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I.

REAL SECTOR
A.

National Income (% g.r.) (NSCB)


GNI
GDP
Agriculture
Industry
Services

B.

Manufacturing (MISSI-NSO)

Latest
Quarter
1.9 (Q2 '11)
3.4
7.1
-0.6
5.0
Latest
Month

Preceding
Quarter
3.3 (Q1'11)
4.6
4.3
7.3
3.2
Preceding
Month

Year to
Date
2.6 S1 '11
4.0
5.6
3.1
4.2
Year to
Date

NEDA UPDATES ON THE ECONOMY


As of 23 November 2011
Same Quarter
III. MONETARY AND
Year Ago
BANKING SECTOR (%)
A. Growth of U/KBs Outstanding Loans/a
9.2 (Q2'10)
B. NPL to total loans ratio
8.9
C. M3 Growth /b
-2.0
15.7
IV. PRICES
7.3
Same Month
Year Ago

C.

D.

E.

2.6 (Aug '11)


2.0
9.6
9.0
83.3

Electrical Consumption (% g.r.)


(Meralco kWh Sales)

Latest
Month

Residential
Commercial
Industrial
Others
Total

0.0 (Sept '11)


4.2
6.5
-7.6
3.4

Building Permits ( % g.r.) (NSO)

Latest
Quarter

Number of Permits
Value of Construction

-3.0 (Q2'11)
13.4

Investment Indicators (% g.r.)

Latest
Period

Total Approved Foreign Direct Investment


BOI Investment
PEZA Investment
SBMA Investment
CDC Investment
II. EMPLOYMENT (NSO-LFS)
AND WAGES
A.

Unemployment Rate (%)/f new definition

B.

32.0 (Q3 '11)


17.2
20.2
681.7
1,141.2
Latest
Period

4.6 (July '11)


4.5
13.6
13.5
83.3
Preceding
Month
-0.1 (Aug '11)
2.8
11.5
8.5
4.4
Preceding
Quarter
-5.5 (Q1'11)
11.6
Preceding
Period
194.5 (Q2 '11)
333.6
156.8
-98.0
1524.8
Preceding
Period

6.3 (Jan-Aug '11)


5.7
9.5
9.0
83.1
Year to
Date
-2.8 (Jan-Sept '11)
1.4
2.1
1.3
0.3
Year to
Date
-4.3 (Q1-Q2 '11)
12.5
Year to
Date
9.9 (Q1-Q23 '11)
74.0
22.9
-84.6
-23.1
Year to
Date

16.4 (Aug '10)


25.6
11.7
20.6
83.2

Same Quarter
Year Ago
-23.8 (Q2 '10)
42.8
Same Period
Year Ago
82.9 (Q3 '10)
6217.3
19.2
-80.6
-89.9
Same Period
Year Ago

7.1 (Jul '11)

7.2 (Apr '11)

7.2 (Jan-Jul '11)

7.0 (Jul '10)

Employment Generated ('000)


Agriculture
Industry
Services

870 (Jul '11)


-147
223
794

1,408 (Apr '11)


645
130
632

857 (Jan-Jul '11)


217
98
541

729 (Jul '10)


303
136
291

C.

Underemployment Rate (%)

19.1 (Jul '11)

19.4 (Apr '11)

19.3 (Jan-Jul '11)

17.9 (Jul '10)

D.

Minimum Wage (in pesos) (NWPC)


NCR
AOMM

E.

389-426 (Nov '11)


190-337

Index of Compensation Per Employee (QEI-NSCB)


Nominal (1978=100)
2,181.2 (Q2'11)
Constant (1978=100)
109.7 (Q2'11)

389-426 (Oct '11)


190-337
2,064.9 (Q1'11)
104.9 (Q1'11)

389-426 (Nov '11)


190-337
2,123.0 (Q1-Q2' 11)
107.3 (Q1-Q2' 11)

367-404 (Nov '10)


190-316
2,075.6 (Q2 '10)
109.1 (Q2 '10)

Year to
Date

Same Month
Year Ago
10.2 (Sep '10)
3.1 (Sep '10)
10.5 (Sep '10)
Same Month
Year Ago

5.3 (Oct '11)


5.0
5.5
5.6
5.1

4.6 (Sep '11)


3.9
5.4
4.7
4.6

4.5
4.1
4.8
4.3
4.5

2.8 (Oct '10)


2.0
3.6
2.2
2.9

B.
C.

Core Inflation Rate (%) (NSO)/c


Lending Rate (Low, %)

3.9 (Oct '11)


5.7 (Oct '11)

3.5 (Sep '11)


5.6 (Sep '11)

3.6
5.6

3.3 (Oct '10)


6.5 (Oct '10)

Latest
Week
D.
E.
F.
G.
H.

