RHB | Economic Highlights (Philippines) – Inflation Surged To The Fastest Pace In 30 months In May, Room To Keep Interest Rates Steady Narrows, 11 June 2014

Economic Research	11 June 2014
Philippines
Economic Highlights
Exports Eased Sharply In April Following Japan’s VAT Hike Philippines’ merchandise exports eased sharply to 0.8% y-o-y in April, from +11.2% in March and compared with +24.4% in February. The export numbers in April, which seen levels falling to a three-month low while it came in below the median estimate of +10.0% y-o-y, indicates that Philippine exporters may have frontloaded their exports in the previous few months due to Japan’s value-added tax (VAT) hike on 1st April. Economist:  Peck Boon Soon  | +603 9280 2163
To access our recent reports please click on the links below: 05 June 2014 : Inflation Surged To The Fastest Pace In 30 months In May, Room To Keep Interest Rates Steady Narrows 02 June 2014: Money Supply Moderated While Credit Growth Continued To Accelerate In April 30 May 2014 : GDP Growth Moderated To 5.7% In 1Q Amid Supply Disruptions From Yolanda 16 May 2014: Overseas Remittances Accelerated In March 12 May 2014: Exports Moderated In March, But Recovery Remains Intact 08 May 2014: BSP Raises Reserve Requirement to 20%, Kept Policy Rates Unchanged