GDP growth accelerated to 6.9% y/y in Q4-2014 from 5.3% in Q3; q/q SA growth was 2.5%
• We expect robust GDP growth to continue throughout 2015, with risks to the upside
• USD-PHP is supported by positive fundamentals, and could continue to outper...
GDP growth accelerated to 6.4% y/y in Q2 from 5.6% in Q1; a 1.9% q/q seasonally adjusted increase
• Better external demand helped; manufacturing and services were buoyant
• We maintain our short- and medium-term Neutral FX weighting on the PHP due...
We upgrade our 2014 growth forecast to 7.1% from 6.7%; Q1 growth likely to come in at 6.5% y/y
• Growth will likely be supported by the robust domestic sector and improving external outlook
• With El Niño looming, food inflation is likely to be th...
We expect further remittance growth on a recovery in global growth and post-typhoon reconstruction
• Our models therefore estimate c.2.0-2.5% more support in 2014 than in 2013
• We expect remittance growth to remain positive for GDP growth, curren...
Top 3 data/events
• Japan –Trade deficit likely continued in February
• UK – Retail sales may have crept up in February, but remain fragile
• US – The FOMC is expected to sit tight
• Market focus
• SCTF and SC FIRST suggest that positioning ...
We expect a larger current account surplus in 2013, supported by services exports and remittances
• The BoP backdrop provides a strong argument for an investment-grade rating by 2014
• We maintain our Overweight stance on the PHP, although we expe...
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