Markets Actual Q3 Q4 Q1 Q2 2021
Currency 49.80 50.04 50.26 50.47 50.69 51.12
Stock Market (points) 6309.20 6058 5910 5766 5625 5343
Government Bond 10y (%) 2.81 2.84 2.88 2.92 2.97 3.05

Overview Actual Q3 Q4 Q1 Q2 2021
GDP Growth Rate (%) -5.10 2.5 1.5 1 -0.5 1.5
GDP Annual Growth Rate (%) -0.20 2 3.5 4.9 7.5 6.2
Unemployment Rate (%) 17.70 9.5 6 6.1 6.5 5.5
Inflation Rate (%) 2.10 2 1.7 2.5 4 3
Inflation Rate Mom (%) 0.10 0.4 0.2 0.2 0.2 0.2
Interest Rate (%) 2.25 2.25 2.25 2.25 2.75 3
Balance of Trade (USD Thousand) -499000.00 3320000 4008000 4140000 4295000 -4060000
Current Account (USD Million) -252.00 -500 -250 560 720 590
Current Account to GDP (%) 2.20 -3.5 -3.5 -2.5 -2.5 -2.5
Government Debt to GDP (%) 41.50 55 55 45 45 45
Government Budget (% of GDP) -3.50 -6.5 -6.5 -5.5 -5.5 -5.5
Business Confidence (points) 22.30 -20 -12 -6 1 1
Consumer Confidence (points) 1.26 -18 -16 -16 -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 Q3 Q4 Q1 Q2 2021
GDP Growth Rate (%) -5.10 2.5 1.5 1 -0.5 1.5
GDP Annual Growth Rate (%) -0.20 2 3.5 4.9 7.5 6.2
GDP (USD Billion) 355.50 345 345 390 390 390
GDP Constant Prices (PHP Million) 4450941.41 2377844 2747350 4669038 4784762 2917685
Gross National Product (PHP Million) 5166622.67 2956123 3080094 5419787 5554119 3271060
Gross Fixed Capital Formation (PHP Million) 1072932.66 730574 788976 1125506 1153403 837893
GDP per capita (USD) 3022.00 3400 3400 3700 3700 3700
GDP per capita PPP (USD) 7942.50 8000 8000 8300 8300 8300
GDP From Agriculture (PHP Million) 185007.00 141317 191482 194072 198883 203354
GDP From Construction (PHP Million) 625980.07 274512 313374 656653 672929 332803
GDP From Manufacturing (PHP Million) 877543.97 506125 643784 920544 943360 683699
GDP From Mining (PHP Million) 35248.70 16149 20425 36976 37892 21691
GDP From Public Administration (PHP Million) 190728.67 103515 129795 200074 205033 137843
GDP From Services (PHP Million) 1515057.00 1418088 1568084 1589295 1628686 1665305
GDP From Transport (PHP Million) 68310.82 68483 70702 71658 73434 75085
GDP From Utilities (PHP Million) 136407.28 89606 79055 143091 146638 83957

Labour Actual Q3 Q4 Q1 Q2 2021
Unemployment Rate (%) 17.70 9.5 6 6.1 6.5 5.5
Employed Persons (Thousand ) 33764.00 40000 41500 42100 42400 43700
Unemployed Persons (Thousand ) 7254.00 3300 3300 2900 2700 2700
Labor Force Participation Rate (%) 55.64 60 60 61 62 62
Wages in Manufacturing (points) 122.31 100 110 120 120 125
Population (Million) 108.80 110 110 112 112 112
Minimum Wages (PHP/day) 537.00 537 537 557 557 557
Employment Rate (%) 82.32 88 90 90 92 92

Prices Actual Q3 Q4 Q1 Q2 2021
Inflation Rate (%) 2.10 2 1.7 2.5 4 3
Inflation Rate Mom (%) 0.10 0.4 0.2 0.2 0.2 0.2
Consumer Price Index CPI (points) 122.30 123 124 125 127 128
Core Consumer Prices (points) 122.10 124 125 126 127 130
Core Inflation Rate (%) 2.90 3.2 3.5 3.5 3.8 4.1
Producer Prices (points) 131.70 138 136 135 135 140
Producer Prices Change (%) -3.10 2 2.3 2.3 2.5 3.3
Food Inflation (%) 2.90 3 3 2.5 1.5 3
CPI Housing Utilities (points) 113.80 115 116 117 118 119
CPI Transportation (points) 101.90 108 109 107 106 112

