48 SELECTED ECONOMIC INDICATORS                                              
  ASIAN COUNTRIES                                              
  2016 - 2019                                              
                                                 
        Philippines     Malaysia   Indonesia   Thailand   Singapore   India   Korea   Taiwan   China   Vietnam  
                                                 
     I.  Real Sector  
         A.  Real GDP Growth Rate  2016 6.9 7.0 5.0 3.4 3.0 8.7 - 1.5 6.7 6.2  
                    (in percent) 2017 6.7 5.7 5.1 4.0 3.7 6.9 - 3.1 6.8 6.8  
  2018 6.2 4.7 5.2 4.1 3.1 7.4 - 2.6 6.6 7.1  
  Q1 6.5 5.3 5.1 5.0 4.6 8.1 - 3.2 6.8 7.5  
  Q2 6.2 4.5 5.3 4.7 4.2 8.0 - 3.3 6.7 6.7  
  Q3 6.0 4.4 5.2 3.2 2.6 7.0 - 2.4 6.5 6.8  
  Q4 6.3 4.7 5.2 3.6 1.3 6.6 - 1.8 6.4 7.3  
   
  2019 Q1 5.6 4.5 5.1 2.8 1.1 5.8 - 1.8 6.4 -  
  Q2 5.5 4.9 5.1 2.3 0.2 5.0 - 2.4 6.2 -  
  Q3 6.2 4.4 5.0 2.4 0.5 4.5 - 2.9 6.0 -  
   
        B.  Nominal GDP Growth Rate  2016 8.7 6.2 7.6 5.9 3.8 11.6 5.0 2.4 7.9 7.4  
                    (in percent) 2017 9.2 9.8 9.5 6.2 6.3 11.2 5.5 1.9 10.9 11.2  
  2018 10.2 5.5 9.2 5.6 5.1 11.8 3.1 1.7 9.7 10.7  
  Q1 9.8 5.5 8.8 5.8 4.3 11.5 3.7 1.6 10.3 10.3  
  Q2 10.0 5.6 9.5 6.5 6.9 12.6 3.9 3.6 10.1 10.2  
  Q3 10.6 5.7 9.7 5.1 6.5 12.0 2.3 0.5 9.4 11.2  
  Q4 10.5 5.1 8.8 5.0 2.9 11.0 2.8 1.0 9.1 10.8  
   
  2019 Q1 7.4 4.4 7.8 4.1 2.6 9.4 1.2 1.8 7.8 8.6  
  Q2 6.6 5.0 7.5 3.7 0.5 8.0 1.3 2.0 8.3 10.1  
  Q3 6.6 3.9 5.9 2.6 0.6 6.1 -1.3 3.4 7.6 8.8  
   
        C.  Inflation Rates 1 2016 1.3 2.1 3.5 0.2 -0.5 5.0 1.0 1.4 2.0 2.7  
               (in percent) 2017 2.9 3.8 3.8 0.7 0.5 3.3 1.9 0.6 1.6 3.5  
  2018 5.2 1.0 3.2 1.1 0.4 4.0 1.5 1.4 2.1 3.5  
  Q1 3.8 1.8 3.3 0.6 0.2 4.6 1.3 1.6 2.2 2.8  
  Q2 4.8 1.3 3.3 1.3 0.2 4.8 1.5 1.7 1.8 3.8  
  Q3 6.2 0.5 3.1 1.5 0.7 3.9 1.6 1.7 2.3 4.1  
  Q4 6.0 0.6 3.2 0.8 0.5 2.6 1.7 0.5 2.2 3.4  
   
  2019 2.5 - - 0.7 - 3.7 0.3 - 2.9 2.8  
  Q1 3.8 -0.3 2.6 0.7 0.5 2.5 0.5 0.3 1.8 2.6  
  Q2 3.0 0.6 3.1 1.1 0.7 3.1 0.6 0.8 2.6 2.7  
  Q3 1.7 1.3 3.4 0.6 0.5 3.5 -0.1 0.4 2.9 2.2  
  Q4 1.6 1.0 a 3.1 a 0.4 0.5 a 5.8 0.3 0.5 a 4.3 3.7  
   
        D.  Unemployment rate 2016 5.5 3.5 5.6 1.0 2.1 - 3.7 3.9 4.0 2.3  
                   (in percent) 2017 5.7 3.4 - 1.2 2.2 - 3.7 3.8 3.9 2.2  
  2018 5.3 3.4 - 1.1 2.1 - 3.9 3.7 3.8 2.2  
  Q1 5.3 3.3 - 1.3 2.0 - 3.7 3.7 3.9 2.2  
  Q2 5.5 3.3 - 1.1 2.1 - 3.8 3.7 3.8 2.2  
  Q3 5.4 3.4 - 1.0 2.1 - 4.0 3.8 3.8 2.2  
  Q4 5.1 3.4 - 1.0 2.2 - 3.8 3.7 3.8 2.2  
   
  2019 5.1 - - - - - - - - 2.2  
  Q1 5.2 3.3 - 0.9 2.2 - 4.0 3.7 3.7 2.2  
  Q2 5.1 3.3 - 1.0 2.2 - 4.0 3.7 3.6 2.2  
  Q3 5.4 3.4 - 1.0 - - 3.5 3.8 3.6 2.2  
  Q4 4.5 - - 1.0 a - - 3.5 a 3.8 a - 2.2  
   
48 SELECTED ECONOMIC INDICATORS                                              
  ASIAN COUNTRIES                                              
  2016 - 2019                                              
                                                 
        Philippines     Malaysia   Indonesia   Thailand   Singapore   India   Korea   Taiwan   China   Vietnam  
   
    II.  External Transactions 2  
        A.  Trade  (in million US dollars) 2016 57,406 189,414 144,490 215,388 338,084 264,424 495,426 280,321 2,136,595 176,581  
              1.  Exports 2017 68,713 217,839 168,828 236,635 373,241 298,449 573,694 317,249 2,280,358 215,119  
  2018 69,307 p 247,409 180,013 252,957 411,760 324,483 604,860 334,007 2,501,335 243,697  
  Q1 16,906 p 60,547 44,219 63,287 97,564 80,605 145,055 79,224 546,229 55,908  
  Q2 17,490 p 62,044 43,636 63,368 103,874 81,960 151,617 83,604 629,502 58,413  
  Q3 18,236 p 61,309 47,106 63,930 105,721 81,458 153,641 85,707 659,626 65,230  
  Q4 16,675 p 63,510 45,051 62,372 104,601 80,460 154,547 85,473 665,978 64,147  
   
