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Economic Research
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30 November 2016
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Philippines
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Economic
Highlights
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The broad money supply (M3) growth in the Philippines edged up
to 12.8% y-o-y in October, from +12.7% in September and +11.9% in August,
underpinned by an acceleration in domestic claims.
Meanwhile, outstanding loans of commercial banks, inclusive of
reverse repurchase placements (RRP) with the central bank, eased to +16.2%
y-o-y in October, from +16.5% in September and +15.9 in August, on account of
slower growth in loans extended to households while business loan growth
stabilised.
Going forward, the BSP will likely maintain its key policy rate
at 3.0% for the rest of 2016 and in 2017, as inflation remains manageable and
economic growth will likely hold up relatively well.
Separately, the Philippines’
gross international reserves decreased to USD85.8bn in October, following an
increase of USD0.3bn in September. Moving forward, the peso is expected to
stay weak at around PHP50.00/USD by end-2016 and trade towards 50.50/USD by
end-2017, from PHP46.86/USD by end-2015, contributed partly by a shrinking
current account surplus in the balance of payments.
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Wednesday, November 30, 2016
Money Supply Picks Up While Bank Lending Moderates In October
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