菲律宾10年期国债 (Philippine10Y) 加自选

菲律宾消费者信心指数从上一季度的-11.1降至2025年第一季度的-13。消费者更悲观的情绪归因于商品和服务价格上涨更快、收入下降和就业机会减少。在组成指标中，受访者对该国的经济状况更为悲观（第四季度为-33.9比-24.2）。然而，对其家庭财务状况的负面看法略低（-6.1对-9），对家庭收入的看法转为正面（1对-0.1）。与此同时，消费者对未来12个月该国经济前景的预期与上一季度持平，为12.4，但略低于去年第一季度的13.4。

The consumer confidence indicator in the Philippines fell to -13 in the first quarter of 2025 from -11.1 in the previous period. The more pessimistic sentiment among consumers was attributed to faster increases in the prices of goods and services, declining incomes, and fewer job opportunities. Among the component indicators, respondents were more pessimistic about the country’s economic condition (-33.9 vs -24.2 in Q4). However, views were slightly less negative regarding their family’s financial situation (-6.1 vs -9), and turned positive for family income (1 vs -0.1). Meanwhile, consumer expectations for the country’s economic prospects over the next 12 months remained unchanged from the previous quarter at 12.4, though slightly lower than the 13.4 recorded in Q1 of the previous year.

2025年4月，菲律宾制造业产量同比增长4.3%，从3月份向下修正的1.4%的下降中反弹。这一回升主要是由于基本金属制造业的复苏（3月份为17.3%对-43.8%），对年增量的贡献率为94.1%。皮革及相关产品制造业（63%对47%）、运输设备（8.0%对7.2%）和金属制品制造业（机械设备除外）（7.9%对1.4%）录得额外收益。家具的产出也有所恢复（3.8%对-9.3%）。另一方面，食品（12.1%对17.6%）、烟草制品（10.6%对28.2%）、电气设备（4.8%对24.4%）以及橡胶和塑料制品（0.1%对8.7%）的生产增长放缓。经季节性调整的月度数据显示，制造业产出增长12.7%，较前一时期3.3%的下降有所回升。

Manufacturing production in the Philippines rose by 4.3% year-on-year in April 2025, rebounding from a downwardly revised 1.4% drop in March. The upturn was mainly driven by recoveries in the manufacture of basic metals (17.3% vs -43.8% in March), which contributed 94.1% to the annual increment. Additional gains were recorded from the manufacture of leather and related products (63% vs 47%), transport equipment (8.0% vs 7.2%) and fabricated metals, except machinery and equipment (7.9% vs 1.4%). Output also recovered for furniture (3.8% vs -9.3%). On the other hand, production growth moderated for food products (12.1% vs 17.6%), tobacco products (10.6% vs 28.2%), electrical equipment (4.8% vs 24.4%), and rubber and plastic products (0.1% vs 8.7%). On a seasonally adjusted monthly basis, manufacturing output grew 12.7%, recovering from 3.3% drop in the previous period.

2025年4月，菲律宾的失业率从去年同期的4.0%微升至4.1%，为2025年1月以来的最高水平。失业人数达到206万，比2024年4月的204万略有增加，而就业人数从4835万增至4867万。在主要工业部门中，服务业的就业人数仍然最多，占总就业人口的61.9%，其次是农业，占20.6%，工业占17.5%。与此同时，劳动力参与率从一年前的64.1%降至63.7%。平均而言，就业人员每周工作39.9小时，低于2024年4月的40.5小时。

The unemployment rate in the Philippines edged up to 4.1% in April 2025, from 4.0% in the same month of the previous year, marking the highest rate since January 2025. The number of unemployed individuals reached 2.06 million, a soft rise from 2.04 million in April 2024, while the number of employed persons rose to 48.67 million from 48.35 million. Among major industry sectors, the services sector remained the largest in terms of employment, accounting for 61.9% of the total employed population, followed by agriculture at 20.6%, and industry at 17.5%. Meanwhile, the labor force participation rate slowed to 63.7%, compared to 64.1% a year earlier. On average, employed individuals worked 39.9 hours per week, lower than the 40.5 hours recorded in April 2024.

菲律宾的年通货膨胀率从上个月的1.4%降至2025年5月的1.3%，与市场预测的1.3%一致。这是自2019年11月以来的最低水平，主要原因是住房和公用事业（2.3%对4月的2.9%）、餐馆和住宿服务（2.0%对2.3%）以及家具、家用设备和日常家庭维护（2.0%对2.1%）的价格有所放缓。此外，运输成本继续下降（-2.4%对-2.1%）。相比之下，酒精饮料和烟草（3.8%对3.7%）、信息和通信（0.4%对0.3%）、娱乐、体育和文化（2.2%对2.1%）以及教育（4.3%对4.2%）的成本略有上升，食品和非酒精饮料（0.9%）以及服装和鞋类（1.6%）的成本保持稳定。按月计算，5月份消费者价格指数下降0.1%，而前一个月下降0.4%。与此同时，不包括某些食品和能源项目的核心通胀率在2025年5月保持在2.2%不变。

The annual inflation rate in the Philippines eased to 1.3% in May 2025 from 1.4% in the previous month, aligning with market forecasts of 1.3%. This marked the lowest reading since November 2019, as prices moderated mainly for housing and utilities (2.3% vs 2.9% in April), restaurants and accommodation services (2.0% vs 2.3%), and furnishing, household equipment and routine household maintenance (2.0% vs 2.1%). Additionally, transport costs continued to decline (-2.4% vs -2.1%). In contrast, costs edged up for alcoholic beverages and tobacco (3.8% vs 3.7%), information and communication (0.4% vs 0.3%), recreation, sport and culture (2.2% vs 2.1%), and education (4.3% vs 4.2%) and stood steady for food and non-alcoholic beverages (0.9%) and clothing and footwear (1.6%). On a monthly basis, consumer prices fell by 0.1% in May, following a 0.4% drop the prior month. Meanwhile, core inflation, which excludes certain food and energy items, remained unchanged at 2.2% in May 2025.