Miscellaneous Knowledge Notes

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Topic: Macroeconomics and Economic Growth × Country: Philippines ×

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    Philippines Monthly Economic Developments, August 2023
    (Washington, DC: World Bank, 2023-08-22) World Bank
    Gross domestic product (GDP) growth moderated to 4.3 percent in Q2 2023 owing to a slowdown in domestic and external demand. Manufacturing and services continued to weaken in June, although leading indicators suggest a stronger expansion in July. External demand for goods exports softened in June amid slowing global activity, while soft domestic demand led to a contraction in goods imports. The fiscal deficit narrowed in Q2 2023, as public spending declined due to ongoing fiscal consolidation and delays in budget execution. Labor market conditions remained strong, despite an uptick in unemployment and underemployment.
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    Philippines Monthly Economic Developments: October 2022
    (Washington, DC: World Bank, 2022-10) World Bank
    Headline inflation accelerated in September driven by higher food and energy prices. In addition, core inflation remained elevated, indicating continuing price pressures and strong domestic demand. Robust domestic activity, amid declining COVID-19 cases, contributed to double-digit and broad-based growth of goods imports. Meanwhile, factory output accelerated in August, but goods exports contracted for the second consecutive month amid lingering weakness among main trading partners. Although the unemployment rate remained low in August, underemployment worsened.
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    Philippines Monthly Economic Developments: September 2022
    (Washington, DC, 2022-09) World Bank
    Headline inflation marginally eased in August following five consecutive months of increases. However, core inflation rose further, which is indicative of underlying price pressure and strong domestic demand. The strong demand contributed to a double-digit growth in imports, and the decline in the unemployment rate to its lowest level since the start of the pandemic. Factory outputs grew modestly and goods exports contracted in July. As Coronavirus (COVID-19) cases and hospital bed occupancy rate are manageable, the authorities lifted the mask requirement for outdoor activities.
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    Philippines Monthly Economic Developments: August 2022
    (Washington, DC, 2022-08) World Bank
    The Philippine economy expanded by 7.4 percent in the second quarter of 2022, anchored on robust domestic activity. The strong domestic environment stood in contrast with the weak external conditions which led to the modest growth in manufacturing and exports. In July, headline inflation further accelerated due to rising food and energy prices, and second-round effects from high fuel cost. To address inflation, the authorities have raised its key policy rates, rolled out fuel subsidy to vulnerable groups including public utility jeepney drivers and operators, farmers and fisherfolks, and provided cash transfers to poor households.
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    Impacts of COVID-19 on Firms in the Philippines: Results from the Philippines COVID-19 Firm Survey conducted in November 2020
    (World Bank, Washington, DC, 2021) World Bank
    The findings are based on the survey of 13,878 firms conducted from November 26 to December 10, 2020, to assess the impacts of COVID-19 on firms. This survey builds on a government survey in April 2020 and the World Bank-government joint survey in July 2020, both of which benefit from a large sample size and present a nationwide representative snapshot of firms in the Philippines. Easing of the community quarantine has led to more businesses reopening (63 percent in November vs. 45 percent in July), but with only a small proportion operating at full capacity (9 percent). While some managers closed businesses in compliance with government regulation (9 percent), others voluntarily closed their businesses (21 percent) despite eased community quarantines. About 7 percent of firms reported to have closed permanently. Reduction in sales has continued for firms. 67 percent of firms reported a reduction in sales between July and November 2020, compared to 88 percent between April and July 2020. The main reason for decreased sales is limited operation (58 percent) and inability of customers to come to establishments (38 percent). Downward adjustments of employment continued in November 2020 (38 percent), albeit at a slower pace than in July 2020 (50 percent). Significant shares of firms also made adjustments on the intensive margin, reducing hours (19 percent) and wages (16 percent). Only 3 percent of firms hired new employees. A large share of firms reported acute liquidity constraints, with reports of not having enough cash and having fallen behind in payments. 66 percent of firms did not have enough cash to pay all costs and payments such as payroll, suppliers, taxes or loan repayment beyond 1 month. Two thirds of firms had adjusted loan repayment terms, and 48 percent of firms were in arrears, with an additional 29 percent expecting to be in arrears by February 2021. Despite firms expressing cautious optimism that sales and employment will increase over the next 3 months, many expect their financial positions to worsen.