• The Philippines’ exports rose more than economists expected in January.
• Exports rose 9.1% y/y (estimate +7.4%) in January versus -0.5% in December, according to the Philippine Statistics Authority
  ** Estimates range -0.6% to +12.1%, 13 economists
• Exports rose to $5.94b from revised $5.784b in December
• Imports fell 7.6% y/y (estimate -5.1%) versus revised -3.5% in December
  ** Estimates range -9.1% to +0.1%, 12 economists
• Imports rose to $10.16b from revised $9.963b in December
• Trade deficit widened to $4.221b (estimate -$4.689b) from revised -$4.178b in December
  ** Estimates range -$5.100b to -$4.100b, 11 economists