Philippines: GDP surprised to the upside in Q2 – UOB – by pabspiovano Philippines GDP Banks
“The Philippines’ real GDP growth unexpectedly accelerated further to 7.6% y/y in 3Q22 as a result of further reopening of economic and social activities, higher minimum wages from 16 Jul 2022, and improving job opportunities during the quarter. The 3Q22 GDP growth reading defied our and market’s expectations for a deceleration to 6.8% and 6.2% respectively.”
“Prior to today’s robust 3Q22 GDP data and a nearly 14-year high of inflation outturn last Fri , BSP had on last Thu pre-announced a 75bps rate hike. This will bring the overnight reverse repurchase rate to 5.00% effective from 17 Nov. In response to the BSP’s strong intention to keep pace with the US Fed’s actions, a potentially higher terminal US interest rate by 1Q23 and persistent upsides risks to the nation’s inflation outlook, we had raised our BSP outlook last Thu with a RRP rate of 5.
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