Republic Of The Philippines 18-K/A Annual report (foreign governments) (amended)

Exhibit 99.E

RECENT DEVELOPMENTS

The information contained in this section supplements the information about the Republic corresponding to the headings below that is contained in Exhibit 99.D to the Republic’s annual report on Form 18-K for the fiscal year ended December 31, 2017. To the extent the information in this section differs from the information contained in such annual report, you should rely on the information in this section. Capitalized terms not defined in this section have the meanings ascribed to them in the annual report.

Gross Domestic Product

In the first three months of 2019, GDP grew by 5.6%, compared with growth of 6.5% in the first three months of 2018.

The following table shows GDP by sector, net primary income and GNI at current market prices for the specified periods.

	Gross Domestic Product by Major Sector (at current market prices) For the Three  Months Ended				Percentage of GDP For the Three Months Ended
	March 31, 2018		March 31, 2019		March 31, 2018			March 31, 2019
	(₱ in millions, except as indicated)				(%)
Agriculture, hunting, forestry and fishing sector
Agriculture, hunting and forestry		347,878		331,323		8.9	%		7.9	%
Fishing		48,826		52,815		1.2	%		1.3	%
Total		396,704		384,138		10.1	%		9.1	%
Industry sector
Mining and quarrying		36,731		37,748		0.9	%		0.9	%
Manufacturing		785,486		827,773		20.1	%		19.7	%
Construction		271,370		295,488		6.9	%		7.0	%
Electricity, gas and water supply		132,545		143,276		3.4	%		3.4	%
Total		1,226,132		1,304,286		31.3	%		31.0	%
Service sector
Transport, storage and communication		247,357		269,475		6.3	%		6.4	%
Trade and repair of motor vehicles, motorcycles, personal and household goods		658,669		721,304		16.8	%		17.1	%
Financial intermediation		347,444		396,167		8.9	%		9.4	%
Real estate, renting and business activities		505,937		539,792		12.9	%		12.8	%
Public administration and defense; compulsory social security		140,955		162,082		3.6	%		3.9	%
Other services		392,155		429,673		10.0	%		10.2	%
Total		2,292,517		2,518,491		58.6	%		59.9	%
Total GDP		3,915,354		4,206,915		100.0			100.0
Net primary income		852,541		899,971
Total GNI		4,767,895		5,106,886
Total GDP ($ billions)(1)		76.1		80.4
Per capita GDP ($)(1)		719.5		747.8

Source: Philippine Statistics Authority.

Note:

(1) Calculated using the average exchange rate for the period indicated.

The following table shows GDP by sector, net primary income and GNI at constant market prices for the specified periods.

	Gross Domestic Product by Major Sector (at constant market  prices)(1) For the Three Months Ended						Percentage of GDP For the Three Months Ended
	March 31, 2018			March 31, 2019			March 31, 2018			March 31, 2019
	(₱ in millions, except as indicated)						(%)
Agriculture, hunting, forestry and fishing sector
Agriculture, hunting and forestry		157,622			158,663			7.4	%		7.0	%
Fishing		26,578			26,985			1.2	%		1.2	%
Total		184,201			185,649			8.6	%		8.2	%
Industry sector
Mining and quarrying		21,381			22,504			1.0	%		1.0	%
Manufacturing		530,522			554,839			24.8	%		24.6	%
Construction		120,429			125,177			5.6	%		5.5	%
Electricity, gas and water supply		65,103			67,147			3.0	%		3.0	%
Total		737,435			769,668			34.5	%		34.1	%
Service sector
Transport, storage and communication		164,782			178,178			7.7	%		7.9	%
Trade and repair of motor vehicles, motorcycles, personal and household goods		331,007			355,429			15.5	%		15.7	%
Financial intermediation		165,628			181,924			7.7	%		8.1	%
Real estate, renting and business activities		234,375			243,970			11.0	%		10.8	%
Public administration and defense; compulsory social security		83,825			91,987			3.9	%		4.1	%
Other services		236,758			250,203			11.1	%		11.1	%
Total		1,216,375			1,301,691			56.9	%		57.7	%
Total GDP		2,138,010			2,257,007			100.0			100.0
Net primary income		462,705			471,662
Total GNI		2,600,715			2,728,669
Yearly growth in GDP		6.5	%		5.6	%
Yearly growth in GNI		6.3	%		4.9	%

Source: Philippine Statistics Authority.

