Cry Wolf

PHILIPPINES - Report 13 Mar 2014 by Romeo Bernardo and Christine Tang
In this slow news period, a recent analyst report caught our eye with the title "Artificial Strength in the Current Account?" The report compared Philippine trade figures against counterpart statistics reported by some of the country's major trading partners and noted huge discrepancies in the import figures. The author concluded that if growth and external balances were adjusted to fully account for the country's true import level, 4Q13 GDP growth would have only been 5.6% (vs. the reported 6.5%) and the current account would have been in deficit since 2012, with the January to September 2...

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