菲律宾综合股价指数 (PSEi) 加自选

2025年2月，菲律宾的外国直接投资净额同比暴跌61.9%，至5亿美元的五个月低点。净流入的急剧下降是由股权资本（-85.9%）、债务工具（-35.4%）和收益再投资（-13.1%）的大幅下降造成的。本月股本配售主要来自日本（56%）、美国（11%）、爱尔兰（10%）和马来西亚（5%），投资主要集中在制造业（62%）、金融和保险（11%），房地产（11%）以及信息和通信（10%）行业。今年迄今为止，外国直接投资净流入总额为13亿美元，比去年同期记录的23亿美元下降了45.2%。

Net foreign direct investment (FDI) in the Philippines plunged 61.9% year-on-year to a five-month low of USD 0.5 billion in February 2025. The sharp decline in net inflows was driven by significant drops in equity capital (-85.9%), debt instruments (-35.4%), and reinvestment of earnings (-13.1%). Equity capital placements during the month mainly originated from Japan (56%), the United States (11%), Ireland (10%), and Malaysia (5%), with investments directed largely toward the manufacturing (62%), financial and insurance (11%), real estate (11%), and information and communication (10%) sectors. Year-to-date, net FDI inflows totaled USD 1.3 billion, down 45.2% from the USD 2.3 billion recorded during the same period last year.

截至2025年3月的三个月里，菲律宾经济环比增长1.2%，较前一时期下调的1.5%有所缓和。经济放缓的主要原因是家庭支出增长放缓（第四季度为1%对2.2%）和净贸易的负面贡献，进口激增12.5%（对-5.2%），而出口增长速度较慢，为3.9%（对2.3%）。在主要经济部门中，农业、林业和渔业（1.8%对0.9%）和工业（2%对0.2%）的增长加快，而服务业的扩张速度从2.2%放缓至0.8%。

The Philippine economy grew by 1.2% quarter-on-quarter in the three months ending March 2025, easing from a downwardly revised 1.5% in the previous period. The slowdown was mainly driven by a softer increase in household spending (1% vs. 2.2% in Q4) and negative contributions from net trade, as imports surged 12.5% (vs. -5.2%) while exports rose at a slower pace of 3.9% (vs. 2.3%). Among major economic sectors, growth accelerated in agriculture, forestry, and fishing (1.8% vs. 0.9%) and industry (2% vs. 0.2%), while the pace of expansion in services slowed to 0.8% from 2.2%.

2025年第一季度，菲律宾的国内生产总值同比增长5.4%，略高于上一季度修正后的5.3%，但低于5.6%的预测。各支出部门的增长加速，政府支出在第四季度增长9%后激增18.7%。家庭消费也有所回升，与之前的4.7%相比增长了5.3%，而固定资本形成从5%增长了5.9%。与此同时，净贸易产生了负面影响，进口增长9.9%（第四季度为2.7%），超过了出口增长6.2%（第三季度为3.2%）。在生产方面，农业、林业和渔业在上一季度收缩1.6%后反弹，增长2.2%。工业增长稳定在4.5%，而服务业略有放缓，与第四季度的6.7%相比增长了6.3%。

The Philippines’ GDP expanded by 5.4% year-on-year in Q1 2025, slightly up from a revised 5.3% in the previous quarter but below the 5.6% forecast. Growth accelerated across expenditure sectors, with government spending surging 18.7% following a 9% expansion in Q4. Household consumption also picked up, rising 5.3% compared to 4.7% previously, while fixed capital formation increased by 5.9% from 5%. Meanwhile, net trade contributed negatively, as imports advanced 9.9% (vs 2.7% in Q4), outpacing the 6.2% rise in exports (vs 3.2%). On the production side, agriculture, forestry, and fishing rebounded with a 2.2% growth after contracting by 1.6% in the previous quarter. Industry growth remained steady at 4.5%, while the services sector experienced a slight slowdown, expanding by 6.3% compared to 6.7% in Q4.

2025年3月，菲律宾制造业产量同比增长0.4%，从2月份向下修正的0.6%的下降中反弹。这一回升主要是由于食品制造业增长更快（2月份为19.2%对13.9%），对年增长率贡献了35.4%。烟草制品（28.1%对12.1%）、电气设备（25.0%对21.8%）以及计算机、电子和光学产品（3.6%对1.8%）的制造业录得额外收益。橡胶和塑料制品（11.4%对-1.3%）、记录媒体的印刷和复制（8.2%对-6.0%）、运输设备（5.9%对-0.9%）以及基本药品和药物制剂（3.3%对-2.2%）的产量也有所恢复。相反，家具产量下降了3.1%，与上月26.6%的增长率大幅逆转。经季节性调整的月度数据显示，制造业产出下降3.3%，而前一时期下降了3.5%。

Manufacturing production in the Philippines rose 0.4% year-on-year in March 2025, rebounding from a downwardly revised 0.6% drop in February. The upturn was mainly driven by a faster increase in the manufacture of food products (19.2% vs 13.9% in February), which contributed 35.4% to the annual increment. Additional gains were recorded from the manufacture of tobacco products (28.1% vs 12.1%), electrical equipment (25.0% vs 21.8%), and computer, electronic and optical products (3.6% vs 1.8%). Output also recovered for rubber and plastic products (11.4% vs -1.3%), printing and reproduction of recorded media (8.2% vs -6.0%), transport equipment (5.9% vs -0.9%), and basic pharmaceutical products and pharmaceutical preparations (3.3% vs -2.2%). Conversely, production of furniture declined by 3.1%, reversing sharply from a 26.6% growth in the previous month. On a seasonally adjusted monthly basis, manufacturing output fell 3.3%, following a 3.5% drop in the previous period.