Markets Actual Q2 Q3 Q4 Q1 2022
Currency 47.77 47.98 48.18 48.39 48.6 49.01
Stock Market (points) 6258.71 6105 5956 5811 5669 5385
Government Bond 10y (%) 4.01 4.07 4.13 4.19 4.25 4.38

Overview Actual Q2 Q3 Q4 Q1 2022
GDP Growth Rate (%) 5.60 6 3 2 2 2
GDP Annual Growth Rate (%) -8.30 13 9.3 7.5 6.5 9
Unemployment Rate (%) 8.70 8.5 8.3 8.3 7.9 7.5
Inflation Rate (%) 4.50 4.3 4.6 2.9 2.3 2.5
Inflation Rate Mom (%) -0.10 0.3 0.2 0.2 0.2 0.2
Interest Rate (%) 2.00 2 2.25 2.25 2.25 2.5
Balance of Trade (USD Thousand) -2412000.00 -2600000 -2600000 -3480000 -3480000 -3200000
Current Account (USD Million) 1009.98 700 900 550 550 590
Current Account to GDP (%) 2.20 -1.5 -1.5 -1.5 -2 -2
Government Debt to GDP (%) 41.50 53 53 53 54 54
Government Budget (% of GDP) -3.50 -7.5 -7.5 -7.5 -6.5 -6.5
Business Confidence (points) 17.40 18 20 25 28 30
Consumer Confidence (points) -47.90 15 10 7 5 7
Corporate Tax Rate (%) 30.00 30 30 30 30 30
Personal Income Tax Rate (%) 35.00 35 35 35 35 35

GDP Actual Q2 Q3 Q4 Q1 2022
GDP Growth Rate (%) 5.60 6 3 2 2 2
GDP Annual Growth Rate (%) -8.30 13 9.3 7.5 6.5 9
GDP (USD Billion) 376.80 373 373 373 379 379
GDP Constant Prices (PHP Million) 4825185.00 4271128 4670486 3020534 5187074 5653911
Gross National Product (PHP Million) 4782915.81 4985791 4949874 3389920 5141634 5604382
Gross Fixed Capital Formation (PHP Million) 1029629.31 1035380 911658 913222 1106852 1206468
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 424343 470286 222301 558614 608889
GDP From Construction (PHP Million) 326571.00 266802 294302 331038 351064 382660
GDP From Manufacturing (PHP Million) 974013.00 845147 815146 726879 1047064 1141300
GDP From Mining (PHP Million) 30929.00 34015 49596 23778 33249 36241
GDP From Public Administration (PHP Million) 249426.00 184053 288275 126649 268133 292265
GDP From Services (PHP Million) 2830158.00 2569104 2880158 1698146 3042420 3316238
GDP From Transport (PHP Million) 135648.00 162155 99199 215413 145822 158946
GDP From Utilities (PHP Million) 143873.00 131633 160999 86478 154663 168583

Labour Actual Q2 Q3 Q4 Q1 2022
Unemployment Rate (%) 8.70 8.5 8.3 8.3 7.9 7.5
Employed Persons (Thousand ) 41248.00 41900 42000 42000 42500 43000
Unemployed Persons (Thousand ) 3953.00 3700 3500 3500 3100 2900
Labor Force Participation Rate (%) 60.48 60.8 61 61 61.5 62
Wages in Manufacturing (points) 121.81 120 125 125 125 125
Population (Million) 108.80 112 112 112 114 114
Employment Rate (%) 91.25 91.5 91.7 91.7 92.1 92.5
Minimum Wages (PHP/day) 537.00 537 537 537 537 537

Prices Actual Q2 Q3 Q4 Q1 2022
Inflation Rate (%) 4.50 4.3 4.6 2.9 2.3 2.5
Inflation Rate Mom (%) -0.10 0.3 0.2 0.2 0.2 0.2
Consumer Price Index CPI (points) 127.70 128 129 130 131 133
Core Consumer Prices (points) 125.90 127 129 130 131 134
Core Inflation Rate (%) 3.30 3.9 4 3.9 4.1 3
Producer Prices (points) 90.92 91.77 93.86 95.88 96.17 97.31
Producer Prices Change (%) -3.10 -0.5 1.8 3.5 5.5 1.5
CPI Housing Utilities (points) 115.60 119 119 118 118 121
CPI Transportation (points) 118.60 113 120 119 121 122
Food Inflation (%) 4.80 7 5 5 3 3

