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Philippines Staff Report For The Article Iv Consultation And Post Program Monitoring Discussions

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Philippines Staff Report For The Article Iv Consultation And Post Program Monitoring Discussions

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language : en
Publisher:
Release Date : 2009

Philippines Staff Report For The Article Iv Consultation And Post Program Monitoring Discussions written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Philippines categories.

Philippines

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2005-03-21

Philippines written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-03-21 with Business & Economics categories.

This paper examines the Philippines’s 2004 Article IV Consultation and Post-Program Monitoring Discussions. GDP growth has exceeded expectations, but unemployment remains high. With exports staging a recovery and consumption boosted by overseas remittances and the election, GDP grew by 6.1 percent in 2004, up from 4.7 percent in 2003. The near-term outlook for the Philippines economy is clouded by the uncertain external environment. The rapid growth in 2004 is unlikely to be sustained, particularly given slowing global demand in the information technology sector and rising interest rates.

Philippines

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2006-03-06

The staff report for the 2005 Article IV Consultation on the Philippines highlights managing short-term vulnerabilities and higher investment and growth. Power generation tariffs have been raised to substantially cut the losses of the National Power Corporation (NPC). A risk to the near-term outlook for the Philippine economy is that political events, such as possible constitutional change, serve to sideline economic reforms. Executive Directors agreed that rebalancing the composition of public expenditure, with reduced current outlays providing space for capital and social spending, should form an integral part of the fiscal consolidation.

Philippines

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Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2020-02-06

Philippines written by International Monetary Fund. Asia and Pacific Dept and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-02-06 with Business & Economics categories.

This 2019 Article IV Consultation with Philippines highlights that the economic performance remains strong. The discussions focused on macroeconomic policies to keep the economy close to balance under the baseline outlook and risk scenarios; strategies for macroprudential policies to address risks from a potential renewed acceleration in credit growth; and policies and reforms to foster stronger and inclusive growth. Growth regained momentum in the second half of 2019 following a slowdown in the first half. The latter primarily reflected budgetary developments, with some temporary government underspending in the early part of the year. A decisive monetary policy tightening in response to the inflation spike and overheating risks in 2018 and weaker external demand also contributed. The structural reform momentum and infrastructure push remain strong. Gross domestic product growth is projected to rise further in the near term, underpinned by government spending acceleration and the recent monetary policy easing. Risks to the outlook are to the downside, reflecting risks to the global economy from increased trade tensions, shifts in global financial conditions, and natural disasters.

Philippines 2021 Article Iv Consultation Press Release Staff Report And Statement By The Executive Director For Philippines

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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2021-08-06

Philippines 2021 Article Iv Consultation Press Release Staff Report And Statement By The Executive Director For Philippines written by International Monetary and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-06 with Business & Economics categories.

The economy is recovering after a major, pandemic-induced economic downturn. The authorities have deployed a comprehensive set of policy responses that have helped to mitigate the socioeconomic impact and maintain financial stability. The economic recovery slowed in the first half of 2021 due to a second wave of COVID-19 infections. Vaccination has started and is poised to accelerate from midyear.

Philippines

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Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2022-12-15

A new administration took office in July with a blueprint to secure an inclusive, sustainable, and green recovery. While the economy remains fundamentally sound, the new administration will face three important challenges: (1) striking the right policy mix to secure the recovery and safeguard price stability; (2) building fiscal buffers as insurance against downside risks; and (3) raising the Philippine’s long-term growth.

