The economy rebounded, expanding by 5.6% in 2021 after contracting by 9.6% in 2020. As the major drivers of growth, investment grew by 19.0% with household consumption rising by 4.2%. On the supply side, services was the largest contributor to growth, expanding by 5.3%. Remittances from Filipinos working abroad rose by 5.1%, reaching $34.9 billion in 2021, or 8.9% of GDP. Inflation increased to 3.9% from 2.4% in 2020 on higher food and petroleum prices. GDP is forecast to grow by 6.0% in 2022 and by 6.3% in 2023 as domestic demand strengthens. As economic recovery accelerates, revenues will continue to improve with the government’s decision to maintain excise taxes on petroleum products. 
Source: Asian Development Outlook 2022.
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 6.0 (Aug23)6.0 6.0
Broad Money Growth 2 5.9 (Jun23)5.9 6.6
Headline Inflation Rate 3 5.3 (Aug23)4.7 6.3
Industrial/ Manufacturing Production Growth Rate 3 3.4 (Jun23)7.7 0.0
Merchandise Export Growth 3 0.8 (Jun23)0.8 2.5
Exchange Rate Index 4 107.4 (Aug23)104.7 106.4
1 Monthly average, local index.
2 %.
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
Source: Bloomberg LP; CEIC database; Philippine Statistics Authority; National Statistics Office.

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