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I.

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II. Market Condition
A. Growth Rate

The Philippines economy grew an annual 6.4 percent in the March quarter of
2017, following a 6.6 percent expansion in the previous quarter and below
market consensus of a 6.8 percent growth. It was the weakest expansion since
the third quarter 2015, as private consumption, investment, and government
spending slowed while exports rose further. For 2017, the economy is expected
to advance between 6.5 to 7.5 percent. On a quarter-on-quarter seasonally
adjusted basis, the GDP expanded 1.1 percent in the first quarter 2017,
compared to an upwardly revised 1.8 percent growth in the December quarter
while market estimated a 1.5 percent growth. GDP Annual Growth Rate in
Philippines averaged 3.68 percent from 1982 until 2017, reaching an all time
high of 12.40 percent in the fourth quarter of 1988 and a record low of -11.10
percent in the first quarter of 1985.

B. Unemployment
Unemployment rate in Philippines rose to 6.6 percent in the first quarter of 2017
from 4.7 percent in the December quarter. It was the highest jobless rate since
the March quarter 2015, as the number of unemployed went up to 2,761
thousand (from 2,040 thousand in the previous period) while the number of
employed declined to 39,347 thousand (from 41,664 thousand). Meanwhile, the
labor force participation rate decreased to 60.7 percent from a 63.6 percent in
the preceding three months. Among employed persons, workers in the services
sector made up 57.1 percent of the total, followed by those in the agriculture
sector (25.5 percent) and industry (17.4 percent). Unemployment Rate in
Philippines averaged 8.61 percent from 1994 until 2017, reaching an all time
high of 13.90 percent in the first quarter of 2000 and a record low of 4.70
percent in the fourth quarter of 2016.

C. Inflation Rate
Core Inflation Rate in Philippines increased 3 percent in April of 2017 over the same
month in the previous year. Core Inflation Rate in Philippines averaged 3.85 percent
from 2001 until 2017, reaching an all time high of 7.25 percent in October of 2008
and a record low of 1.40 percent in September of 2015.

D. Interest Rate

The central bank of Philippines left its key overnight borrowing rate steady at 3
percent on May 11th, 2017 as widely expected, mentioning a manageable
inflation. Policymakers kept its inflation forecasts for 2017-2018 unchanged at
3.0 percent 1 percentage point but said upside risks persist. Interest Rate in
Philippines averaged 9.18 percent from 1985 until 2017, reaching an all time
high of 56.60 percent in December of 1990 and a record low of 3 percent in June
of 2016.