Philippine Economic Update : Accelerating Reforms to Meet the Jobs Challenge

The Philippine economic update provides an update on key economic and social developments, and policies over the past 6 to 12 months. It also presents findings from recent World Bank studies on the Philippines. The Philippine economy expanded by 6....

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Bibliographic Details
Main Author:	World Bank
Format:	Economic Updates and Modeling
Language:	English en_US
Published:	Washington, DC 2014
Subjects:	ACCESS TO FINANCE ACCESS TO MARKETS ACCOUNTING ACCOUNTING STANDARDS ADMINISTRATIVE REFORMS ADVANCED ECONOMIES ADVERSE IMPACTS AGRICULTURE ASSET PRICE ASSET PRICES AVERAGE DEBT BALANCE OF PAYMENT BALANCE OF PAYMENTS BALANCE SHEETS BANK ASSET BANK FINANCING BANK LENDING BANKING SECTOR BASIS POINTS BONDS BORROWING BORROWING COSTS BUDGETING BUSINESS ACTIVITIES CAPITAL ACCOUNT CAPITAL FORMATION CAPITAL INFLOW CAPITAL INFLOWS CAPITAL OUTFLOWS CASH REMITTANCES CASH TRANSFER CENTRAL BANK CENTRAL BANKS CHECKS COLLATERAL COLLEGE DEGREES COMMERCIAL BANKS COMMODITY PRICES COMPETITIVENESS CONSUMER EXPECTATIONS CONSUMER GOODS CONSUMPTION EXPENDITURE CORPORATE DEBTS CORRUPTION CREDIT CARD CREDIT CRUNCHES CREDIT MARKETS CREDIT RATING CURRENT ACCOUNT DEBT RATIO DEBT SERVICE DEBT STOCK DEFAULTS DEPOSIT DEPOSIT ACCOUNT DEPOSITS DEVELOPING COUNTRIES DEVELOPMENT PROJECTS DIFFERENTIAL TAXATION DISABLED DISBURSEMENTS DISCOURAGED WORKERS DOMESTIC BORROWINGS DOMESTIC CREDIT DOMESTIC INTEREST RATES DURABLE DURABLE EQUIPMENT ECONOMIC ACTIVITIES ECONOMIC GROWTH ECONOMIC REFORMS ECONOMIC RESEARCH EMPLOYERS EQUIPMENT PURCHASES EQUITY RATIO EXCHANGE COMMISSION EXCHANGE RATE EXCISE TAXES EXPATRIATE EXPATRIATES EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORTERS EXTERNAL DEBT FAMILIES FAMILY INCOME FARMER FARMERS FINANCIAL ACCOUNT FINANCIAL ACCOUNTS FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STATEMENTS FISCAL POLICIES FISCAL POLICY FIXED CAPITAL FOREIGN BANKS FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN FINANCING FOREIGN INVESTORS FOREIGN PORTFOLIO INVESTMENT GDP GLOBAL ECONOMY GOVERNMENT DEBT GOVERNMENT DEFICIT GOVERNMENT SPENDING GROSS VALUE GROWTH PROJECTIONS GROWTH RATE HOST COUNTRIES HOUSEHOLD INVESTMENT HOUSEHOLDS INCOME TAX INDEXATION INFLATION INFLATION RATE INFORMAL WORKERS INFORMATION SYSTEM INPUT PRICES INSTITUTIONAL REFORMS INSURANCE INTELLECTUAL PROPERTY INTEREST BURDEN INTEREST RATE INTEREST RATE DIFFERENTIAL INTEREST RATE REGIME INTEREST RATE VOLATILITY INTEREST RATES INTERNATIONAL INVESTMENT INTERNATIONAL STANDARDS INVENTORIES INVENTORY INVESTING INVESTMENT CLIMATE INVESTMENT SPENDING JOB CREATION LABOR FORCE PARTICIPATION LABOR FORCE SURVEY LABOR MARKET LEVY LIABILITY LIQUIDITY LOAN LOAN PORTFOLIO LOW INTEREST RATE LOW INTEREST RATES M3 MARKET CAPITALIZATION MARKET PRICES MATURITY MINIMUM WAGE MONETARY POLICY MONEY SUPPLY MORAL HAZARDS MORTGAGES NATIONAL INCOME NET EXPORTS NET WORTH NON-PERFORMING LOANS OPEN MARKET OPEN MARKET OPERATIONS PAYMENT SYSTEM PERSONAL INCOME PHYSICAL CAPITAL PLEDGES POLITICAL STABILITY PORTFOLIO PORTFOLIO INFLOWS PRICE INCREASES PRIVATE BANKS PRIVATE INVESTMENT PROPERTY RIGHTS PROPERTY TAX PUBLIC FINANCE PUBLIC INVESTMENT PUBLIC SPENDING REAL ESTATE REAL ESTATE LENDING REAL ESTATE LOANS REAL PROPERTIES RECESSION RED TAPE REGULATORY FRAMEWORK REMITTANCE REMITTANCES RESERVES RETURN RETURNS SALES GROWTH SECURE PROPERTY RIGHTS SECURITIES SHORT TERM INTEREST RATE SMALLHOLDERS SOCIAL DEVELOPMENTS STOCK EXCHANGE STOCK MARKET STOCK MARKET INDEX STOCK MARKETS STOCKS T-BILL T-BILL RATES T-BOND TAX TAX CODE TAX COLLECTION TAX EXPENDITURES TAX INCENTIVES TAX POLICY TAX RATES TAX REGIME TAX REVENUES TAX SYSTEM TERM DEPOSIT TOTAL DEBT TRADE BALANCE TRADE DEFICIT TRADE FACILITATION TRADE SECTORS TRANSPARENCY UNEMPLOYMENT UNEMPLOYMENT RATE URBAN AREAS VALUE ADDED VULNERABLE PEOPLE WAGES WITHDRAWAL
Online Access:	http://documents.worldbank.org/curated/en/2013/05/17810461/philippine-economic-update-accelerating-reforms-meet-jobs-challenge http://hdl.handle.net/10986/16515

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Summary:	The Philippine economic update provides an update on key economic and social developments, and policies over the past 6 to 12 months. It also presents findings from recent World Bank studies on the Philippines. The Philippine economy expanded by 6.6 percent in 2012, exceeding most expectations, including the government's own target of 5 to 6 percent. The pace and efficiency of national government spending improved remarkably in 2012. Higher government spending was matched by a significant increase in revenue collection, with a strong contribution from improved tax administration. Total tax revenues grew by 13.2 percent and tax effort increased from 12.3 to 12.9 percent of Gross Domestic Product (GDP)-the highest increase in decades attributable to improved tax administration. The medium-term growth prospects for the Philippines are good. GDP growth is projected at 6.2 percent in 2013, driven by domestic demand. There is no silver bullet for creating more and better jobs, as it is linked to resolving deep-seated, structural issues in the economy. Only a comprehensive reform agenda implemented across sectors can foster a business environment conducive to private sector job creation by firms of all sizes. A unique window of opportunity exists today to accelerate reforms that will help create more and better jobs.

Philippine Economic Update : Accelerating Reforms to Meet the Jobs Challenge

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