Philippines Monthly Economic Developments (March 2024) (English)

The fiscal deficit continues to fall, consistent with the government's fiscal consolidation agenda. Meanwhile, high prices pose a key short-term risk to inflation and a shift towards a more accomodative monetary policy. Other recent economic indicators present a mixed picture. Unemployment increased with a decline in seasonal jobs, but wage and salary employment expanded. An improvement in external demand contributed to growth in manufacturing output and exports. The current deficit narrowed in 2023 owing to a lower goods trade deficit along with higher service exports and remittances from overseas workers.