• The Philippines’ trade deficit widened in January; economists expected it to have narrowed.
• Trade deficit widened to $5.74b (estimate -$4.381b) in January from revised -$4.503b in December, according to the Philippine Statistics Authority
  ** Estimates range -$4.900b to -$4.050b, 9 economists
• Exports fell 13.5% y/y (estimate +1.1%) versus revised -7.7% in December
  ** Estimates range -12.3% to +2.7%, 11 economists
• Imports rose 3.9% y/y (estimate -1.8%) versus revised -9.6% in December
  ** Estimates range -9.1% to +5.2%, 10 economists
• Exports fell to $5.231b from revised $5.799b in December
• Imports rose to $10.970b from revised $10.303b in December