Philippines Quarterly Update, September 2011 : Solid Macroeconomic Fundamentals Cushion External Turmoil

The Philippines Quarterly Update provides an update on key economic developments and policies over the past three months. It also presents findings from recent World Bank work on the Philippines. As of September 2011 due to sluggish exports and gov...

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Main Author:	World Bank Group
Format:	Economic Updates and Modeling
Language:	English
Published:	Manila 2015
Subjects:	ACCOUNTABILITY ACCOUNTING ACCOUNTS RECEIVABLES AGGREGATE DEMAND AGRICULTURAL COMMODITIES ARBITRAGE BALANCE OF PAYMENTS BANK LENDING BANKING SECTOR BASIS POINTS BENEFICIARIES BOND BOND SPREADS BOND YIELDS BONDS BUDGET ALLOCATION BUDGET CYCLE BUDGET DEFICIT BUDGETING CAPITAL ACCUMULATION CAPITAL FORMATION CAPITAL INFLOWS CAPITAL INVESTMENT CAPITAL OUTLAYS CAPITAL TRANSFERS CASH TRANSACTIONS CASH TRANSFER CDS CENTRAL BANK CIVIL SOCIETY ORGANIZATIONS COMMODITY PRICES CONSUMER PRICE INDEX CONTRACTUAL OBLIGATIONS CREDIT DEFAULT CREDIT DEFAULT SWAPS CREDIT QUALITY CREDIT RATINGS CREDIT RISK CURRENT ACCOUNT SURPLUS DEBT BURDEN DEBT CRISIS DEBT MANAGEMENT DEBT OUTSTANDING DEBT PAYMENT DEFAULT RATING DEPOSIT DEPOSITS DISBURSEMENT DOMESTIC BORROWING DOMESTIC INVESTMENT DOMESTIC LIQUIDITY ECONOMIC CONDITIONS ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC UNCERTAINTIES EDUCATION SERVICES EMERGING ECONOMIES EMERGING MARKETS EQUIPMENT EQUITY CONSIDERATIONS EQUITY INDEX EQUITY MARKETS EXCHANGE RATE EXPENDITURE EXPENDITURE PROGRAM EXPENDITURES EXTERNAL DEBT EXTERNAL SHOCKS FINANCIAL ACCOUNT FINANCIAL ASSISTANCE FINANCIAL CONDITIONS FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MANAGEMENT FINANCIAL MANAGEMENT INFORMATION FINANCIAL MANAGEMENT INFORMATION SYSTEM FINANCIAL MARKET FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL RESOURCES FINANCIAL SERVICE PROVIDERS FINANCIAL SHOCKS FINANCIAL VARIABLES FISCAL AUTONOMY FISCAL BALANCE FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DISCIPLINE FISCAL POLICY FISCAL POSITION FIXED CAPITAL FOREIGN BANKS FOREIGN CURRENCY FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN EXCHANGE TRANSACTIONS FOREIGN FINANCIAL SERVICE FOREIGN FUNDS FOREIGN INVESTORS FOREIGN LOANS FOREIGN PORTFOLIO INVESTMENTS FOREIGN RESERVES FOREIGN TRADE GENERAL APPROPRIATIONS GLOBAL ECONOMY GLOBAL MARKETS GLOBAL TRADE GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT POLICY GOVERNMENT REVENUE GOVERNMENT SECURITIES GOVERNMENT SPENDING GROWTH RATE HEALTH CARE HEALTH WORKERS HIGHER GOVERNMENT SPENDING HOME MORTGAGE HOUSEHOLD INCOME HUMAN CAPITAL HUMAN RESOURCE INFLATION INFLATIONARY PRESSURES INFORMATION SYSTEM INFRASTRUCTURE PROJECTS INSURANCE INTERNATIONAL FINANCE INTERNATIONAL MARKETS INVESTMENT CLIMATE INVESTMENT SPENDING INVESTMENTS IN EQUITIES JUDICIAL SYSTEM LABOR MARKET LEASE AGREEMENTS LIABILITY LIQUIDITY LIQUIDITY MANAGEMENT LIVING STANDARDS LOCAL BANKS LOCAL CURRENCY LOCAL GOVERNMENT LONG-TERM LOANS LONG-TERM OBLIGATIONS MATURITY MICROENTERPRISES MONETARY POLICY MUTUAL FUND NATIONAL BUDGET NATIONAL DEFENSE NATIONAL EXPENDITURE NATIONAL GOVERNMENT NATIONAL STATISTICS NATIONAL STATISTICS OFFICE NEGATIVE SHOCKS NET CAPITAL OIL PRICES OPEN ECONOMY POLITICAL STABILITY PORTFOLIO PORTFOLIO INFLOWS POVERTY REDUCTION PRICE INDICES PRIVATE CONSUMPTION PROGRAM IMPLEMENTATION PROGRAMS PUBLIC EXPENDITURE