Markets Actual Q3 Q4 Q1 Q2 2022
Currency 50.21 50.51 50.66 50.82 50.98 51.3
Stock Market (points) 6653.53 6443 6238 6041 5849 5484
Government Bond 10y (%) 3.89 4 4.11 4.22 4.33 4.58

Overview Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) 0.30 3 2 2 2.5 2
GDP Annual Growth Rate (%) -4.20 9.3 7.5 6.5 4 9
Unemployment Rate (%) 8.70 8.3 8.3 7.9 7.8 7.5
Inflation Rate (%) 4.10 4.6 3.9 2.3 2.6 2.5
Inflation Rate Mom (%) 0.20 0.2 0.2 0.2 0.3 0.2
Interest Rate (%) 2.00 2.25 2.25 2.25 2.25 2.5
Balance of Trade (USD Thousand) -2755000.00 -2600000 -3480000 -3480000 -3200000 -3200000
Current Account (USD Million) -380.26 900 550 550 550 590
Current Account to GDP (% of GDP) 3.60 -0.2 -0.2 -2 -2 -2
Government Debt to GDP (% of GDP) 53.50 53 53 54 54 54
Government Budget (% of GDP) -7.50 -4.5 -4.5 -2.5 -2.5 -6.5
Business Confidence (points) 1.40 20 25 28 25 30
Consumer Confidence (points) -30.90 10 7 5 15 7
Corporate Tax Rate (%) 30.00 30 30 30 30 30
Personal Income Tax Rate (%) 35.00 35 35 35 35 35

GDP Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) 0.30 3 2 2 2.5 2
GDP Annual Growth Rate (%) -4.20 9.3 7.5 6.5 4 9
GDP (USD Billion) 361.49 373 373 379 379 379
GDP Constant Prices (PHP Million) 4244695.00 4670486 3020534 5187074 4520600 5653911
Gross National Product (PHP Million) 4583578.37 4949874 3389920 5141634 4881511 5604382
Gross Fixed Capital Formation (PHP Million) 872020.86 911658 913222 1106852 928702 1206468
GDP per capita (USD) 2980.02 3160 3160 3160 3160 3300
GDP per capita PPP (USD) 7953.58 8720 8720 8720 8720 9000
GDP From Agriculture (PHP Million) 434377.00 470286 222301 558614 462612 608889
GDP From Construction (PHP Million) 217314.00 294302 331038 351064 231439 382660
GDP From Manufacturing (PHP Million) 882192.00 815146 726879 1047064 939534 1141300
GDP From Mining (PHP Million) 35552.00 49596 23778 33249 37863 36241
GDP From Public Administration (PHP Million) 205871.00 288275 126649 268133 219253 292265
GDP From Services (PHP Million) 2526208.00 2880158 1698146 3042420 2690412 3316238
GDP From Transport (PHP Million) 136438.00 99199 215413 145822 145306 158946
GDP From Utilities (PHP Million) 138453.00 160999 86478 154663 147452 168583

Labour Actual Q3 Q4 Q1 Q2 2022
Unemployment Rate (%) 8.70 8.3 8.3 7.9 7.8 7.5
Employed Persons (Thousand ) 43269.00 42000 42000 42500 42500 43000
Unemployed Persons (Thousand ) 4138.00 3500 3500 3100 3100 2900
Labor Force Participation Rate (%) 63.23 61 61 61.5 61.5 62
Wages in Manufacturing (points) 121.81 125 125 125 125 125
Population (Million) 109.60 112 112 114 114 114
Minimum Wages (PHP/day) 537.00 537 537 537 537 537
Employment Rate (%) 91.27 91.7 91.7 92.1 92.1 92.5

Prices Actual Q3 Q4 Q1 Q2 2022
Inflation Rate (%) 4.10 4.6 3.9 2.3 2.6 2.5
Inflation Rate Mom (%) 0.20 0.2 0.2 0.2 0.3 0.2
Consumer Price Index CPI (points) 128.00 129 131 131 131 134
Core Consumer Prices (points) 126.30 129 130 131 131 134
Core Inflation Rate (%) 3.00 4 3.9 4.1 3.8 3
Producer Prices (points) 89.16 93.86 95.92 95.92 91.39 97.36
Producer Prices Change (%) -4.30 1.8 3.5 5.5 2.5 1.5
Food Inflation (%) 4.70 5 5 3 5 3
CPI Housing Utilities (points) 116.50 119 119 118 119 122
CPI Transportation (points) 119.50 120 120 121 123 123

