- Philippines third quarter YoY GDP printed at +5.2 (survey +5.7%)
- The second quarter GDP was revised up to +6.4% (from +6.3%).
- The seasonally adjusted QoQ result for 3Q was better than expected at +1.7%.
- The decline in GDP seemingly supports the Central Banks actions at prior meetings.
- The Central Bank (“BSP”) has cut the overnight borrowing rate by 50 basis points to 6.00% over the course of the last two meetings.
- CPI at +2.3%YoY, sits below their target of +3.0%.
- BSP has indicated that a further rate cut is possible this year, with their last policy meeting scheduled for Dec 19.
PHILIPPINES: GDP Weaker than Expected
Last updated at:Nov-07 02:10By: Jamie Grant
Philipines
- Philippines third quarter YoY GDP printed at +5.2 (survey +5.7%)
- The second quarter GDP was revised up to +6.4% (from +6.3%).
- The seasonally adjusted QoQ result for 3Q was better than expected at +1.7%.
- The decline in GDP seemingly supports the Central Banks actions at prior meetings.
- The Central Bank (“BSP”) has cut the overnight borrowing rate by 50 basis points to 6.00% over the course of the last two meetings.
- CPI at +2.3%YoY, sits below their target of +3.0%.
- BSP has indicated that a further rate cut is possible this year, with their last policy meeting scheduled for Dec 19.
