Robust domestic demand fueled an uptick in manufacturing activity and a rebound in imports of goods and services. Meanwhile, goods exports stagnated because of muted demand for Philippine electronics while services exports slowed due to weaker-than-expected growth in business services. US monetary policy easing has boosted financial inflows into the foreign exchange and stock markets. It also provides more policy space for the Bangko Sentral ng Pilipinas (BSP), which resumed substantial reductions in reserve requirements and signaled further rate cuts in October and December. Along with the downward trend in inflation, these policy adjustments are expected to reinforce the upward trend in bank lending.
Authors
- Disclosure Date
- 2024/10/02
- Disclosure Status
- Disclosed
- Doc Name
- Philippines Monthly Economic Developments (September 2024)
- Pages
- 4
- Published in
- United States of America
- Unit Owning
- EFI-EAP-MTI-MacroFiscal-2 (EEAM2)
- Version Type
- Final
- Volume No
- 1