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Philippines Still Has Bright Economic Future

For the third quarter of 2013, the country’s gross domestic product (GDP) grew by 7.0% year-on-year, slightly lower than the Bloomberg consensus estimate of 7.1% and BPI Asset Management’s forecast of 7.2%.

Nevertheless, the figure still brings average GDP growth for the first three quarters of the year to 7.4%, higher than the government’s target of 6%-7% for 2013. Compared to its regional peers, the Philippines is still one of the fastest growing countries, falling slightly behind China’s 7.8%.

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GDP Grew at 7.5% YOY for Q2

The Philippine economy grew by a robust 7.5% year-on-year during 2Q2013, topping the Bloomberg consensus estimate of 7.2%. The result was the highest recorded for the Asia Pacific Region, but slightly lower than the downwardly revised 7.7% growth recorded in 1H2013.

The second quarter reading also brought the 1H average growth rate to 7.6% year-on-year. Among the ASEAN region, the Philippines distinguished itself with domestic-led economic growth, while trade-dependent peers continue to suffer from falling export receipts underpinned by weakening global demand for commodities.

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Headline Inflation of Philippines at 2.6%

Headline inflation at the end of April 2013 decelerated to 2.6% year-on-year, the lowest level in 13 months amid slowing month-on-month price increases across almost all commodity groups.

April’s inflation figure was lower than the previous month’s 3.2% increase and was well within the BSP’s expected range of 2.2%-3.1% for 2013. The result was not a surprise given a strong increase in corn/rice output of +4.5% year-on-year and +11.3% year-on-year respectively for the period ending 1Q 2013.

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