PUBLIC EXPENDITURE EFFICIENCY PUBLIC EXPENDITURE REVIEW PUBLIC FINANCE PUBLIC FINANCES PUBLIC SPENDING PUBLIC UTILITIES PUBLIC WORKS REMITTANCE REMITTANCES RESERVE RESERVE REQUIREMENT RESERVE REQUIREMENTS RESOURCE MANAGEMENT RETURN RETURNS RISK AVERSION RULE OF LAW SAFETY NET SHORT-TERM DEBT SOCIAL PROGRAMS SOCIAL SERVICES SOCIAL WELFARE SOVEREIGN BOND SOVEREIGN DEBT STOCK EXCHANGE STOCK MARKET TAX TAX ADMINISTRATION TAX BASE TAX COLLECTION TAX COLLECTIONS TAX EFFORT TAX POLICIES TAX POLICY TAX SYSTEM TOTAL EXPENDITURES TOTAL SPENDING TRADE BALANCE TRADING TRANCHE TRANSPARENCY TREASURY TREASURY BILL TREASURY BILL RATES UNCERTAINTY WARRANTS YIELD CURVE
Online Access:	http://documents.worldbank.org/curated/en/2011/09/20464159/philippines-quarterly-update-solid-macroeconomic-fundamentals-cushion-external-turmoil http://hdl.handle.net/10986/21130

id	okr-10986-21130
recordtype	oai_dc
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ACCOUNTABILITY ACCOUNTING ACCOUNTS RECEIVABLES AGGREGATE DEMAND AGRICULTURAL COMMODITIES ARBITRAGE BALANCE OF PAYMENTS BANK LENDING BANKING SECTOR BASIS POINTS BENEFICIARIES BOND BOND SPREADS BOND YIELDS BONDS BUDGET ALLOCATION BUDGET CYCLE BUDGET DEFICIT BUDGETING CAPITAL ACCUMULATION CAPITAL FORMATION CAPITAL INFLOWS CAPITAL INVESTMENT CAPITAL OUTLAYS CAPITAL TRANSFERS CASH TRANSACTIONS CASH TRANSFER CDS CENTRAL BANK CIVIL SOCIETY ORGANIZATIONS COMMODITY PRICES CONSUMER PRICE INDEX CONTRACTUAL OBLIGATIONS CREDIT DEFAULT CREDIT DEFAULT SWAPS CREDIT QUALITY CREDIT RATINGS CREDIT RISK CURRENT ACCOUNT SURPLUS DEBT BURDEN DEBT CRISIS DEBT MANAGEMENT DEBT OUTSTANDING DEBT PAYMENT DEFAULT RATING DEPOSIT DEPOSITS DISBURSEMENT DOMESTIC BORROWING DOMESTIC INVESTMENT DOMESTIC LIQUIDITY ECONOMIC CONDITIONS ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC UNCERTAINTIES EDUCATION SERVICES EMERGING ECONOMIES EMERGING MARKETS EQUIPMENT EQUITY CONSIDERATIONS EQUITY INDEX EQUITY MARKETS EXCHANGE RATE EXPENDITURE EXPENDITURE PROGRAM EXPENDITURES EXTERNAL DEBT EXTERNAL SHOCKS FINANCIAL ACCOUNT FINANCIAL ASSISTANCE FINANCIAL CONDITIONS FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MANAGEMENT FINANCIAL MANAGEMENT INFORMATION FINANCIAL MANAGEMENT INFORMATION SYSTEM FINANCIAL MARKET FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL RESOURCES FINANCIAL SERVICE PROVIDERS FINANCIAL SHOCKS FINANCIAL VARIABLES FISCAL AUTONOMY FISCAL BALANCE FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DISCIPLINE FISCAL POLICY FISCAL POSITION FIXED CAPITAL FOREIGN BANKS FOREIGN CURRENCY FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN EXCHANGE TRANSACTIONS FOREIGN FINANCIAL SERVICE FOREIGN FUNDS FOREIGN INVESTORS FOREIGN LOANS FOREIGN PORTFOLIO INVESTMENTS FOREIGN RESERVES FOREIGN TRADE GENERAL APPROPRIATIONS GLOBAL ECONOMY GLOBAL MARKETS GLOBAL TRADE GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT POLICY GOVERNMENT REVENUE GOVERNMENT SECURITIES GOVERNMENT SPENDING GROWTH RATE HEALTH CARE HEALTH WORKERS HIGHER GOVERNMENT SPENDING HOME MORTGAGE HOUSEHOLD INCOME HUMAN CAPITAL HUMAN RESOURCE INFLATION INFLATIONARY PRESSURES INFORMATION SYSTEM INFRASTRUCTURE PROJECTS INSURANCE INTERNATIONAL FINANCE INTERNATIONAL MARKETS INVESTMENT CLIMATE INVESTMENT SPENDING INVESTMENTS IN EQUITIES JUDICIAL SYSTEM LABOR MARKET LEASE AGREEMENTS LIABILITY LIQUIDITY LIQUIDITY MANAGEMENT LIVING STANDARDS LOCAL BANKS LOCAL CURRENCY LOCAL GOVERNMENT LONG-TERM