  2019 Q1 16,415 p 57,707 40,606 62,106 94,945 85,995 132,664 75,921 551,423 58,807  
  Q2 17,802 p 59,198 39,732 60,968 97,037 80,902 138,520 81,343 620,163 63,658  
  Q3 18,340 p 59,355 43,835 63,601 97,479 78,401 134,757 85,014 654,463 72,221  
   
  (Growth rates in percent) 2016 -2.4 -5.2 -3.9 0.5 -5.5 -1.3 -5.9 -1.8 -6.4 9.0  
  2017 19.7 15.0 16.8 9.9 10.4 13.1 15.8 13.2 6.7 21.8  
  2018 0.9 p 13.6 6.6 6.9 10.3 8.5 5.4 5.3 9.7 13.3  
  Q1 0.9 p 19.9 8.6 12.2 9.8 5.5 9.8 10.5 13.0 24.5  
  Q2 1.2 p 18.7 11.1 11.2 14.1 14.6 3.1 11.3 10.9 9.5  
  Q3 2.5 p 9.2 8.6 3.0 12.1 9.8 1.7 2.9 11.6 14.8  
  Q4 -1.2 p 7.8 -0.9 2.0 5.5 4.5 7.7 0.1 4.4 6.7  
   
  2019 Q1 -2.9 p -4.7 -8.2 -1.9 -2.7 6.7 -8.5 -4.2 1.0 5.2  
  Q2 1.8 p -4.6 -8.9 -3.8 -6.6 -1.3 -8.6 -2.7 -1.5 9.0  
  Q3 0.6 p -3.2 -6.9 -0.5 -7.8 -3.8 -12.3 -0.8 -0.8 10.7  
   
             2.  Imports 2016 84,108 168,392 135,692 194,198 291,910 361,497 406,193 230,568 1,589,460 174,804  
  2017 96,093 195,149 156,986 221,519 327,693 449,794 478,478 259,266 1,842,345 213,007  
  2018 112,841 p 217,509 188,711 248,201 370,504 513,645 535,202 284,792 2,133,146 236,869  
  Q1 25,009 p 52,036 43,959 60,728 85,569 121,374 132,425 67,593 497,111 53,230  
  Q2 28,623 p 55,145 45,093 61,234 91,697 128,669 133,153 69,818 534,728 57,831  
  Q3 29,874 p 55,179 49,725 64,068 95,203 132,931 130,311 74,608 571,997 61,992  
  Q4 29,335 p 55,149 49,934 62,171 98,035 130,671 139,314 72,772 529,309 63,815  
   
  2019 Q1 26,179 p 48,669 40,669 59,981 87,077 121,737 123,713 66,967 475,514 57,347  
  Q2 26,939 p 51,865 41,501 58,668 90,156 130,013 128,769 70,340 513,695 63,407  
  Q3 27,531 p 51,291 43,951 60,163 89,076 116,744 124,941 72,211 535,375 67,135  
   
  (Growth rates in percent) 2016 18.3 -4.3 -4.9 -4.2 -5.3 -8.2 -6.9 -2.8 -5.4 5.6  
  2017 14.2 15.9 15.7 14.1 12.3 24.4 17.8 12.4 15.9 21.9  
  2018 17.4 p 11.5 20.2 12.0 13.1 14.2 11.9 9.8 15.8 11.2  
  Q1 9.4 p 12.5 20.1 16.6 10.4 14.0 13.7 11.4 19.1 13.3  
  Q2 24.9 p 18.1 26.3 13.9 15.9 12.7 13.0 10.7 19.9 6.9  
  Q3 26.6 p 10.6 23.7 13.6 16.4 22.8 7.8 14.0 20.7 14.7  
  Q4 9.8 p 5.5 12.3 4.8 9.8 8.1 12.9 7.1 4.8 10.3  
   
  2019 Q1 4.7 p -6.5 -7.5 -1.4 1.8 0.3 -6.6 -0.9 -4.3 7.7  
  Q2 -5.9 p -5.9 -8.0 -4.2 -1.7 1.0 -3.3 0.7 -3.9 9.6  
  Q3 -7.8 p -7.0 -11.6 -6.1 -6.4 -12.2 -4.1 -3.2 -6.4 8.3  
   
48 SELECTED ECONOMIC INDICATORS                                              
  ASIAN COUNTRIES                                              
  2016 - 2019                                              
                                                 
        Philippines     Malaysia   Indonesia   Thailand   Singapore   India   Korea   Taiwan   China   Vietnam  
   
           3. Trade Balance 2016 -26,702 21,022 8,797 21,190 46,174 -97,072 89,233 49,753 547,135 -210  
  2017 -27,380 22,689 11,843 15,116 45,548 -150,642 95,216 57,983 438,013 -1,555  
  2018 -43,533 p 29,900 -8,496 4,756 41,256 -189,132 69,657 49,216 368,190 6,828  
  Q1 -8,103 p 8,511 314 2,559 11,995 -40,768 12,629 11,631 49,118 2,678  
  Q2 -11,132 p 6,898 -1,372 2,134 12,176 -46,709 18,465 13,785 94,774 582  
  Q3 -11,638 p 6,130 -2,637 -138 10,517 -51,444 23,330 11,098 87,629 3,237  
  Q4 -12,660 p 8,360 -4,801 200 6,567 -50,211 15,233 12,701 136,669 332  
   
  2019 Q1 -9,764 p 9,038 -63 2,216 7,858 -35,742 8,951 8,954 75,909 1,460  
  Q2 -9,137 p 7,333 -1,770 2,300 6,881 -49,021 9,752 11,003 106,467 251  
  Q3 -9,191 p 8,063 -116 3,438 8,404 -38,343 9,816 12,804 119,088 5,086  
   
