2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Philippines
The information below has become available following the issuance of the staff report. It does not alter the thrust of the staff appraisal.
1. Headline CPI inflation picked up to 6.4 percent (y/y) in August from 5.7 percent in July, which brings the year-to-date average to 4.8 percent (y/y). Core CPI inflation rose to 4.8 percent (y/y) in August from 4.5 percent in July, resulting in a 3.7 percent (y/y) year-to-date average.
2. Since end-July, the peso has depreciated by 1.8 percent against the U.S. dollar, equity prices fell by 1.0 percent, and the 10-year government bond yield rose by 93 basis points. On a year-to-date basis, the peso has depreciated by 7.8 percent, equity prices fell by 12.9 percent, and the 10-year government bond yield rose by 177 basis points.
3. Gross international reserves increased from US$76.7 billion at end-July to US$77.8 billion at end-August.