.5 6.5 3.5 3
Inflation Rate Mom (%) 1.30 0.5 0.3 0.2 0.2 0.2
Interest Rate (%) 2.00 2 2.25 2.25 2.25 2.5
Balance of Trade (USD Thousand) -2180960.00 -3480000 -2970000 -3400000 -3480000 -3480000
Current Account (USD Million) 1651.85 560 720 -350 590 590
Current Account to GDP (%) 2.20 -2.5 -2.5 -2.5 -2.5 -2
Government Debt to GDP (%) 41.50 53 53 53 53 54
Government Budget (% of GDP) -3.50 -8.9 -8.9 -8.9 -8.9 -7.3
Business Confidence (points) 10.60 12 18 20 25 30
Consumer Confidence (points) -47.90 2 5 6 7 7
Corporate Tax Rate (%) 30.00 30 30 30 30 30
Personal Income Tax Rate (%) 35.00 35 35 35 35 35

GDP Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 5.60 2 4 3 2 2
GDP Annual Growth Rate (%) -8.30 5.5 13 9.3 7.5 9
GDP (USD Billion) 376.80 373 373 373 373 379
GDP Constant Prices (PHP Million) 4825185.00 4669472 4670486 4522847 4448363 4848716
Gross National Product (PHP Million) 4782915.81 5450787 4949874 5076976 4993366 5442769
Gross Fixed Capital Formation (PHP Million) 1029629.31 1131944 911658 905835 890917 971100
GDP per capita (USD) 3337.70 3160 3160 3160 3160 3300
GDP per capita PPP (USD) 8908.20 8720 8720 8720 8720 9000
GDP From Agriculture (PHP Million) 519641.00 463919 470286 442644 435355 474536
GDP From Construction (PHP Million) 326571.00 291685 294302 252964 248798 271190
GDP From Manufacturing (PHP Million) 974013.00 923969 815146 751766 739386 805931
GDP From Mining (PHP Million) 30929.00 37187 49596 26668 26229 28590
GDP From Public Administration (PHP Million) 249426.00 201219 288275 232305 228479 249043
GDP From Services (PHP Million) 2830158.00 2808710 2880158 2865885 2818689 3072371
GDP From Transport (PHP Million) 135648.00 177278 99199 132574 130391 142126
GDP From Utilities (PHP Million) 143873.00 143910 160999 182919 179907 196098

Labour Actual Q1 Q2 Q3 Q4 2022
Unemployment Rate (%) 8.70 8 7.5 7 6.5 5.5
Employed Persons (Thousand ) 39836.00 42100 42400 43000 43700 43700
Unemployed Persons (Thousand ) 3813.00 2900 2700 2700 2700 2700
Labor Force Participation Rate (%) 58.74 61 62 62 62 62
Wages in Manufacturing (points) 122.35 120 120 125 125 125
Population (Million) 108.80 112 112 112 112 114
Minimum Wages (PHP/day) 537.00 557 557 557 557 557
Employment Rate (%) 91.27 92 93 93.5 93.5 94

Prices Actual Q1 Q2 Q3 Q4 2022
Inflation Rate (%) 4.20 4.5 5.5 6.5 3.5 3
Inflation Rate Mom (%) 1.30 0.5 0.3 0.2 0.2 0.2
Consumer Price Index CPI (points) 127.80 128 130 131 131 135
Core Consumer Prices (points) 125.50 125 125 127 132 130
Core Inflation Rate (%) 3.40 3 3.2 3.5 4 4
Producer Prices (points) 129.77 128 135 138 134 133
Producer Prices Change (%) -2.40 -3.6 5.5 4.5 4 4
Food Inflation (%) 6.20 2.5 1.5 2.3 3 3
CPI Housing Utilities (points) 115.20 120 120 122 119 122
CPI Transportation (points) 116.20 109 115 122 120 123

Money Actual Q1 Q2 Q3 Q4 2022
Interest Rate (%) 2.00 2 2.25 2.25 2.25 2.5
Money Supply M2 (PHP Million) 13550358.13 15982462 16857223 17658212 18606745 22105789
Foreign Exchange Reserves (USD Million) 108799.00 111358 116140 120921 125703 144830
Banks Balance Sheet (PHP Billion) 3078.50 3209 3368 3410 3686 4325
Deposit Interest Rate (%) 1.50 1.5 1.75 1.75 1.75 2
Lending Rate (%) 2.50 2.5 2.75 2.75 2.75 3
Loans To Banks (PHP Million) 296375.93 269485 263517 259311 251581 235710
Loans To Private Sector (PHP Million ) 8041308.93 8635844 9121635 8637938 8443420 9203328
Cash Reserve Ratio (%) 12.00 12 12 12 12 12
Central Bank Balance Sheet (PHP Billion) 7340.26 8186 8820 9454 10088 12623

Trade Actual Q1 Q2 Q3 Q4 2022
Balance of Trade (USD Thousand) -2180960.00 -3480000 -2970000 -3400000 -3480000 -3480000
Current Account (USD Million) 1651.85 560 720 -350 590 590
Current Account to GDP (%) 2.20 -2.5 -2.5 -2.5 -2.5 -2
Imports (USD Thousand) 7918690.00 7900000 8550000 8590000 9020000 9320000
Exports (USD Thousand) 5737730.00 4930000 5150000 4950000 4960000 4960000
External Debt (USD Million) 83617.93 84265 84265 84265 84265 84565
Remittances (USD Thousand) 2890413.30 2463549 2469298 2473222 2480795 2509084
Tourist Arrivals 19793.00 550000 550000 535000 605000 715000
Gold Reserves (Tonnes) 187.91 200 200 200 200 200
Foreign Direct Investment (USD Million) 537.00 600 900 1150 1000 1000

Government Actual Q1 Q2 Q3 Q4 2022
Government Debt to GDP (%) 41.50 53 53 53 53 54
Government Budget (% of GDP) -3.50 -8.9 -8.9 -8.9 -8.9 -7.3
Government Budget Value (PHP Million) -128278.00 -54000 -54000 -102000 -54000 -54000
Government Spending (PHP Million) 633065.57 594539 965802 669087 658068 717295
Government Revenues (PHP Million) 245772.00 213000 200500 223000 234000 255000
Fiscal Expenditure (PHP Million) 374050.00 315000 315000 319500 324000 324000
Military Expenditure (USD Million) 3753.00 3500 3500 3500 3500 3500

Taxes Actual Q1 Q2 Q3 Q4 2022
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 Q1 Q2 Q3 Q4 2022
Business Confidence (points) 10.60 12 18 20 25 30
Industrial Production (%) -5.10 -10 9.5 5.5 6 6
Total Vehicle Sales 7295.00 8500 9000 9000 9000 9000
Manufacturing PMI (points) 52.50 51 53 51 53 53

Consumer Actual Q1 Q2 Q3 Q4 2022
Consumer Confidence (points) -47.90 2 5 6 7 7
Retail Sales Yoy (%) 1.10 1 9.5 5.5 3.6 3.6
Consumer Spending (PHP Million) 3651785.61 3496811 3291968 3310539 3256019 3549061
Bank Lending Rate (%) 6.54 6.54 6.79 6.79 6.79 7.04
Gasoline Prices (USD/Liter) 1.02 0.97 0.92 0.87 0.83 0.79
Consumer Credit (PHP Billion) 405.58 471 466 451 443 483

Housing Actual Q1 Q2 Q3 Q4 2022
Housing Index (PHP/SQ. METRE) 10531.00 11700 12100 11900 12500 13000
Building Permits 28696.00 35500 43000 42500 43000 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.