                (As percent of GDP) 2016 -8.8 7.0 0.9 5.1 14.5 -4.4 5.9 9.4 4.9 -0.1  
  2017 -8.7 7.1 1.2 3.3 13.5 -5.9 5.9 10.1 3.6 -0.7  
  2018 -13.2 p 8.3 -0.8 0.9 11.3 -7.0 4.0 8.3 2.7 2.8  
  Q1 -10.6 p 9.6 0.1 2.0 13.2 -5.7 3.0 7.8 1.6 5.8  
  Q2 -13.5 p 7.7 -0.5 1.7 13.4 -6.9 4.2 9.5 2.7 1.1  
  Q3 -14.7 p 6.8 -1.0 -0.1 11.7 -7.7 5.4 7.8 2.6 5.2  
  Q4 -13.6 p 9.2 -1.9 0.2 7.1 -7.6 3.5 8.5 3.7 0.4  
   
  2019 Q1 -12.2 p 10.2 . 1.7 8.7 -5.0 2.2 6.2 2.4 3.0  
  Q2 -10.3 p 8.2 -0.6 1.8 7.7 -7.0 2.4 7.7 3.1 0.4  
  Q3 -10.6 p 8.8 . 2.5 9.3 -5.4 2.4 8.7 3.4 7.6  
   
      B.  Current Account   
            1.   Current Account Balance   2016 -1,199 7,133 -16,952 43,438 55,752 -12,114 97,924 71,259 202,203 8,235  
      (in million US dollars) 2017 -2,143 8,960 -16,196 43,952 53,906 -38,168 75,231 83,093 195,117 6,419  
  2018 -8,729 p 7,592 -30,484 28,457 65,116 -65,599 77,467 70,843 49,092 -  
  Q1 -472 p 3,468 -5,014 14,193 15,534 -13,047 10,994 21,860 -34,100 3,934  
  Q2 -3,284 p 709 -7,807 4,168 18,396 -15,782 18,263 17,570 5,329 4,300  
  Q3 -2,081 p 817 -8,477 3,830 18,116 -19,033 28,691 10,901 23,263 1,244  
  Q4 -2,892 p 2,599 -9,187 6,267 13,070 -17,738 19,519 20,512 54,599 -  
   
  2019 Q1 -1,671 p 4,007 -6,728 12,213 16,982 -4,628 12,186 17,015 42,074 -  
  Q2 24 p 3,438 -8,151 5,067 16,682 -14,181 10,448 12,481 46,167 -  
  Q3 654 p 2,750 -7,665 9,127 16,009 -6,254 19,204 17,466 54,900 -  
   
                         (As percent of GDP) 2016 -0.4 2.4 -1.8 10.5 17.5 -0.5 6.5 13.4 1.8 4.0  
  2017 -0.7 2.8 -1.6 9.6 15.9 -1.5 4.6 14.5 1.6 2.9  
  2018 -2.6 p 2.1 -2.9 5.6 17.9 -2.4 4.5 12.0 0.4 -  
  Q1 -0.6 p 3.9 -1.9 11.1 17.1 -1.8 2.6 14.6 -1.1 8.6  
  Q2 -4.0 p 0.8 -3.0 3.3 20.2 -2.3 4.2 12.1 0.2 7.8  
  Q3 -2.6 p 0.9 -3.2 3.1 20.2 -2.9 6.6 7.5 0.7 2.0  
  Q4 -3.1 p 2.9 -3.6 4.9 14.2 -2.7 4.5 13.8 1.5 -  
   
  2019 Q1 -2.1 p 4.5 -2.5 9.3 18.7 -0.7 3.0 11.7 1.3 -  
  Q2 . p 3.8 -2.9 4.0 18.6 -2.0 2.6 - 1.3 -  
  Q3 0.8 p 3.0 -2.7 6.8 17.8 -0.9 4.7 - 1.6 -  
   
48 SELECTED ECONOMIC INDICATORS                                              
  ASIAN COUNTRIES                                              
  2016 - 2019                                              
                                                 
        Philippines     Malaysia   Indonesia   Thailand   Singapore   India   Korea   Taiwan   China   Vietnam  
   
      C.  Financial Account   
            1.   Net Foreign Direct Investments Flows 3 2016 8,280 13,470 4,542 2,810 73,701 44,459 12,104 9,261 174,750 12,600  
      (in million US dollars) 2017 10,256 9,368 20,510 8,229 94,756 39,966 17,913 3,291 166,084 14,100  
  2018 9,832 p 8,572 19,821 13,205 81,856 42,117 12,183 6,998 203,492 15,500  
  Q1 2,293 p 3,164 5,404 4,049 16,194 8,605 3,277 1,962 72,964 3,100  
  Q2 3,549 p 1,011 4,071 2,018 19,042 13,126 3,936 3,156 52,654 3,630  
  Q3 2,266 p 1,489 6,789 3,162 27,529 10,021 772 373 25,219 3,880  
  Q4 1,724 p 2,908 3,557 3,976 19,091 10,366 4,197 1,507 52,654 4,890  
   
  2019 Q1 1,933 p 5,659 6,658 669 27,972 9,790 1,566 1,324 47,589 3,220  
  Q2 1,653 p 781 7,040 2,076 29,129 16,865 2,899 1,775 34,299 3,970  
  Q3 1,533 p 588 5,403 4,450 32,710 10,041 1,358 1,239 - -  
  Q4 672 p, b - - - - - - - - -  
   
  (Growth rates in percent) 2016 46.8 36.6 -77.0 -68.5 5.6 1.0 194.9 287.3 -27.9 6.1  
  2017 23.9 -30.4 351.6 192.8 28.6 -10.1 48.0 -64.5 -5.0 6.3  
  2018 -4.1 p -8.5 -3.4 60.5 -13.6 1.5 -32.0 112.6 22.5 6.3  
  Q1 46.8 p 24.9 78.9 69.2 -41.7 -5.9 -32.7 110.3 120.8 6.8  
  Q2 39.8 p -48.0 -3.7 15.7 1.3 29.3 22.2 350.2 149.5 6.6  
  Q3 -7.7 p -59.0 -16.1 40.3 9.6 -31.8 -77.9 -66.8 -22.7 6.2  
  Q4 -53.4 p 130.8 -31.1 42.4 -17.3 73.2 -33.7 182.2 -33.6 6.0  
   
