The Market Call | November 2021

Reading Time: < 1 minute Macroeconomy The economic recovery appeared to gain momentum as GDP bloated beyond consensus in Q3-2021. The 3.8% QoQ (seasonally adjusted) rise tends to confirm this, amidst muscular rebounds in consumer spending and the output of the Services sector. With milder quarantine restrictions in Metro Manila+ starting, and headline inflation going below 4% by December at... Read More

The Market Call | October 2021

Reading Time: 2 minutes Macroeconomy Foreign direct investment was boosted by large inflows. Despite Metro Manila+’s tighter lockdown in July-August, new economic data paint a brighter outlook for GDP in Q3 than earlier projected. The Manufacturing sector’s sterling performance in August capped a three-month run with an average monthly YoY growth of 509.3% and PMI above-50 in September to boot.... Read More

The Market Call | September 2021

Reading Time: < 1 minute Macroeconomy Some recent economic indicators paint an optimistic recovery, shoring confidence that we would end the year with a decent growth. Manufacturing and export outputs kept their torrid triple and double-digit growths, respectively. NG disbursements slightly inched up. Employment print, likewise, showed lower unemployment rates, although some negatives also appeared. The uncertainties caused by elevated... Read More

The Market Call | August 2021

Reading Time: < 1 minute Macroeconomy Q2 double-digit economic expansion brought back optimism, after the economy succumbed to the red for the past five consecutive quarters. The rest of the economic data painted a brighter outlook for the rest of 2021. Manufacturing gains skyrocketed to 453% in June and the economy added 360-K jobs. Moreover, government disbursements continued to gain... Read More

The Market Call | July 2021

Reading Time: < 1 minute Macroeconomy Most economic indicators pointed to a more healthy recovery with outsized gains in manufacturing output in May (+265% YoY), and employment on the mend, largely to induce higher consumption spending, and NG spending still on the rise. PH added 1.4-M jobs in May, making up for the previous month’s loss. Full-time employment, likewise, improved.... Read More

The Market Call | June 2021

Reading Time: < 1 minute Macroeconomy Key economic indicators — the more than 100% surge in exports, adequate fiscal room for higher infrastructure spending, and steady price movements which may eventually soften should supply-side constraints ease — will help counter the headwinds in the job market. The latter weakened in April due partly to the renewed mobility restriction starting mid-March.... Read More

The Market Call | May 2021

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Reading Time: < 1 minute Macroeconomy Despite another decline in GDP in Q1, a spate of positive economic news—such as, the outsized job creation, surge in infrastructure spending, surprising jump in exports, softer increase in inflation– may help the economy recover faster. Release of GDP caught everyone’s attention as the economy unexpectedly slowed down in Q1-2021 by -4.2%. However, the... Read More

The Market Call | APRIL 2021

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Reading Time: < 1 minute Macroeconomy Positive prints from the increase in employed persons, expansionary PMI, higher NG spending, rebound in capital goods, and surge in remittances should alleviate market sentiment previously dampened by the re-imposition of Modified Enhanced Community Quarantine (MECQ from ECQ). Moreover, with the NG cash hoard, we see borrowing headspace as debt-to-GDP ratio came from low... Read More

The Market Call | MARCH 2021

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Reading Time: < 1 minute Macroeconomy The additional “green shoots” of the economy— higher employment, slight increase in tax revenues of the Bureau of Internal Revenue, and Manufacturing PMI at 52.2 for second consecutive month—have boosted optimism in the economic recovery. The latter, however, will likely depend much on how fast the population gets inoculated with COVID-19 vaccines and the... Read More