• The Philippines’ GDP rose more than economists expected in 4Q.
• GDP rose 5.6% y/y (estimate +5.2%) in 4Q versus revised +6% in 3Q, according to the Philippine Statistics Authority
  ** Estimates range +3.9% to +6.1%, 24 economists
• GDP rose 2.1% q/q (estimate +1.7%)
  ** Estimates range +0.8% to +3.1%, 8 economists
• Agricultural production rose 1.4% y/y
• Industrial production rose 3.2% y/y
• Services rose 7.4% y/y
• Government spending fell 1.8% y/y
• Consumer spending rose 5.3% y/y
• Investment rose 11.2% y/y
• Exports fell 2.6% y/y