Philippine Economic Update, August 2014 : Investing in the Future, Sharing Growth and Job Opportunities for All

After recording strong growth in the last two years, Philippine economic growth decelerated to 5.7 percent in the first quarter of 2014 (Q1 2014). After many years of slow poverty reduction, poverty incidence declined by 3 percentage points (PPT) b...

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Bibliographic Details
Main Author:	World Bank Group
Format:	Economic Updates and Modeling
Language:	English en_US
Published:	Washington, DC 2014
Subjects:	ACCOUNTING ADVERSE IMPACTS AGRICULTURE AUDITS BALANCE OF PAYMENTS BANKING INDUSTRY BANKING SECTOR BANKING SECTOR REFORMS BENCHMARK BID BOND BOND PRICE BOND PRICES BONDS BUSINESS ENVIRONMENT CAPITAL ADEQUACY CAPITAL FLOW CAPITAL FORMATION CAPITAL INFLOW CAPITAL INFLOWS CAPITAL OUTFLOW CAPITAL OUTFLOWS CAPITAL OUTLAYS CASH TRANSFERS CENTRAL BANK COMMERCIAL BANKS COMMODITIES COMMODITY COMMODITY PRICES COMPETITIVENESS CONSUMER GOODS CREDIT EXPANSION CREDIT GROWTH CREDIT RATING CURRENCY CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT SURPLUS DAMAGES DEBT DEBT MANAGEMENT DEBT SECURITIES DEFAULT RISK DEPOSIT DEPOSIT ACCOUNT DEPOSITORY DEVALUATION DEVELOPING COUNTRIES DEVELOPMENT POLICIES DOMESTIC BANKING DOMESTIC BORROWINGS DOMESTIC ECONOMY DOMESTIC INFLATION DURABLE DURABLE EQUIPMENT ECONOMIC GROWTH ECONOMIC PERFORMANCE ECONOMIC REFORM ECONOMIC REFORMS ECONOMIC STRUCTURE ELECTRICITY EMERGING MARKETS EQUITIES EQUITY INVESTMENT EXCHANGE RATE EXCHANGE RATES EXCISE TAXES EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORT MARKETS EXPOSURE EXPOSURES EXTERNAL DEBT FINANCIAL CRISIS FINANCIAL FLOWS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STABILITY FISCAL DEFICIT FISCAL MANAGEMENT FISCAL POLICY FOREIGN ASSETS FOREIGN BANKS FOREIGN CURRENCY FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN INVESTMENT FOREIGN INVESTORS FOREIGN OWNERSHIP FOREIGN PORTFOLIO FOREIGN PORTFOLIO INVESTMENTS GDP GDP PER CAPITA GLOBAL ECONOMIC PROSPECTS GLOBAL ECONOMY GOOD GOVERNANCE GOVERNMENT DEBT GOVERNMENT DEFICIT GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT GROSS NATIONAL SAVINGS GROWTH PROJECTIONS GROWTH RATE GROWTH RATES HORIZONTAL EQUITY HUMAN CAPITAL INCOME TAX INCOMES INDEXATION INELASTIC DEMAND INFLATION INFLATION RATE INFLATIONARY PRESSURES INFORMATION TECHNOLOGY INFRASTRUCTURE INVESTMENTS INFRASTRUCTURE PROJECT INSURANCE INTELLECTUAL PROPERTY INTEREST PAYMENT INTEREST PAYMENTS INTEREST RATES INTERNATIONAL RESERVES INTERNATIONAL STANDARDS INTERNATIONAL TRADE INVENTORIES INVESTING INVESTMENT FUNDS INVESTMENT MANAGEMENT INVESTOR CONFIDENCE JOB CREATION LABOR MARKET LEASE AGREEMENTS LEVY LIABILITY LIBERALIZATION LIQUIDITY LIVING STANDARDS LOCAL BUSINESS LOCAL GOVERNMENT LONG-TERM LOANS M3 MACROECONOMIC INSTABILITY MACROECONOMIC STABILITY MACROECONOMICS MARKET PERFORMANCE MARKET REFORMS MATURITY MIDDLE-INCOME ECONOMIES MONETARY FUND MONETARY POLICIES MONETARY POLICY MONEY SUPPLY NATIONAL SAVINGS NATURAL DISASTERS NET EXPORTS OUTPUT OUTPUT GAP OUTSOURCING PER CAPITA INCOME PERSONAL INCOME POLITICAL STABILITY PORTFOLIO PORTFOLIO INFLOW PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS POTENTIAL OUTPUT PRIVATE SECTOR PRIVATIZATION PRODUCTION COSTS PROPERTY MARKET PROPERTY RIGHTS PUBLIC PUBLIC FINANCE PUBLIC INFRASTRUCTURE PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC SECTOR PUBLIC SPENDING PUBLIC USE PUBLIC UTILITY PUBLIC-PRIVATE PARTNERSHIP REAL ESTATE REAL GDP REAL INCOME REFORM PROGRAM REMITTANCE REMITTANCES RESERVE RESERVE REQUIREMENT RESERVES REVENUE COLLECTION SMALL ENTERPRISES SOCIAL DEVELOPMENTS SOCIAL PROTECTION STOCK EXCHANGE STOCK MARKET TARIFF BARRIERS TAX TAX CODE TAX COLLECTION TAX EXPENDITURES TAX INCENTIVES TAX POLICIES TAX POLICY TAX RATE TAX RATES TAX REGIME TAX REVENUES TAX SYSTEM TELECOMMUNICATIONS TOTAL COSTS TOTAL FACTOR PRODUCTIVITY TOTAL REVENUE TRADE DEFICIT TRANCHES TRANSPARENCY TREASURY TURNOVER UNEMPLOYMENT VOLATILITIES VOLATILITY WAGES WORLD DEVELOPMENT INDICATORS WORLD TRADE WORLD TRADE ORGANIZATION WTO
Online Access:	http://documents.worldbank.org/curated/en/2014/08/20148090/philippine-economic-update-investing-future-sharing-growth-job-opportunities-all http://hdl.handle.net/10986/19974

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Summary:	After recording strong growth in the last two years, Philippine economic growth decelerated to 5.7 percent in the first quarter of 2014 (Q1 2014). After many years of slow poverty reduction, poverty incidence declined by 3 percentage points (PPT) between 2012 and 2013 to 24.9 percent, uplifting 2.5 million Filipinos out of poverty. Given the slow start in Q1 2014, lower government spending in second quarter of 2014 (Q2 2014), and monetary policy tightening, baseline growth projections is revised downwards from 6.6 to 6.4 percent for 2014 and from 6.9 to 6.7 percent for 2015. Strong liquidity and credit growth, as well as higher food and energy prices, continue to exert some risks to price and financial stability. In the medium-term, growth can be sustained and made more inclusive by pursuing structural reforms and investing more in human and physical capital. The Aquino administration has successfully raised tax effort by 1.2 PPT of gross domestic product (GDP) in the last 3 years through the sin tax reform, improved tax administration, and higher growth. These reforms can help the country become more competitive, and in the process create more and better jobs, and accelerate poverty reduction. The Philippine economic update provides an update on key economic and social developments as well as policies over the past 6 months. It also presents findings from recent World Bank studies on the Philippines.

Philippine Economic Update, August 2014 : Investing in the Future, Sharing Growth and Job Opportunities for All

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