Money Actual Q2 Q3 Q4 Q1 2022
Interest Rate (%) 2.00 2 2.25 2.25 2.25 2.5
Money Supply M2 (PHP Million) 13316155.00 13738070 14028966 14319861 14610757 15105789
Foreign Exchange Reserves (USD Million) 104820.00 105164 105508 105851 106195 107227
Banks Balance Sheet (PHP Billion) 3078.50 3368 3410 3686 3850 4325
Deposit Interest Rate (%) 1.50 1.5 1.75 1.75 1.75 2
Cash Reserve Ratio (%) 12.00 12 12 12 12 12
Central Bank Balance Sheet (PHP Billion) 7340.26 8820 9454 10088 10722 12623
Lending Rate (%) 2.50 2.5 2.75 2.75 2.75 3
Loans To Banks (PHP Million) 299722.80 331446 339241 347036 354832 375831
Loans To Private Sector (PHP Million ) 7827678.34 7899137 9121635 8637938 8644407 9422404

Trade Actual Q2 Q3 Q4 Q1 2022
Balance of Trade (USD Thousand) -2412000.00 -2600000 -2600000 -3480000 -3480000 -3200000
Current Account (USD Million) 1009.98 700 900 550 550 590
Current Account to GDP (%) 2.20 -1.5 -1.5 -1.5 -2 -2
Imports (USD Thousand) 9097210.00 8150000 8190000 8320000 8500000 8500000
Exports (USD Thousand) 6684330.00 5550000 5350000 5250000 5300000 5300000
External Debt (USD Million) 98488.01 84265 84265 84265 84265 84565
Remittances (USD Thousand) 2477282.00 2469298 2473222 2480795 2498541 2509084
Tourist Arrivals 19793.00 350000 555000 600000 700000 715000
Gold Reserves (Tonnes) 187.91 200 200 200 200 200
Foreign Direct Investment (USD Million) 1000.00 900 1150 1000 1000 1000

Government Actual Q2 Q3 Q4 Q1 2022
Government Debt to GDP (%) 41.50 53 53 53 54 54
Government Budget (% of GDP) -3.50 -7.5 -7.5 -7.5 -6.5 -6.5
Government Budget Value (PHP Million) -191442.00 -172000 -154500 -54000 -54000 -69000
Government Spending (PHP Million) 633065.57 543820 965802 287350 680545 741795
Government Revenues (PHP Million) 216161.00 200500 223000 234000 234000 255000
Fiscal Expenditure (PHP Million) 407603.00 355000 349500 344000 340000 324000
Military Expenditure (USD Million) 3327.00 3500 3500 3500 3500 3500

Taxes Actual Q2 Q3 Q4 Q1 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 Q2 Q3 Q4 Q1 2022
Business Confidence (points) 17.40 18 20 25 28 30
Industrial Production (%) -74.20 9.5 5.5 6 7.5 6
Total Vehicle Sales (Units) 6661.00 9000 9000 9000 9000 9000
Manufacturing PMI (points) 49.00 53 51 53 55 53

Consumer Actual Q2 Q3 Q4 Q1 2022
Consumer Confidence (points) -47.90 15 10 7 5 7
Retail Sales Yoy (%) 1.80 5.5 3.5 3.6 3.2 3.6
Consumer Spending (PHP Million) 3651785.61 3198505 3291968 2176644 3925670 4278980
Bank Lending Rate (%) 6.54 6.54 6.79 6.79 6.79 7.04
Consumer Credit (PHP Billion) 405.58 431 466 436 436 475
Gasoline Prices (USD/Liter) 1.05 0.97 0.92 0.84 0.83 0.79

Housing Actual Q2 Q3 Q4 Q1 2022
Housing Index (PHP/SQ. METRE) 10531.00 12100 11900 12500 12100 13000
Building Permits 31026.00 43000 42500 43000 41000 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.