Money Actual Q3 Q4 Q1 Q2 2021
Interest Rate (%) 2.25 2.25 2.25 2.25 2.75 3
Money Supply M2 (PHP Million) 12775438.56 14232940 15107701 15982462 16857223 18606745
Foreign Exchange Reserves (USD Million) 93290.00 90400 91519 92652 93785 96052
Banks Balance Sheet (PHP Billion) 2326.00 2890 3050 3209 3368 3686
Deposit Interest Rate (%) 1.75 1.75 1.75 1.75 2.25 2.25
Lending Rate (%) 2.75 2.75 2.75 2.75 3.25 3.25
Loans To Banks (PHP Million) 303154.59 271421 267453 263485 259517 251581
Loans To Private Sector (PHP Million ) 8239837.69 7756064 8358213 8586730 8857826 8876423
Cash Reserve Ratio (%) 12.00 12 12 12 12 12
Central Bank Balance Sheet (PHP Billion) 4996.74 5216 5282 5347 5413 5545

Trade Actual Q3 Q4 Q1 Q2 2021
Balance of Trade (USD Thousand) -499000.00 3320000 4008000 4140000 4295000 -4060000
Current Account (USD Million) -252.00 -500 -250 560 720 590
Current Account to GDP (%) 2.20 -3.5 -3.5 -2.5 -2.5 -2.5
Imports (USD Thousand) 3282710.00 630000 742000 790000 855000 9020000
Exports (USD Thousand) 2783510.00 3950000 4750000 4930000 5150000 4960000
External Debt (USD Million) 83617.93 83964 83964 84265 84265 84265
Remittances (USD Thousand) 2396623.70 2452052 2457800 2463549 2469298 2480795
Tourist Arrivals 776798.00 250000 450000 550000 550000 605000
Gold Reserves (Tonnes) 197.90 200 200 200 200 200
Foreign Direct Investment (USD Million) 500.00 550 1050 1050 1200 1200

Government Actual Q3 Q4 Q1 Q2 2021
Government Debt to GDP (%) 41.50 55 55 45 45 45
Government Budget (% of GDP) -3.50 -6.5 -6.5 -5.5 -5.5 -5.5
Government Budget Value (PHP Million) -202136.00 -131500 -151000 -102000 -114500 -90000
Government Spending (PHP Million) 563543.97 274861 290391 591158 605810 308396
Government Revenues (PHP Million) 151493.00 175500 185000 213000 200500 234000
Fiscal Expenditure (PHP Million) 353629.00 307000 336000 315000 315000 324000
Military Expenditure (USD Million) 3753.00 3000 3000 3500 3500 3500

Taxes Actual Q3 Q4 Q1 Q2 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 Q3 Q4 Q1 Q2 2021
Business Confidence (points) 22.30 -20 -12 -6 1 1
Industrial Production (%) -61.40 4.2 5.3 5.3 9.5 6
Total Vehicle Sales 1389.00 5500 7500 8500 9000 9000
Manufacturing Pmi (points) 49.70 49 51 52 53 53.4

Consumer Actual Q3 Q4 Q1 Q2 2021
Consumer Confidence (points) 1.26 -18 -16 -16 -5 -7
Retail Sales Yoy (%) 0.70 2 3.5 3.5 9.5 3.6
Consumer Spending (PHP Million) 3314513.21 1585255 1954823 3476924 3563102 2076022
Bank Lending Rate (%) 6.54 6.54 6.54 6.54 7.04 7.04
Gasoline Prices (USD/Liter) 0.94 0.89 0.85 0.81 0.77 0.73
Consumer Credit (PHP Billion) 456.61 419 473 479 491 502

Housing Actual Q3 Q4 Q1 Q2 2021
Housing Index (PHP/SQ. METRE) 11878.00 10000 14000 14000 14000 14000
Building Permits 37256.00 20500 35500 35500 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.