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Philippine's Currency Exchange

Philippines' official currency is the Philippines Peso (PHP).
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Philippine's GDP Growth

The Gross Domestic Product (GDP) in Philippines expanded 6.50 percent in the fourth quarter of 2013 over the same quarter of the previous year. GDP Annual Growth Rate in Philippines is reported by the Philippine National Statistical Coordination Board. GDP Annual Growth Rate in Philippines averaged 5.02 Percent from 2001 until 2013, reaching an all time high of 8.90 Percent in the second quarter of 2010 and a record low of 0.50 Percent in the third quarter of 2009. Services are the biggest sector of the Filipino economy and account for 57 percent of total GDP. Within services the most important segments are: trade, repair of motor vehicles and household goods (17 percent of total GDP); real estate, renting and business activities (11 percent); transport, storage and communication (8 percent); financial services (7 percent) and public administration, defense and social security (4 percent). Industry accounts for 31 percent of GDP. Within industry, manufacturing (22 percent of total GDP) and construction (5 percent) are the most important. Agriculture contributes the remaining 12 percent of GDP.

In the fourth quarter of 2013, Philippines GDP slowed to an annual growth rate of 6.5 percent, down from a revised 6.9 percent in the previous three months and 7.1 percent a year earlier. Although Typhoon Haiyan hit the economy, robust household consumption made the GDP figures better than initial government estimates. Full 2013 GDP expanded 7.2 percent.

This page contains - Philippines GDP Annual Growth Rate.


Source: tradingeconomics.com

Philippine's Interest Rate

The benchmark interest rate in Philippines was last recorded at 3.50 percent. Interest Rate in Philippines is reported by the The Bangko Sentral ng Pilipinas (BSP). Historically, from 1985 until 2013, Philippines Interest Rate averaged 10.06 Percent reaching an all time high of 56.60 Percent in December of 1990 and a record low of 3.50 Percent in September of 2012. In Philippines, interest rate decisions are taken by The Monetary Board of The Bangko Sentral ng Pilipinas (BSP). The official interest rate is the reverse repo rate (RR/P) which is the overnight borrowing rate. The central bank of the Republic of the Philippines is committed to promote and maintain price stability and provide proactive leadership in bringing about a strong financial system conducive to a balanced and sustainable growth of the economy.

At its December 12th, 2014 meeting, Philippines' Central Bank decided to keep its key policy rate unchanged at 3.50 percent to support the economy's recovery from Typhoon Haiyan.

Statement by the Bankgo Sentral NG Pilipinas:

The Monetary Board’s decision is based on its assessment that the inflation environment remains manageable. While inflation forecasts have slightly risen due to the recent increase in global oil prices, utility rate adjustments, and the impact of the recent typhoons, the future inflation path continues to be within the target over the policy horizon since the uptick is expected to be largely transitory. Meanwhile, market expectations of inflation remain consistent with the target range.

Nonetheless, the Monetary Board is mindful that the balance of risks to the inflation outlook is still weighted toward the upside given the potential increases in food prices as well as the pending petitions for further adjustments in utility rates.

At the same time, the Monetary Board pays close attention to the evolving economic growth and liquidity dynamics and their implications for price and financial stability. While global economic conditions could be challenging, prospects for domestic activity are expected to stay firm, supported by buoyant domestic demand as well as favorable consumer and business sentiment. Moreover, as credit expands in lock-step with output growth, the economy’s improved absorptive capacity will likewise be sustained, thus mitigating inflation pressures.

Going forward, the BSP will continue to monitor emerging price and output conditions to ensure the consistency of the monetary policy stance with stable prices and sustainable economic growth.

This page includes a chart with historical data for Philippines Interest Rate.


Source: tradingeconomics.com

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