Returning to Robust GDP Growth
Executive Summary: Non-consumption sources provided the lift to 1Q18 GDP growth. While HH consumption was subdued amid rising inflation and TRAIN’s...
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Bring on the Hike
Executive Summary: Softening annualized inflation rates in April argue for an unchanged policy rate, which remains my view. Â But in the coming...
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BSP's Balance Sheet Restraint
Executive Summary: The Bangko Sentral ng Pilipinas (BSP)Â muted (condensed) balance sheet growth since 2017 underscored its hawkish stance amid...
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Resumption of Strong Fiscal Stimulus in 1Q18
Executive Summary: Despite higher rate pressures, the 1Q18 interest bill did not 'crowd-out' primary expenditures (+30.4%YoY) and enabled the...
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Discerning Treasury's Bloated 2Q Funding Program
Behind Treasury's expanded 2Q18 borrowing plan (Php325bn) biased to t-bills is the intention to keep borrowing costs down to prevent material...
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