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Macro Analysis / Philippines

Philippines: Budget deficit at Php40.1 bn as spending slows considerably

The Philippines posted a budget deficit of Php40.1 billion as revenue collection fell 36.5% while government spending rose a mere 0.4%. For the year, the budget deficit swelled to Php740.7 bn as year-to-date revenues fell 8.3% while spending surged 2...
ING Think
ING Think 23 September 2020
Philippines: Budget deficit at Php40.1 bn as spending slows considerably
Philippines: Budget deficit at Php40.1 bn as spending slows considerably
Macro Analysis / Philippines

Catch of the week

I usually like to wrap these notes around some sort of theme, but I can't find one today. That unhappy milestone also comes against comments from some of the vaccine makers, which have indicated that they are unlikely to have a vaccine safe for roll-...
ING Think
ING Think 18 September 2020
Catch of the week
Catch of the week
Strategy Note / Global

Remittances: Better than feared so far (in two charts)

If remittances drop 20% who is exposed in emerging and frontier markets?
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 17 September 2020
Remittances: Better than feared so far (in two charts)
Remittances: Better than feared so far (in two charts)
Macro Analysis / Philippines

Philippines: Remittances surprise again, up 7.8% in July

Overseas Filipinos (OFs) defied expectations for a second month with remittances sent home from abroad rising by 7.8% in July. One other reason for the 7.8% increase in remittances could be traced to exchange rate nuances with the US dollar retreatin...
ING Think
ING Think 15 September 2020
Philippines: Remittances surprise again, up 7.8% in July
Philippines: Remittances surprise again, up 7.8% in July
Macro Analysis / Global

Philippines: New law opens door for more BSP “burden sharing”

The newly signed Bayanihan 2 law raises the cap on the amount the central bank can advance to the national government from Php540 bn to Php812 bn. The timely passage of the new law opens the door for a more hefty “burden sharing” arrangement between...
ING Think
ING Think 14 September 2020
Philippines: New law opens door for more BSP “burden sharing”
Philippines: New law opens door for more BSP “burden sharing”
Macro Analysis / Philippines

Philippines: Import implosion supports PHP but points to slowing GDP momentum

The ongoing Covid-19 pandemic continues to weigh on overall trade activity, with both exports and imports falling in July. Exports showed a broad-based decline with all but one sub-sector posting a contraction from the same period a year ago as globa...
ING Think
ING Think 10 September 2020
Philippines: Import implosion supports PHP but points to slowing GDP momentum
Philippines: Import implosion supports PHP but points to slowing GDP momentum