Note:

(1) Based on constant 2000 prices.

The following table shows the percentage distribution of the Republic’s GNI by expenditure at constant 2000 prices.

	Distribution of Gross National Income by Expenditure (at constant market prices)(1) For the Three Months Ended
	March 31, 2018		March 31, 2019
Household final consumption expenditure		56.8		57.5
Government consumption		9.0		9.2
Capital formation
Fixed capital		25.7		25.9
Construction		7.4		7.4
Durable Equipment		16.2		16.3
Breeding Stock & Orchard Development		1.1		1.1
Intellectual Property Products		1.1		1.2
Changes in inventories		1.1		1.3
Total capital formation		26.8		27.3
Exports
Exports of Goods		38.5		38.9
Exports of Services		11.6		11.6
Imports
Imports of Goods		49.8		51.5
Imports of Services		10.9		11.1
Gross Domestic Product		82.2		82.7
Net Primary Income		17.8		17.3
Total		100.0		100.0

Source: Philippine Statistics Authority.

Note:

(1) Based on constant 2000 prices.

Monetary System

In May 2019, the Monetary Board decided to reduce the RRP rate to 4.5% and the RP rate to 7.5%, citing its assessment that the inflation outlook continues to be manageable, with easing price pressures owing to the decline in food prices amid improved supply conditions.

Public Finance

Total government revenues in the first three months of 2019 were ₱687.7 billion, an 11.0% increase over the ₱619.8 billion recorded during the same period in 2018. In the first three months of 2019, Bureau of Internal Revenue collections were ₱468.2 billion, an increase of 10.7% from the ₱423.1 billion recorded during the same period in 2018. The Bureau of Customs recorded collections of ₱141.9 billion in the first three months of 2019, a 9.3% increase from the ₱129.8 billion recorded in the same period in 2018. Non-tax revenues were ₱71.9 billion in the first three months of 2019, a 17.6% increase from the ₱61.1 billion recorded during the same period in 2018.

Total government expenditures in the first three months of 2019 were ₱778.0 billion, a 0.8% increase over the ₱772.0 billion recorded during the same period in 2018. This increase in expenditure in the first three months of 2019 compared to the same period in 2018 was primarily driven by an increase of 6.2% in the expenditure on national government disbursements, from ₱474.6 billion in the first three months of 2018 to ₱503.8 billion during the same period in 2019.

Debt

As of March 31, 2019, the total outstanding debt of the Republic was ₱7,802.3 billion, 7.0% higher than the ₱7,292.5 billion recorded as of December 31, 2018. This increase was primarily due to an increase in the issuance of domestic debt securities from ₱4,775.9 billion recorded as of December 31, 2018 to ₱5,195.9 billion recorded as of March 31, 2019 .

As of March 31, 2019, the total outstanding direct domestic debt of the Republic was ₱5,196.8 billion, 8.8% higher than the ₱4,776.9 billion recorded as of December 31, 2018. This increase was primarily due to an increase in treasury bonds/notes by 7.2% from ₱4,281.6 billion recorded as of December 31, 2018 to ₱4,588.3 billion as of March 31, 2019 and an increase of 22.9% in treasury bills from ₱494.3 billion as of December 31, 2018 to ₱607.6 billion as of March 31, 2019.

As of March 31, 2019, the total outstanding direct external debt of the Republic was $49.5 billion, 3.4% higher than the $47.9 billion recorded as of December 31, 2018. This increase was primarily due to an increase in external issuances of U.S. dollar-denominated bonds by 3.7% from $24.8 billion as of December 31, 2018 to $25.8 billion as of March 31, 2019. External loans also increased by 4.2% from $18.0 billion as of December 31, 2018 to $18.8 billion as of March 31, 2019.

As of March 31, 2019, the total outstanding guarantees of indebtedness by the Republic amounted to ₱479.7 billion, 1.6% lower than the ₱487.6 billion recorded as of December 31, 2018. This decrease was primarily due to a decrease in both the domestic and external Government guarantees from ₱197.5 billion and ₱290.0 billion, respectively, recorded as of December 31, 2018 to ₱191.3 billion and ₱288.4 billion, respectively, recorded as of March 31, 2019. These figures for domestic and external Government guarantees include both debt originally guaranteed by the Government and debt guaranteed by other public sector entities for which the guarantee has been assumed by the Government.