Philippines Monthly Economic Developments (February 2024) (English)

Domestic demand conditions continued to improve: headline and core inflation fell to within target, unemployment declined to a near two-decade low, and a recovering tourism industry continued to support domestic activity. However, several external developments persistently weighed on the economy and requires continued monitoring. Rice price inflation continued to increase due to higher import prices. Meanwhile, muted global trade activity resulted in a mixed picture for manufacturing activity. While manufacturing remained in expansionary territory, leading indicators suggested continued softness due to the weak external environment.