BSP Overnight Borrowing Policy Rates(RP)


BSP Overnight Lending Policy Rates(RRP)
91-Day T-Bill Rate (%)
Forex (Average, P:$1)
PSEi

V. EXTERNAL ACCOUNTS (BSP/NSO)


A.

Merchandise Exports (% g.r.)


- Electronic Products/d (% g.r.)

B.

Merchandise Imports (% g.r.)


- Raw mat. & intermediate goods (% g. r.)
- Capital goods (% g. r.)

C.

Current Account ($ M)

D.

Capital & Financial Accounts ($ M)


- Direct Investments, net

E.

Balance of Payments ($ M)

F.

Gross International Reserves ($ M)


- Months' worth of imports

G.

Total External Debt ($ M)


- of which: Total Short Term
Total Private Sector

VI. NG CASH OPERATIONS (BTr)


(in billion pesos)*
A.
B.
C.
D.
E.
F.

Revenues
Tax
Non-tax
Expenditures
Surplus(+) / Deficit(-)
Net Foreign Financing
Net Domestic Financing/e
Cash Build-up(-)/ Withdrawal (+)

* Details may not add up due to rounding, includes non-cash collections and expenditures
the Indicator changed from Growth of Loans for ODCs to Loans of Universal/ Commercial Banks as the BSP revised their series. Loans of U/KB is Gross of RRP
The old series covered all Other Depository Corporations that included, apart from universal/commercial banks, thrift banks and rural banks.
/b
based on Depository Corporations Survey
/c
(2000-based)
/d
expanded electronics coverage which includes semi-conductors, electronic data processing, office equipment, consumer electronics, telecommunication,
communication/radar, control and instrumentation, medical/industrial instrumentation and automotive electronics.
/e
net of non-budgetary accounts
/f
starting April 2005, LFS adopts the new definition of unemployment
/a

Preceding
Month

Year to
Date
18.9
2.6
7.4

Headline Inflation Rate (%) (NSO)/c


Food
Non-Food
NCR
AONCR

Same Month
Year Ago
5.3 (Sept '10)
7.4
7.9
1.7
6.9

Latest
Month

Preceding
Month
24.8 (Aug '11)
2.5 (Aug '11)
9.4 (Aug '11)

A.

(2000 - based)
Value of Production(% g.r.)
Volume of Production(% g.r.)
Value of Sales(% g.r.)
Volume of Sales(% g.r.)
Weighted Ave. Capacity Utilization (%)

Latest
Month
18.9 (Sep '11)
2.6 (Sep '11)
7.4 (Sep '11)

6.5
4.5
0.9
43.3
4,271.59

(22 Nov '11)


(22 Nov '11)
(03 Nov 11)
(23 Nov '11)
(23 Nov '11)

Latest
Month/Quarter

Preceding
Week
6.5
4.5
0.0
43.4
4,341.62

(15 Nov 11)


(15 Nov 11)
(20 Oct 11)
(16 Nov '11)
(16 Nov '11)

Preceding
Month/Quarter

Year to
Date
6.5
4.5
1.6
43.3
4,178.2
Year to
Date

Same Week
Year Ago
6.0
4.0
3.4
43.9
4,147.4

(22 Nov '10)


(22 Nov '10)
(03 Nov '10)
(23 Nov '10)
(23 Nov '10)

Same Month/Quarter
Year Ago

-27.4 (Sep '11)


-47.9

-13.7 (Aug '11)


-30.6

-3.1
-20.1

46.8 ( Sep '10)


54.6

10.4 (Aug '11)


-4.8
16.1

6.6 ( Jul '11)


-9.7
-7.3

13.8
30.8
-7.4

23.3 ( Aug '10)


39.8
8.9

2,104 (Q2 '11)

982 (Q1 '11)

3,086

1,752.0 (Q2 '10)

-126 (Q2 '11)


439

3,108 (Q1 '11)


399

2,982
838

-230.0 (Q2 '10)


18.0

208 (Oct '11)

719 (Sep '11)

9,929

2,736 (Oct '10)

75,832 (Oct '11)


11.2

75,174 (Sep '11)


11.1

75,832
11.2

57,154 (Oct '10)


9.0

61,424 (Q2 '11)


7,156
14,510
Latest
Month
104.34 Sep '11
90.65
13.69
122.84
-18.50
4.13
48.03
-33.66

60,948 (Q1 '11)


6,778
14,450

61,424
7,156
14,510

57,258 (Q2 '10)


5,498
13,038

Preceding
Month

Year to
Date

Same Month
Year Ago

124.15 Aug '11


111.11
13.04
114.93
9.22
5.14
-206.91
192.55

1017.09
891.36
125.73
1070.08
-52.99
60.35
4.54
-11.90

91.90 Sep '10


82.22
9.67
123.58
-31.68
48.86
-24.46
7.28

Updated by: MEAD-NPPS