Philippine exports spike 22.8% in September

This breaks two straight months of weakness.

Here's more from BBVA:

Exports rose by a much better-than-expected 22.8% y/y (consensus: 4.6% y/y) in September on strong Asian demand – particularly from Japan, Singapore, and Hong Kong – in the latest sign that regional momentum may be stabilizing (despite yesterday’s disappointing Q3 growth outturn in Japan).

The Philippines’ economy, which grew by 5.9% y/y in the second quarter, was thought to be under some pressure recently after two weak months of exports data in June and July, and after policymakers decided to support the economy by cutting interest rates to a record-low 3.5% at the end of last month.

However, today’s outturn provides a positive boost to sentiment, and makes it more likely that the Philippines will reach our growth forecast of 5.5% for this year.