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A first look at the medium-term fiscal program
PHILIPPINES · In Brief · 12 Jul 2022

Last Friday, the Development Budget Coordination Committee (DBCC), an inter-agency body made up of the departments of budget, finance, planning and the BSP, presented the new administration’s fiscal program for 2022 to 2028. The medium-term program hinges on the economy sustaining its growth clip...

Marcos 2.0
PHILIPPINES · Report · 05 Jul 2022

At noon on June 30, Ferdinand “Bongbong” Marcos, Jr., took his oath of office as the 17th president of the Philippines. He is starting his six-year term at a particularly inauspicious time for the local economy. Two years of battling the Covid-19 pandemic has left the economy much weakened, with ...

Inflation breached 6%
PHILIPPINES · In Brief · 05 Jul 2022

June inflation quickened to 6.1%, equivalent to a month-on-month (mom) increase of 0.9%. Food inflation went up by 1.1% mom, led by three product groups with mom inflation exceeding 2%: meat products, oils and fats and sugar, while non-food items rose 0.8% mom, traced notably to transport-related...

Testing the new governor?
PHILIPPINES · In Brief · 23 Jun 2022

We had barely made an end-year P55/$ call late last week[1] when the exchange rate shot past P54/$ early this week and closed at P54.7/$ in today's trading. From where we sit, it looks like the selldown of the peso is the market’s way of welcoming the incoming BSP governor, Felipe Medalla, after ...

Bold or ill-advised?
PHILIPPINES · In Brief · 22 Jun 2022

President-elect Ferdinand Marcos, Jr., who will take office at the end of the month, made an unexpected announcement in a press conference Monday. He said that the country is facing a severe enough food supply problem that he has decided to take on the portfolio of the Secretary of Agriculture. H...

A gradual tightening
PHILIPPINES · In Brief · 17 Jun 2022

Following the US Fed’s large 75bp policy rate hike on Wednesday, BSP watchers are once more speculating whether the Monetary Board (MB), the policy-making body of the BSP, would take a more aggressive approach to raising its set of policy rates. Earlier, incoming BSP Governor Felipe Medalla, who ...

Inflation breached 5%
PHILIPPINES · In Brief · 07 Jun 2022

As expected, the headline inflation rate climbed to 5.4% in May, up from 4.9% in April. Continuing increases in fuel and food were still the main drivers of the headline rate, with both contributing to a sharper increase in food and restaurant services. On a month-on-month basis, consumer prices ...

Here comes the son
PHILIPPINES · Forecast · 31 May 2022

A new administration with an exceptional majority electoral mandate will take office on June 30. So far, it has handed the business community what it wanted, a knowledgeable and experienced economic team that could hit the ground running. This is enough for even those strongly opposed to the so...

​Marcos's economic team (2)
PHILIPPINES · In Brief · 25 May 2022

In our update on President-elect Marcos's cabinet choices yesterday, we wondered who will replace soon to be Finance Secretary Benjamin Diokno as BSP Governor. The answer is, Dr. Felipe Medalla, a member of the Monetary Board, who will serve until June next year. Like Messrs Diokno and Balisacan,...

Marcos's economic team
PHILIPPINES · In Brief · 25 May 2022

We have it on good authority that the next finance secretary will be BSP Governor Benjamin Diokno. This is good news for financial markets. So far, President-elect Ferdinand Marcos, Jr.’s inspired choices for his economic team – Governor Diokno for Finance and economist Arsenio Balisacan for NEDA...

Monetary Board increases policy rates by 25bp
PHILIPPINES · In Brief · 19 May 2022

Following rising domestic inflation and inflation expectations, firmer recovery in domestic demand and a more hawkish US Fed stance, the policy making body of the BSP decided today to raise its set of policy rates by 25bp. This will bring the overnight reverse repurchase rate (RRP), which has bee...

GDP grew 8.3% in Q1 2022
PHILIPPINES · In Brief · 12 May 2022

Despite the Omicron-driven surge in covid-19 cases at the start of the year, economic growth in Q1 was stronger than the median analyst forecast of 6.7%.The 8.3% yoy headline number reflects some base effects, but economic growth on a sequential seasonally-adjusted basis was at a robust 1.9% clip...

Game over. Marcos Jr. wins.
PHILIPPINES · In Brief · 10 May 2022

The unofficial, partial tally as of the afternoon of May 10 showed Ferdinand Marcos, Jr. garnering over 30 million votes, equivalent to an almost 60% share. His closest rival, Vice President Leni Robredo who received less than half his votes had said, in what sounded like a concession statement, ...

April inflation quickened to 4.9%
PHILIPPINES · In Brief · 05 May 2022

The headline inflation rate reached 4.9% in April, up from 4% in March.On a month-on-month seasonality adjusted basis, inflation continued to rise briskly at 1% for the second straight month.Increases in food and fuel prices are still the main drivers, with the latter pushing up consumers’ electr...

Is it game over? (4)
PHILIPPINES · In Brief · 02 May 2022

But for the casting of votes on Monday, May 9, the presidential and vice-presidential elections appear to be over. PulseAsia today released its survey of voter preferences conducted from April 16-21. The results were largely unchanged compared with last month. In the race for the presidency, Mr. ...

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