The Philippine Statistics Authority yesterday revised the gross domestic product (GDP) growth figure for the last quarter of 2015 to 6.5 percent from the previously reported 6.3 percent.
“This was due to upward revisions in Electricity, Gas & Water Supply; Public Administration and Defense; Transport, Storage & Communication, Financial Intermediation; Trade; and, Mining & Quarrying,” the agency said in a statement posted on its website.
The revised figure is still slower than the 6.6 percent growth posted in the last quarter of 2014, although it was the highest quarterly growth for 2015.
The revision was made ahead of the government’s announcement of the GDP growth for the first quarter of this year.
Socioeconomic Planning Secretary Emmanuel F. Esguerra, also National Economic and Development Authority director-general, and PSA national statistician Lisa Grace S. Bersales are scheduled to hold a press conference this morning on the country’s economic performance for the period January to March 2016.
The PSA also revised upwards the Net Primary Income (NPI) for the fourth quarter to 11.5 percent from 5.4 percent.
“This contributed 0.92 percentage point to the upward revision of Gross National Income (GNI) from 6.2 percent to 7.3 percent,” the agency added.
STOCKS
Meanwhile, optimism that the country’s economic growth offset fresh US interest rate jitters drove the Philippine Stock Exchange index (PSEi) higher yesterday.
Rising for the fourth straight session, the local stock barometer overcame the slump in early trade. Firming up in afternoon trade, the main index ended 9.46 points or 0.13 percent higher at 7,534.30.
Across the region, trading sentiment was mixed as Japan’s first quarter economic growth beat expectations while jitters on the US Federal Reserve’s rate hike escalated.
“Despite the US sell-off yesterday with the thinking behind a June hike as a preemptive move ahead of what will be an especially contentious election in November preventing in theory an a-political Fed from hiking in September or November, markets cheered as the Japan GDP print expanded ahead of all forecasts by 1.7 percent,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
“With all the above in mind, the Philippines traded rather mix as traded oil prices above $48 with the prospect of a US inventory drawdown, while nickel and copper are retreating. Finally, the market closed in the green as expectations are running high that first quarter GDP will be able to meet analysts’ expectations when the report is given (Thursday),” Limlingan said.
Consensus view based on a Bloomberg poll is a first quarter Philippine GDP growth of 6.9 percent year-on-year, partly driven by an escalation in spending ahead of the presidential elections.
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