The evolution of the Miravite Consulting Group (MCG) into risk modeling and other risk practice areas represents the company’s expanding perception of risk, from the actuarial to the broader spectrum of financial applications. Multi-disciplinary research is fundamental in enhancing our thought leadership and ability to provide solutions to manage risk and mitigate business uncertainty under local or global economic contexts. Moving forward into the next 50 years. MCG takes pride in its professional expertise, integrity and culture, making it your best choice as partners in managing risk.
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This section on Economic Outlook provides updates on the Philippine macroeconomic perspective, in general, and specifically, in order to provide a better understanding of how the macroeconomic factors underlying the actuarial and economic assumptions may affect the cost and funding of retirement plans.
2016 Philippine Economic Outlook
3Q’16: PH GDP Growth Momentum Sustained at 7.1%
Strong growth was in 3Q’16 as GDP expanded 7.1% yearon- year (YoY), following 7.0% YoY growth in 2Q’16 and 6.8% YoY growth a year ago in 1Q’15. As a result, the Philippines remained one of the fastest growing economies in the region. China followed at 6.7%, Vietnam at 6.4%, Indonesia at 5.0%, Malaysia at 4.3%.
2017 Inflation and Monetary Policy Update
Headline inflation reached 2.8% in July 2017. This was preceded by 2.7% in June, 3.1% in May, and 3.4% in April. The increase in July is due to higher prices of housing & utilities (+2.2%), transport (+3.8%), education (+2.3%), and restaurant and other miscellaneous services (+2.1%). Core inflation, which excludes selected food and energy items, decreased to 2.1% in July, preceded by 2.6% in June, 2.9% in May, and 3.0% in April.READ MORE
2017 Philippine GDP Update
PH GDP Expanded by 6.4% in 1Q 2017
The Philippine Gross Domestic Product (GDP) grew by 6.4% yoy during the 1st quarter which was primarily led by exports which expanded by 20.3% yoy. Trade has been picking up in the Philippines as in the rest of the world. Imports also grew quite strongly at 17.5% yoy. The solid numbers on the trade front offset the slower annual growth in household consumption which is the largest component of aggregate demand. Household consumption grew by 5.7% yoy, lower than the 7% growth figure registered in 2016. Capital formation also only expanded by 7.9% during the 1st quarter which is a weak number compared to the following capital formation growth rate figures --READ MORE
2017 Philippine Economic Outlook
PH 2Q’17 GDP Up By 6.5% Y-O-Y
The Philippine economy grew by 6.5% y-o-y in the 2nd quarter of this year, marginally higher than the growth rate of 6.4% achieved in the 1st quarter. This was primarily due to the growth of the agricultural sector, which grew by 6.3% y-o-y, much higher than the 2.0% decline in the previous year. The country’s industrial sector expanded by 7.3% y-o-y while the growth of the services sector decelerated to 6.1% from the 8.2% growth rate figure achieved during the same period of the previous year.READ MORE
MCG Learning SeriesSEE MORE
Our Pension. Our Future.
HR and Finance professionals attended the Miravite Consulting Group’s Professional Learning Series seminar entitled – “Our Pension. Our Future.” held last August 22, 2016 at the luxurious Fairmont Makati Hotel. Seminar speakers were led by Associate Professor and author Dr. Mia Pang-Rey of the UP Virata School of Business, and Miravite Consulting Group officers - Mr. Paul Timoteo, Manager-Strategic Business Development and Mr. Luigi Cortez, Associate Director of the Risk, Quantitative Finance, and Economics department.