The Market Call | December 2020

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Macroeconomy The further opening of the economy, the relaxation of lockdown restrictions due to the country’s winning stance against COVID-19 even without the expected rollout of vaccines and the usually ebullient Christmas season spending, provide the ingredients for a robust economic recovery. Despite their recent runup, crude oil prices remain relatively low and this means that OFW remittances will more... Read More

The Market Call | November 2020

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Macroeconomy The Philippine economy will likely perform better starting Q4 as industrial production and exports have slowly improved. The robust recovery of China, other ASEAN countries and the U.S. economy should support exports moving forward. National Government (NG) spending should accelerate by Q4 despite the negative print for its growth in September as it is above the May to November... Read More

The Market Call | October 2020

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Macroeconomy Q3-2020 GDP will decline but in single-digits. We expect the industrial sector to lead the nascent recovery in the following months as the government continues to relax quarantine restrictions. The construction sector, powered by infrastructure spending and private residential demand, should lead the upswing, while manufacturing should improve albeit at a slower pace. Inflation will remain steady for the... Read More

The Market Call | August 2020

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Macroeconomy The PH economy will likely improve in Q4 as relaxation of strict quarantine measures kick in by mid-August. Month-on-month (m-o-m) pluses surfaced for manufacturing, capital goods imports, exports and construction, and should gain traction for the rest of the year. OFW remittances returned to positive growth in June. NG spending will increase especially for infrastructure and health. The Philippine... Read More

The Market Call | July 2020

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Macroeconomy Despite gradual relaxation of quarantine restrictions, Bangko Sentral ng Pilipinas’ (BSP) past moves to infuse more liquidity into the banking sector (and more bank lending) allow more gains in manufacturing and construction production as evidenced by the acceleration in PMI. NG spending should also pick up pace starting Q3 with available financing and the likely approval of its P1.3-T... Read More