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Philippine Monthly Economic Developments


Key findings:  

  • In the second quarter, the Philippine economy grew the fastest among its East Asian peers.
  • Recent manufacturing activities were strong but the sector is approaching its capacity limits.
  • With continued strong growth, the unemployment rate fell to a 10-year record low and underemployment improved in July.
  • The budget deficit widened in July, marked by growth in expenditures against lower revenue collection.
  • Imports of capital goods and consumer goods remained strong while export continued to contract in July.  
  • On August 29, the government issued revised implementing rules and regulations for the Government Procurement Reform Act, which could help eliminate procurement bottlenecks and improve budget implementation and predictability.