  2019 Q1 -15.7 p 78.8 23.2 -83.5 72.7 13.8 -52.2 -32.5 -34.8 6.6  
  Q2 -53.4 p -22.7 72.9 2.8 53.0 28.5 -26.4 -43.8 -34.9 6.7  
  Q3 -32.4 p -60.5 -20.4 40.8 18.8 0.2 75.8 232.2 - -  
  Q4 33.7 p, b - - - - - - - - -  
   
            2.   Net Foreign Portfolio Investments Flows 4 2016 -264 374 16,777 1,481 4,142 -4,725 -3,770 4,343 50,499 48  
      (in million US dollars) 2017 -796 1,155 24,255 9,401 14,330 30,638 17,473 3,958 124,301 1,889  
  2018 3,366 p - 14,483 -3,911 -3,304 -9,598 21,611 83,956 160,205 3,021  
  Q1 -130 p 2,013 294 -882 -1,799 2,276 10,204 29,793 43,787 699  
  Q2 -578 p -9,425 1,357 -5,641 869 -8,145 8,300 23,094 65,250 1,591  
  Q3 1,546 p - 1,342 2,626 -886 -1,618 9,044 12,473 43,098 55  
  Q4 2,528 p - 11,489 -15 -1,488 -2,111 -5,937 18,596 8,071 676  
   
  2019 Q1 2,049 p - 5,076 -1,291 1,507 9,436 5,146 12,763 35,652 495  
  Q2 1,725 p - 4,565 2,578 4,438 4,843 15,162 21,903 26,405 1,162  
  Q3 1,175 p - 4,851 -3,670 -1,519 2,476 4,876 10,440 - -  
   
  (Growth rates in percent) 2016 87.6 108.4 -3.9 111.7 186.2 -149.8 -137.6 253.7 -82.0 173.8  
  2017 -201.9 209.0 44.6 534.6 245.9 748.4 563.5 -8.9 131.3 3835.4  
  2018 522.7 p - -40.3 -141.6 -123.1 1.6 23.7 2021.2 28.9 9.9  
  Q1 95.1 p -138.3 -96.1 -138.0 -138.0 -78.9 -31.9 346.5 209.0 -1.4  
  Q2 -198.8 p -301.3 -83.7 -478.6 -78.4 -165.4 11.3 478.1 334.6 259.1  
  Q3 1262.2 p - -71.8 -51.2 -141.5 -178.3 244.7 290.9 -27.1 -85.1  
  Q4 119.9 p - 220.1 -107.2 -143.2 -139.7 -566.3 10665.9 -77.6 23.5  
   
  2019 Q1 1681.3 p - 1624.4 46.4 183.8 314.6 -49.6 -57.2 -18.6 -29.2  
  Q2 398.5 p - 236.4 -145.7 410.9 159.5 82.7 -5.5 -59.5 -27.0  
  Q3 -24.0 p - 261.3 -239.7 -71.4 253.1 -46.1 -16.3 - -  
   
48 SELECTED ECONOMIC INDICATORS                                              
  ASIAN COUNTRIES                                              
  2016 - 2019                                              
                                                 
        Philippines     Malaysia   Indonesia   Thailand   Singapore   India   Korea   Taiwan   China   Vietnam  
   
      D.  Overall Balance of Payments 2016 -1,038 7,174 12,089 12,845 -1,474 17,513 1,934 - - 8,390  
    (in million US dollars) 2017 -863 10,631 11,586 25,957 4,734 37,649 9,221 - - 12,544  
  2018 -2,306 - -7,131 7,266 12,719 -4,265 -849 - - -  
  Q1 -1,227 5,872 -3,855 11,981 5,181 13,237 2,639 - - 7,275  
  Q2 -2,030 -8,880 -4,309 -4,344 5,833 -11,338 -4,613 - - 2,302  
  Q3 -1,879 - -4,386 327 4,548 -1,868 139 - - 1,180  
  Q4 2,830 - 5,418 -697 -2,843 -4,296 986 - - -  
   
  2019 Q1 3,797 - 2,419 5,463 9,527 14,162 -41 - - -  
  Q2 991 - -1,977 104 -23,489 13,984 1,059 - - -  
  Q3 778 - -46 6,758 3,011 5,118 -3,163 - - -  
  Q4 726 a - - - - - - - - -  
   
      E.  External Debt  5 2016 74.8 212.5 320.0 132.2 1351.9 455.9 382.2 172.2 1415.8 85.6  
   Levels (in billion US dollars) 2017 73.1 217.9 352.5 155.2 1450.2 513.0 412.0 181.9 1758.0 104.1  
  2018 Q1 73.2 229.1 359.1 157.5 1517.8 529.3 427.0 192.3 1889.6 -  
  Q2 72.2 229.6 355.9 154.2 1548.4 513.1 433.3 199.1 1917.6 -  
  Q3 76.4 225.4 359.1 159.0 1470.7 509.8 441.7 202.6 1968.4 -  
  Q4 79.0 221.8 377.3 162.4 1488.0 521.3 440.6 195.0 1965.2 -  
   
  2019 Q1 80.4 219.6 388.1 163.4 1509.9 543.2 440.6 195.0 1971.7 -  
  Q2 81.3 224.5 391.8 166.7 1526.4 557.1 462.1 191.9 1998.0 -  
  Q3 82.7 220.1 395.6 166.2 - 557.5 458.2 187.2 2032.5 -  
   
               (As percent of GDP) 2016 24.5 70.5 34.3 32.0 425.0 20.5 25.5 32.4 12.7 41.7  
  2017 23.3 68.2 34.7 34.1 428.5 20.1 25.4 31.6 14.4 46.5  
  2018 Q1 23.0 68.6 34.8 33.1 435.7 20.0 25.6 33.3 14.9 -  
  Q2 22.4 66.3 34.1 31.4 432.7 19.0 25.4 32.9 14.5 -  
  Q3 23.5 63.6 34.4 31.9 405.3 18.7 25.7 32.9 14.6 -  
  Q4 23.9 61.9 36.2 32.1 408.6 19.2 25.6 33.1 14.5 -  
   