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Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2014-08-08

KEY ISSUES Context. Growth remains rapid, but has moderated from the 71⁄4 percent recorded in 2013. Remittances and accommodative monetary and financial conditions remain the primary growth drivers, despite volatile capital flows, slowing activity in the region and severe natural disasters. Inflation has picked up to over 4 percent, while the current account remains in surplus. Local financial markets were moderately impacted by the Fed’s “taper talk and action,” weakening the peso and equity prices. Credit growth has quickened, especially to construction. Potential growth has risen to about 6?61⁄4 percent. However, persistent weakness in the business climate is a risk to sustained growth and hinders job creation. Foreign ownership restrictions, inadequate infrastructure and high doing-business costs have held back overall investment and employment. Along with frequent natural disasters, this has kept poverty elevated, thereby sustaining outward migration. Outlook and risks. Normalizing financial conditions are forecast to ease growth to 6?61⁄2 percent over the medium term, while keeping inflation within the band and moderating the current account surplus. Abrupt changes in global financial conditions and a sharp growth slowdown in EMs are among the external growth risks. On the domestic front, excessive flow of real and financial resources to the property sector could increase volatility of asset prices and GDP growth over the longer run. Policy recommendations. A more restrictive policy stance is needed to preserve macro- financial stability, with rebalancing of the mix to allow higher public investment spending, while implementing reforms to sustain vibrant growth and make it more inclusive: • Absorbing liquidity and raising official interest rates would address second-round inflation effects and potential overheating and financial stability risks. Allowing the exchange rate to adjust more fully to structural inflows, while smoothing the effect of cyclical flows, would limit further sustained reserve buildup. • Addressing specific risks from real estate and large credit exposures requires further targeted measures and broadening the BSP’s mandate to include financial stability. This would help prevent diversion of systemic risk to shadow banking and strengthen tools to manage risks from deepening cross-border financial integration. • Raising the fiscal deficit from below 11⁄2 percent of GDP in 2013 to 2 percent of GDP in 2014 to accommodate reconstruction spending should be accompanied by tighter monetary and financial conditions. Mobilizing sizable additional stable revenue would ensure room for structural spending priorities while preserving fiscal prudence. • Improving the investment climate by relaxing foreign ownership limits, reducing red tape, limiting tax holidays, and reducing labor and product market rigidities would enhance competition, support PPP execution and create employment opportunities within the Philippines.

Philippines

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Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2023-12-15

After a strong recovery from the pandemic in 2022, growth moderated in the first half of 2023 due to external headwinds, fiscal underspending, and normalization of pent-up demand. Inflation decelerated from the peak in early 2023 supported by domestic policy tightening despite a recent uptick related to resurgent commodity prices. Growth is projected to rebound in the second half of 2023 and 2024 while inflation is expected to gradually approach the target. Risks to the growth outlook are tilted to the downside, mainly stemming from persistently high inflation, globally and locally, and a highly uncertain global economic and geopolitical environment. Upside risks to the inflation outlook include higher commodity prices and potential second-round effects.

Philippines

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Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2018-09-27

This 2018 Article IV Consultation highlights that the economy of The Philippines continues to perform well but is facing new challenges. Real GDP growth is projected to grow strongly in 2018 and 2019, supported by domestic demand. However, poverty and inequality challenges remain, inflation has risen, and external uncertainty has increased. The medium-term economic outlook remains favorable, but short-term risks have risen. Real GDP growth is projected at just under 7 percent over the medium term. Inflation is projected at above the 4 percent upper target bound in 2018 and stay in the upper half of the target band during 2019–2020. The current account deficit is projected to remain manageable, financed largely by foreign direct investment.

Philippines

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Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2016-09-26

This 2016 Article IV Consultation highlights that the Philippine economy has continued to perform strongly. Real GDP regained strength from a slowdown in mid-2015 to record a robust 5.9 percent growth rate in 2015 and 6.9 percent in the first half of 2016. Both consumption and investment grew rapidly, while net exports were held back by weak external demand. Job creation was also strong: the unemployment rate declined to 6.3 percent in 2015 and 6.0 percent in the first half of 2016. The outlook for the Philippine economy remains favorable despite external headwinds. Real GDP growth is expected at 6.4 percent in 2016 and 6.7 percent in 2017 on continued robust domestic demand and a modest recovery in exports.

Philippines Staff Report For The Article Iv Consultation And Post Program Monitoring Discussions

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