PHILIPPINES

Analyst

Diwa Guinigundo
Former Central Bank Deputy Governor

Databanks

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Recent Country Insights

The Vice-President as "Designated Survivor"
PHILIPPINES · In Brief · 13 Jul 2024

As reported in the broadsheets recently, the popularity and approval ratings of Vice-President Sara Duterte, one of the frontrunners to the Philippine presidency in 2028, are being pulled down by no less than his namesakes. The reason, as pointed out by a political commentator, is the shared bran...

National government debt continues to rise but at a decelerated rate
PHILIPPINES · Report · 10 Jul 2024

Public debt reflects the ability of governments to finance their annual budgets. If tax and non-tax revenues do not suffice, and reserves are not adequate to be drawn down, governments resort to borrowings from both domestic and external capital markets. The Philippines’ national government in...

Budget Challenge: Wise Use, Sustainable Financing
PHILIPPINES · In Brief · 08 Jul 2024

The Executive Branch through the Department of Budget and Management and the cabinet-level Development Budget Coordination Committee (DBCC) will formally submit a budget proposal for P6.352 trillion for 2025 on July 25, a week after the legislature reopens on July 22. Lower House Speaker and Leyt...

Likely scenario: one rate cut for the year?
PHILIPPINES · In Brief · 01 Jul 2024

As expected by the markets, the BSP decided to keep its policy rates steady at 6.5%, the highest in 17 years last Thursday, June 27. Accordingly, interest rates on overnight deposit and lending facilities remained unchanged at 6.0% and 7%, respectively. Now focusing on the exchange rate path, the...

Business and consumer sentiment less optimistic in Q2 2024
PHILIPPINES · Report · 01 Jul 2024

Notwithstanding the country’s real economic growth of 5.7 percent in Q1 2024, business sentiment in the Philippines turned out less optimistic in Q2 of 2024, with the overall confidence index (CI) recorded at 32.1 percent from 33.1 percent in Q1 of the current year, as reported in the Business Ex...

Beyond FDI campaigning
PHILIPPINES · Report · 25 Jun 2024

The Philippine broadsheets bannered recently that the foreign trips undertaken by President Ferdinand Marcos Jr, who has virtually made his foreign trips an opportunity to conduct his foreign investment campaign, yielded $19 billion in foreign investments “that have already been actualized or hav...

UniTeam, no united team anymore?
PHILIPPINES · In Brief · 22 Jun 2024

As we wrote in this space last February 12, 2024 we focused on the brewing issue of a possible break up in the UniTeam of President Ferdinand Marcos, Jr and Vice-President Sara Duterte, or effectively the Marcoses and the Dutertes. We based such a possibility on the President’s statements that he...

Fitch retains Philippines’ investment grade and stable outlook
PHILIPPINES · In Brief · 10 Jun 2024

After reporting that “Philippine bank asset quality and earnings will be supported by a robust economy over the next two years” last April 2024, Fitch Ratings affirmed the Philippines’ investment grade rating of BBB, a notch above the minimum investment grade. The country’s stable outlook was als...

Greater circumspection on monetary policy
PHILIPPINES · In Brief · 03 Jun 2024

When the Monetary Board of the Bangko Sentral ng Pilipinas (BSP or the Philippines’ central bank) concluded its May 2024 meeting on monetary policy two weeks ago, the stance of monetary policy was established, and it remained hawkish in view of the rising trend of price pressures and the upside r...

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