  2019 Q1 24.0 61.2 36.9 32.0 414.7 20.0 25.8 33.3 14.5 -  
  Q2 23.8 62.6 36.8 32.3 421.0 20.3 27.5 - 14.6 -  
  Q3 23.7 61.0 36.3 31.4 - 20.0 27.7 - - -  
   
48 SELECTED ECONOMIC INDICATORS                                              
  ASIAN COUNTRIES                                              
  2016 - 2019                                              
                                                 
        Philippines     Malaysia   Indonesia   Thailand   Singapore   India   Korea   Taiwan   China   Vietnam  
   
       F.  Gross International Reserves     2016 80,692 94,514 116,362 171,853 246,575 358,898 371,102 434,204 3,010,517 36,906  
    (in million US dollars) 2017 81,570 102,459 130,196 202,562 279,900 409,072 389,267 451,500 3,139,949 49,497  
  2018 Q1 80,511 107,831 126,003 215,615 287,149 424,545 396,754 457,188 3,142,820 55,872  
  Q2 77,525 104,667 119,839 206,791 288,044 406,058 400,299 457,123 3,112,129 57,381  
  Q3 74,939 103,038 114,848 204,457 291,326 400,525 403,000 460,441 3,087,025 56,629  
  Q4 79,193 101,500 120,654 205,641 287,673 395,591 403,694 461,784 3,072,712 55,074  
   
  2019 Q1 83,613 103,000 124,539 212,183 295,830 412,871 405,253 464,078 3,098,761 61,996  
  Q2 84,932 102,700 123,823 215,808 273,943 429,837 403,072 466,969 3,119,234 63,900  
  Q3 85,582 103,000 124,332 220,531 272,239 433,707 403,320 469,489 3,092,431 68,812  
  Q4 87,855 p 103,200 c 126,633 c 221,036 c 276,004 c 451,259 c 407,460 c 478,126 3,095,591 c -  
   
       G.  Import Cover 6 2016 11.5 6.7 10.3 10.6 10.1 11.9 11.0 22.6 22.7 2.6  
         (Equivalent in months of goods)   2017 10.2 6.3 10.0 11.0 10.2 10.9 9.8 20.9 20.5 2.8  
  2018 Q1 9.8 6.4 9.2 11.2 10.3 11.0 9.6 20.8 19.6 3.1  
  Q2 9.0 6.0 8.3 10.4 9.9 10.2 9.4 20.3 18.6 3.1  
  Q3 8.2 5.8 7.5 10.0 9.7 9.5 9.3 19.7 17.6 2.9  
  Q4 8.4 5.6 7.7 9.9 9.3 9.3 9.1 19.5 17.3 2.8  
   
  2019 Q1 8.8 5.8 8.1 10.3 9.5 9.6 9.2 19.6 17.6 3.1  
  Q2 9.1 5.8 8.2 10.6 8.9 10.0 9.2 19.7 17.9 3.1  
  Q3 9.3 6.0 8.5 10.9 9.0 10.4 9.3 20.0 17.9 3.3  
  Q4 9.8 P 6.0 c 8.8 c 11.1 c 9.1 c 11.1 c 9.7 c 22.2 18.2 c -  
   
      H.  Exchange Rate  2016 47.49 4.15 13308.71 35.28 1.38 67.17 1160.84 32.33 6.64 21932.41  
           Levels (local currency / US dollars) 2017 50.40 4.30 13380.80 33.92 1.38 65.10 1125.39 30.44 6.76 22369.71  
  2018 52.66 4.03 14237.76 32.30 1.35 68.40 1100.56 30.44 6.61 22601.86  
  Q1 51.45 3.92 13576.23 31.54 1.32 64.37 1072.82 29.32 6.35 22434.93  
  Q2 52.45 3.95 13970.55 31.92 1.33 66.99 1080.35 29.78 6.38 22552.72  
  Q3 53.55 4.09 14613.38 32.95 1.37 70.20 1121.40 30.68 6.81 22675.64  
  Q4 53.20 4.17 14790.89 32.81 1.37 72.04 1127.66 30.86 6.91 22744.14  
   
  2019 51.80 4.14 14153.98 31.04 1.36 70.40 1165.82 - 6.91 23050.55  
  Q1 52.36 4.09 14136.45 31.61 1.35 70.46 1125.75 30.83 6.74 22902.81  
  Q2 52.06 4.15 14253.97 31.58 1.36 69.53 1167.10 31.15 6.82 23036.21  
  Q3 51.77 4.16 14132.35 30.70 1.38 70.41 1194.85 31.18 7.02 23108.47  
  Q4 51.00 4.17 14093.14 30.26 1.36 71.22 1175.58 - 7.04 23153.35  
   
  (Growth rates in percent) 2016 4.4 6.2 -0.6 3.0 0.5 4.8 2.6 1.3 5.8 1.2  
  2017 6.1 3.7 0.5 -3.8 0.0 -3.1 -2.6 -5.8 1.7 2.0  
  2018 4.5 -6.2 6.4 -4.7 -2.3 5.1 -2.6 -0.9 -2.1 1.0  
  Q1 2.9 -12.0 1.7 -10.1 -6.9 -3.8 -7.0 -5.7 -7.7 1.0  
  Q2 5.2 -10.4 5.0 -6.9 -4.2 3.9 -4.4 -1.6 -7.0 0.8  
  Q3 5.3 -4.6 9.6 -1.2 0.5 9.2 -1.0 1.3 2.1 1.0  
  Q4 4.5 -1.4 9.3 -0.3 1.5 11.3 2.0 2.5 4.5 1.3  
   
  2019 -1.6 1.9 1.2 -3.9 1.1 2.9 -5.6 - 4.5 2.0  
  Q1 1.8 3.3 4.1 0.2 2.7 9.5 4.9 5.2 6.2 2.1  
  Q2 -0.7 6.7 2.0 -1.1 3.7 3.8 8.0 -4.4 7.0 2.1  
  Q3 -3.3 -2.7 3.4 -6.8 -2.0 0.3 6.5 -1.6 3.1 1.9  
  Q4 -4.1 0.3 -4.7 -7.8 -0.8 -1.1 4.2 - 1.9 1.8  
   