Money Actual Q3 Q4 Q1 Q2 2022
Interest Rate (%) 2.00 2.25 2.25 2.25 2.25 2.5
Money Supply M2 (PHP Million) 13614153.00 14028966 14319861 14610757 14300000 15105789
Foreign Exchange Reserves (USD Million) 106080.00 105508 105851 106195 106539 107227
Banks Balance Sheet (PHP Billion) 3202.00 3410 3686 3850 3850 4325
Deposit Interest Rate (%) 1.50 1.75 1.75 1.75 1.75 1.75
Lending Rate (%) 2.50 2.75 2.75 2.75 2.75 2.75
Loans To Banks (PHP Million) 334385.11 299241 347036 354832 354832 375831
Loans To Private Sector (PHP Million ) 7939251.10 8637938 8644407 8400655 8256821 9422404
Cash Reserve Ratio (%) 12.00 12 12 12 12 12
Central Bank Balance Sheet (PHP Billion) 7071.68 6854 6888 6722 6500 6623

Trade Actual Q3 Q4 Q1 Q2 2022
Balance of Trade (USD Thousand) -2755000.00 -2600000 -3480000 -3480000 -3200000 -3200000
Current Account (USD Million) -380.26 900 550 550 550 590
Current Account to GDP (% of GDP) 3.60 -0.2 -0.2 -2 -2 -2
Imports (USD Thousand) 8648110.00 8190000 8320000 8500000 8700000 8500000
Exports (USD Thousand) 5893110.00 5350000 5250000 5300000 5500000 5300000
External Debt (USD Million) 98488.01 1020000 1020000 1050000 1050000 1050000
Remittances (USD Thousand) 2382115.30 2473222 2480795 2498541 2498541 2509084
Tourist Arrivals 19793.00 55000 10000 200000 250000 300000
Gold Reserves (Tonnes) 164.05 165 170 180 180 200
Foreign Direct Investment (USD Million) 679.00 1150 1000 1000 1000 1000

Government Actual Q3 Q4 Q1 Q2 2022
Government Debt to GDP (% of GDP) 53.50 53 53 54 54 54
Government Budget (% of GDP) -7.50 -4.5 -4.5 -2.5 -2.5 -6.5
Government Budget Value (PHP Million) -200306.00 -172000 -54000 -54000 -54000 -69000
Government Spending (PHP Million) 650335.79 965802 287350 680545 692608 741795
Government Revenues (PHP Million) 256415.00 223000 234000 234000 234000 255000
Fiscal Expenditure (PHP Million) 456721.00 349500 344000 340000 340000 324000
Military Expenditure (USD Million) 3495.00 3500 3500 3500 3500 3500

Taxes Actual Q3 Q4 Q1 Q2 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 Q3 Q4 Q1 Q2 2022
Business Confidence (points) 1.40 20 25 28 25 30
Industrial Production (%) 249.50 5.5 6 7.5 7.5 6
Total Vehicle Sales (Units) 7382.00 7000 9000 9000 10000 9000
Manufacturing PMI (points) 50.80 51 53 55 55 53

Consumer Actual Q3 Q4 Q1 Q2 2022
Consumer Confidence (points) -30.90 10 7 5 15 7
Retail Sales Yoy (%) 2.10 3.5 3.6 3.2 1.8 3.6
Consumer Spending (PHP Million) 3153807.45 3291968 2176644 3925670 3358805 4278980
Bank Lending Rate (%) 6.54 6.79 6.79 6.79 6.79 6.79
Gasoline Prices (USD/Liter) 1.12 1.06 1.01 0.96 0.91 0.87
Consumer Credit (PHP Billion) 400.21 466 436 451 447 492

Housing Actual Q3 Q4 Q1 Q2 2022
Housing Index (PHP/SQ. METRE) 10590.00 11900 12500 12100 12100 13000
Building Permits 33627.00 42500 43000 32000 32000 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.