48 SELECTED ECONOMIC INDICATORS                                              
  ASIAN COUNTRIES                                              
  2016 - 2019                                              
                                                 
        Philippines     Malaysia   Indonesia   Thailand   Singapore   India   Korea   Taiwan   China   Vietnam  
   
    III.  Money & Credit 7  
          (end of period)  
          A.  Narrow Money   2016 15.1 5.7 17.3 4.8 7.7 -18.9 12.3 6.0 21.4 18.1  
  (Growth rates in percent) 2017 15.7 11.0 12.4 9.4 6.3 45.8 6.8 4.0 11.8 16.7  
  2018 Q1 17.8 7.9 11.9 7.6 8.2 21.8 7.3 5.5 7.1 23.5  
  Q2 15.2 4.7 8.2 5.3 4.4 18.1 5.6 5.9 6.6 20.7  
  Q3 11.4 4.1 8.2 3.7 1.2 14.6 1.9 5.2 4.0 13.1  
  Q4 9.5 1.1 4.8 2.8 0.4 12.7 1.9 5.7 1.5 9.8  
   
  2019 Q1 6.1 2.5 5.0 5.5 -0.3 13.6 3.2 6.9 4.6 -  
  Q2 5.5 3.7 4.2 6.8 3.7 11.3 3.5 7.4 -0.6 -  
  Q3 10.3 4.8 6.9 8.0 4.0 10.8 4.7 7.4 3.4 -  
  Q4 12.9 p, c 4.8 d 6.6 d 8.2 c 6.6 c 12.5 5.5 d 7.5 c 3.5 c -  
   
         B.  Broad Money   2016 12.8 3.0 10.1 4.2 7.7 6.2 7.1 4.1 11.3 17.9  
      (Growth rates in percent) 2017 11.9 4.8 8.3 5.0 3.2 10.0 5.1 3.6 8.2 14.3  
  2018 Q1 14.4 6.0 7.5 6.2 2.8 9.2 6.0 3.6 8.8 15.4  
  Q2 11.8 5.8 5.9 5.1 2.7 9.8 6.8 4.1 8.5 16.1  
  Q3 9.9 7.3 6.7 4.8 3.5 9.4 6.0 3.3 8.8 13.1  
  Q4 9.5 9.0 6.3 4.7 3.9 10.2 6.7 3.1 8.9 12.7  
   
  2019 Q1 6.1 5.5 6.5 3.8 4.8 10.6 6.9 3.1 8.6 -  
  Q2 6.6 5.1 6.8 3.3 5.4 10.1 6.9 3.0 8.5 -  
  Q3 7.7 3.9 7.1 4.7 4.9 9.7 7.2 3.4 8.4 -  
  Q4 9.8 p, c 3.4 d 6.3 d 4.4 c 6.0 c 9.8 d 7.1 d 4.1 c 8.2 c -  
   
         C.  Domestic Credits   2016 17.0 6.5 8.8 4.7 4.6 9.1 6.7 3.7 20.1 17.2  
      (Growth rates in percent) 2017 13.9 6.4 6.6 4.9 5.7 7.7 5.2 5.0 11.3 12.6  
  2018 Q1 14.8 6.8 8.3 5.0 4.7 8.3 6.4 5.2 11.6 12.3  
  Q2 16.4 8.0 9.5 5.6 4.5 9.8 6.6 5.9 10.1 11.9  
  Q3 15.0 9.6 12.3 6.7 4.4 10.5 5.5 5.6 10.7 9.8  
  Q4 14.9 10.7 11.1 4.8 5.6 12.4 6.5 - 10.4 10.6  
   
  2019 Q1 9.2 10.0 10.1 5.0 4.8 11.9 7.1 - 10.7 9.4  
  Q2 7.2 5.9 8.4 3.8 5.7 10.3 7.5 - 10.8 9.4  
  Q3 7.5 5.1 6.2 3.5 4.5 10.8 e 8.7 - 10.4 f -  
  Q4 8.3 p, c 4.9 d 4.9 d 2.8 c 4.8 c - 8.3 d - - -  
   
                 (As percent of GDP) 2016 63.5 141.0 42.2 126.4 152.2 82.6 174.5 173.6 216.2 140.1  
  2017 66.3 136.7 41.0 124.7 151.2 80.0 174.1 178.9 216.9 141.9  
  2018 Q1 66.8 136.4 40.3 123.7 152.9 81.9 175.6 182.0 219.4 143.3  
  Q2 67.7 140.9 40.9 122.8 151.4 81.1 177.3 182.0 218.0 144.3  
  Q3 68.1 141.3 41.4 122.2 150.9 81.0 178.0 184.3 219.3 141.7  
  Q4 69.1 143.5 41.8 123.8 152.0 80.4 179.8 - 218.3 141.7  
   
  2019 Q1 66.5 142.6 40.7 123.6 153.1 82.4 183.4 - 222.7 142.1  
  Q2 66.7 142.1 40.9 122.1 155.2 81.2 187.1 - 222.2 143.2  
  Q3 67.9 p 142.0 40.9 121.8 155.2 - 190.9 - - -  
   
48 SELECTED ECONOMIC INDICATORS                                              
  ASIAN COUNTRIES                                              
  2016 - 2019                                              
                                                 
        Philippines     Malaysia   Indonesia   Thailand   Singapore   India   Korea   Taiwan   China   Vietnam  
   
        E.  Interest Rates  
             1. Time Deposit Rates 2016 1.5 3.0 7.2 1.3 0.2 - 1.6 0.6 1.5 5.0  
  2017 1.8 2.9 6.5 1.3 0.1 - 1.7 0.6 1.5 4.8  
  2018 3.2 3.1 6.1 1.3 0.2 - 2.0 0.6 1.5 -  
  Q1 2.5 3.1 6.0 1.3 0.2 - 2.0 0.6 1.5 4.8  
  Q2 2.6 3.2 5.8 1.3 0.2 - 2.0 0.6 1.5 4.7  
  Q3 3.2 3.2 6.1 1.3 0.2 - 2.0 0.6 1.5 4.6  
  Q4 4.1 3.1 6.6 1.3 0.2 - 2.1 0.6 1.5 -  
   
  2019 4.1 - - - - - - 0.6 - -  
  Q1 4.7 3.2 6.9 1.4 0.2 - 2.1 0.6 1.5 -  
  Q2 4.5 3.0 6.8 1.4 0.2 - 2.0 0.6 1.5 -  
  Q3 3.5 2.9 6.7 1.4 0.2 - 1.7 0.6 1.5 -  
  Q4 3.1 - - 1.4 a 0.2 b - - 0.6 - -  
   
          2.  Lending Rates 2016 5.6 4.5 11.9 4.5 5.4 9.7 3.4 2.7 4.4 7.0  
               (All Maturities) 2017 5.5 4.6 11.0 4.4 5.3 9.5 3.5 2.6 4.4 7.1  
  2018 6.1 4.9 10.5 4.1 5.3 9.5 3.7 2.6 4.4 -  
  Q1 5.6 4.8 10.7 4.2 5.3 9.5 3.7 2.6 4.4 7.4  
  Q2 5.9 5.0 10.5 4.1 5.3 9.5 3.7 2.6 4.4 7.4  
  Q3 6.2 5.0 10.5 4.1 5.3 9.5 3.7 2.6 4.4 7.5  
  Q4 6.8 5.0 10.4 4.1 5.3 9.5 3.7 2.6 4.4 -  
   
  2019 Q1 7.1 5.0 10.5 4.2 5.3 9.5 3.7 2.6 4.4 -  
  Q2 7.3 5.0 10.4 4.1 5.3 9.5 3.6 2.6 4.4 -  
  Q3 7.2 4.8 10.3 4.1 5.3 9.5 3.3 2.6 4.4 -  
  Q4 6.9 a - - 4.0 b 5.3 a - - 2.6 - -  
   
         3.  T-Bill Rates  8 2016 1.50 2.43 - 1.41 0.77 6.74 - - - -  
  2017 2.15 3.08 - 1.35 1.11 6.20 - - - -  
  2018 3.54 - - 1.31 1.69 6.57 - - - -  
  Q1 2.64 3.17 - 1.17 1.43 6.29 - - - -  
  Q2 3.41 3.27 - 1.25 1.61 6.31 - - - -  
  Q3 3.28 3.25 - 1.31 1.73 6.90 - - - -  
  Q4 5.11 - - 1.49 1.99 6.79 - - - -  
   
  2019 4.67 - - - - - - - - -  
  Q1 5.58 - - 1.65 2.01 6.46 - - - -  
  Q2 5.20 - - 1.71 1.99 6.21 - - - -  
  Q3 3.42 - - 1.56 - 5.53 - - - -  
  Q4 3.12 - - 1.37 a - - - - - -  
   
48 SELECTED ECONOMIC INDICATORS                                              
  ASIAN COUNTRIES                                              
  2016 - 2019                                              
                                                 
        Philippines     Malaysia   Indonesia   Thailand   Singapore   India   Korea   Taiwan   China   Vietnam  
    lV.  Fiscal Position (P mn) (Rm mn) (Rp bn) (B mn) (S$ mn) (R bn) (Won bn) (NT$ mn) (Yuan bn) (Dong bn)  
          A.  Revenue 2016 2,195,914 212,421 1,554,378 2,781,798 67,969 13,836 371,264 2,690,918 15,955 1,101,377  
  2017 2,473,132 220,407 1,656,891 2,795,050 70,225 15,510 403,839 2,753,329 17,257 1,288,665  
  2018 2,850,184 233,496 1,943,536 3,036,858 77,117 16,036 438,262 - 18,335 1,424,914  
  Q1 619,793 54,324 333,776 644,968 22,187 4,730 114,632 - 5,055 308,485  
  Q2 790,749 52,470 499,672 867,283 20,098 2,786 116,311 - 5,378 343,236  
  Q3 700,969 59,281 478,872 836,296 19,544 4,309 108,666 - 4,150 310,780  
  Q4 738,673 67,421 631,216 688,311 15,288 4,211 98,653 - 3,752 462,414  
   
  2019 Q1 687,745 63,687 350,100 685,840 18,808 5,355 114,056 - 1,455 381,000  
  Q2 859,798 62,087 548,663 921,349 20,145 2,897 117,936 - 5,419 745,485  
  Q3 780,367 68,776 548,663 765,571 20,561 - 106,094 - 4,283 1,093,800  
  Q4 566,302 a 25,131 b 166,588 b 468,082 a - - 71,532 a - 2,829 a -  
   
          (As percent of GDP) 2016 15.2 17.0 12.5 19.1 15.5 9.3 21.3 15.7 21.6 24.5  
  2017 15.6 16.1 12.2 18.1 15.0 9.3 22.0 15.7 21.0 25.7  
  2018 16.4 16.1 13.1 18.6 15.7 8.6 23.1 - 20.4 25.7  
  Q1 15.8 15.7 9.5 15.9 18.5 10.3 25.5 - 25.5 30.0  
  Q2 18.2 14.8 13.6 21.7 16.5 6.1 24.7 - 24.5 27.6  
  Q3 16.6 16.1 12.5 20.7 15.9 9.2 22.4 - 18.1 22.0  
  Q4 14.9 17.8 16.6 16.3 12.1 8.8 20.2 - 14.8 24.9  
   
  2019 Q1 16.4 17.6 9.3 16.3 15.3 10.7 25.1 - 6.8 34.1  
  Q2 18.6 16.7 13.8 22.2 16.5 5.9 24.7 - 22.8 54.5  
  Q3 17.3 18.0 10.9 18.4 16.6 - 21.8 - 17.4 71.1  
   
          B.  Expenditure 2016 2,549,336 251,089 1,860,759 2,885,556 51,081 19,290 354,354 2,745,305 18,784 937,951  
  2017 2,823,769 260,727 2,004,247 2,888,896 54,884 22,085 379,809 2,778,361 20,333 1,016,152  
  2018 3,408,443 285,541 2,203,040 3,003,470 56,246 22,757 407,099 - 22,091 1,102,923  
  Q1 771,964 65,523 419,552 630,739 18,437 4,437 116,397 - 5,100 254,725  
  Q2 831,595 71,972 524,457 738,417 10,315 7,076 118,066 - 6,060 264,461  
  Q3 886,186 62,542 568,545 670,592 12,977 5,966 91,115 - 5,170 266,506  
  Q4 918,698 85,504 690,486 963,722 14,518 5,278 81,521 - 5,762 317,231  
   
  2019 Q1 777,990 70,800 452,068 730,246 19,751 4,794 173,583 - 2,532 268,879  
  Q2 812,200 77,398 582,453 661,522 9,882 7,217 139,107 - 6,491 547,110  
  Q3 1,036,708 78,364 560,178 687,688 13,071 - 94,148 - 5,507 837,814  
  Q4 676,447 a 29,905 b 203,274 b 549,526 a - - 52,893 a - 2,785 a -  
   
          (As percent of GDP) 2016 17.6 20.1 15.0 19.8 11.6 12.9 20.4 16.0 25.4 20.8  
  2017 17.9 19.0 14.7 18.7 11.7 13.3 20.7 15.9 24.8 20.3  
  2018 19.6 19.7 14.8 18.4 11.5 12.3 21.5 - 24.5 19.9  
  Q1 19.7 18.9 11.9 15.6 15.4 9.7 25.9 - 25.8 24.8  
  Q2 19.2 20.4 14.2 18.5 8.5 15.6 25.0 - 27.6 21.3  
  Q3 21.0 17.0 14.8 16.6 10.6 12.8 18.8 - 22.5 18.8  
  Q4 18.6 22.5 18.2 22.8 11.4 11.0 16.7 - 22.7 17.1  
   
  2019 Q1 18.5 19.6 11.9 17.3 16.1 9.6 28.9 - 11.9 24.1  
  Q2 17.6 20.9 14.7 16.0 8.1 14.8 29.1 - 27.3 40.0  
  Q3 23.0 20.5 13.8 16.6 10.6 - 19.4 - 22.3 54.4  
   
48 SELECTED ECONOMIC INDICATORS                                              
  ASIAN COUNTRIES                                              
  2016 - 2019                                              
                                                 
        Philippines     Malaysia   Indonesia   Thailand   Singapore   India   Korea   Taiwan   China   Vietnam  
   
         C. Overall Surplus/Deficit 2016 -353,422 -38,668 -306,381 -103,758 16,888 -5,454 16,910 -54,388 -2,829 163,426  
  2017 -350,637 -40,320 -347,357 -93,846 15,342 -6,575 24,030 -25,032 -3,076 272,513  
  2018 -558,259 -52,045 -259,504 33,388 20,871 -6,722 31,163 - -3,756 232,403  
  Q1 -152,171 -11,199 -85,776 14,229 3,751 293 -1,765 - -45 53,760  
  Q2 -40,846 -19,502 -24,785 128,866 9,783 -4,290 -1,755 - -681 78,775  
  Q3 -185,217 -3,261 -89,673 165,704 6,567 -1,657 17,551 - -1,020 44,274  
  Q4 -180,025 -18,083 -59,270 -275,411 770 -1,067 17,132 - -2,010 145,183  
   
  2019 Q1 -90,245 -7,113 -101,968 -44,406 -943 561 -17,321 - -1,076 112,121  
  Q2 47,598 -15,311 -33,790 259,827 10,262 -4,321 -21,171 - -1,072 198,375  
  Q3 -256,341 -9,588 -116,623 77,883 7,491 - 11,946 - -1,224 255,986  
  Q4 -110,145 a -4,774 b -36,686 b -81,444 a - - 18,639 a - 44 a -  
   
                   (As percent of GDP) 2016 -2.4 -3.1 -2.5 -0.7 3.8 -3.6 1.0 -0.3 -3.8 3.6  
  2017 -2.2 -2.9 -2.6 -0.6 3.3 -4.0 1.3 -0.1 -3.7 5.4  
  2018 -3.2 -3.6 -1.7 0.2 4.2 -3.6 1.6 - -4.2 4.2  
  Q1 -3.9 -3.2 -2.4 0.4 3.1 0.6 -0.4 - -0.2 5.2  
  Q2 -0.9 -5.5 -0.7 3.2 8.0 -9.5 -0.4 - -3.1 6.3  
  Q3 -4.4 -0.9 -2.3 4.1 5.3 -3.5 3.6 - -4.4 3.1  
  Q4 -3.6 -4.8 -1.6 -6.5 0.6 -2.2 3.5 - -7.9 7.8  
   
  2019 Q1 -2.1 -2.0 -2.7 -1.1 -0.8 1.1 -3.8 - -5.0 10.0  
  Q2 1.0 -4.1 -0.9 6.3 8.4 -8.8 -4.4 - -4.5 14.5  
  Q3 -5.7 -2.5 -2.9 1.9 6.1 - 2.5 - -5.0 16.6  
   
                                                 
  a October-November c End-November e End-July  
  b October d End-October f End-August  
   
1 Philippines - figures from 2013-onwards at base year 2012  
2 Per International Merchandise Trade Statistics  
3 Net FDI flows refer to non-resident placements less non-resident withdrawals of equity, reinvestment of earnings and other capital.  
4 Net FPI flows refer to non-resident placements less non-resident withdrawals of equity securities and debt securities.  
5 Philippine data were revised to reflect new treatment of Hybrid Tier 1 accounts beginning March 2006.  
6 Import cover refers to number of months of average imports of goods  
7 For the Philippines, data from 2003 up to present are the Standard Report Forms (SRFs)-based Depository Corporations Survey (DCS), a unified framework for reporting monetary and financial statistics to the International Monetary Fund (IMF). The DCS is a consolidation of the balance sheets of the deposit-generating banks namely the Monetary Authorities (MA) of the BSP and Other Depository Corporations (ODCs), consisting of universal and commercial banks (UBs/KBs), thrift banks (TBs), rural banks (RBs), non stock savings and loan associations (NSSLAs) and non-banks with quasi-banks functions (NBQs).
8 Treasury-Bill Rates (91 Days) for Philippines  
- not available  
. Rounds off to zero  
p Preliminary  
   
  Sources of data:   
For Philippines: Other countries:  
Bangko Sentral ng Pilipinas National websites  
Bureau of the Treasury Bloomberg    
Philippine Statistics Authority CEIC Data Limited                       
    International Financial Statistics