LOANS LONG-TERM OBLIGATIONS MATURITY MICROENTERPRISES MONETARY POLICY MUTUAL FUND NATIONAL BUDGET NATIONAL DEFENSE NATIONAL EXPENDITURE NATIONAL GOVERNMENT NATIONAL STATISTICS NATIONAL STATISTICS OFFICE NEGATIVE SHOCKS NET CAPITAL OIL PRICES OPEN ECONOMY POLITICAL STABILITY PORTFOLIO PORTFOLIO INFLOWS POVERTY REDUCTION PRICE INDICES PRIVATE CONSUMPTION PROGRAM IMPLEMENTATION PROGRAMS PUBLIC EXPENDITURE PUBLIC EXPENDITURE EFFICIENCY PUBLIC EXPENDITURE REVIEW PUBLIC FINANCE PUBLIC FINANCES PUBLIC SPENDING PUBLIC UTILITIES PUBLIC WORKS REMITTANCE REMITTANCES RESERVE RESERVE REQUIREMENT RESERVE REQUIREMENTS RESOURCE MANAGEMENT RETURN RETURNS RISK AVERSION RULE OF LAW SAFETY NET SHORT-TERM DEBT SOCIAL PROGRAMS SOCIAL SERVICES SOCIAL WELFARE SOVEREIGN BOND SOVEREIGN DEBT STOCK EXCHANGE STOCK MARKET TAX TAX ADMINISTRATION TAX BASE TAX COLLECTION TAX COLLECTIONS TAX EFFORT TAX POLICIES TAX POLICY TAX SYSTEM TOTAL EXPENDITURES TOTAL SPENDING TRADE BALANCE TRADING TRANCHE TRANSPARENCY TREASURY TREASURY BILL TREASURY BILL RATES UNCERTAINTY WARRANTS YIELD CURVE
spellingShingle	ACCOUNTABILITY ACCOUNTING ACCOUNTS RECEIVABLES AGGREGATE DEMAND AGRICULTURAL COMMODITIES ARBITRAGE BALANCE OF PAYMENTS BANK LENDING BANKING SECTOR BASIS POINTS BENEFICIARIES BOND BOND SPREADS BOND YIELDS BONDS BUDGET ALLOCATION BUDGET CYCLE BUDGET DEFICIT BUDGETING CAPITAL ACCUMULATION CAPITAL FORMATION CAPITAL INFLOWS CAPITAL INVESTMENT CAPITAL OUTLAYS CAPITAL TRANSFERS CASH TRANSACTIONS CASH TRANSFER CDS CENTRAL BANK CIVIL SOCIETY ORGANIZATIONS COMMODITY PRICES CONSUMER PRICE INDEX CONTRACTUAL OBLIGATIONS CREDIT DEFAULT CREDIT DEFAULT SWAPS CREDIT QUALITY CREDIT RATINGS CREDIT RISK CURRENT ACCOUNT SURPLUS DEBT BURDEN DEBT CRISIS DEBT MANAGEMENT DEBT OUTSTANDING DEBT PAYMENT DEFAULT RATING DEPOSIT DEPOSITS DISBURSEMENT DOMESTIC BORROWING DOMESTIC INVESTMENT DOMESTIC LIQUIDITY ECONOMIC CONDITIONS ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC UNCERTAINTIES EDUCATION SERVICES EMERGING ECONOMIES EMERGING MARKETS EQUIPMENT EQUITY CONSIDERATIONS EQUITY INDEX EQUITY MARKETS EXCHANGE RATE EXPENDITURE EXPENDITURE PROGRAM EXPENDITURES EXTERNAL DEBT EXTERNAL SHOCKS FINANCIAL ACCOUNT FINANCIAL ASSISTANCE FINANCIAL CONDITIONS FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MANAGEMENT FINANCIAL MANAGEMENT INFORMATION FINANCIAL MANAGEMENT INFORMATION SYSTEM FINANCIAL MARKET FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL RESOURCES FINANCIAL SERVICE PROVIDERS FINANCIAL SHOCKS FINANCIAL VARIABLES FISCAL AUTONOMY FISCAL BALANCE FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DISCIPLINE FISCAL POLICY FISCAL POSITION FIXED CAPITAL FOREIGN BANKS FOREIGN CURRENCY FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN EXCHANGE TRANSACTIONS FOREIGN FINANCIAL SERVICE FOREIGN FUNDS FOREIGN INVESTORS FOREIGN LOANS FOREIGN PORTFOLIO INVESTMENTS FOREIGN RESERVES FOREIGN TRADE GENERAL APPROPRIATIONS GLOBAL ECONOMY GLOBAL MARKETS GLOBAL TRADE GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT POLICY GOVERNMENT REVENUE GOVERNMENT SECURITIES GOVERNMENT SPENDING GROWTH RATE HEALTH CARE HEALTH WORKERS HIGHER GOVERNMENT SPENDING HOME MORTGAGE HOUSEHOLD INCOME HUMAN CAPITAL HUMAN RESOURCE INFLATION INFLATIONARY PRESSURES INFORMATION SYSTEM INFRASTRUCTURE PROJECTS INSURANCE INTERNATIONAL FINANCE INTERNATIONAL MARKETS INVESTMENT CLIMATE INVESTMENT SPENDING INVESTMENTS IN EQUITIES JUDICIAL SYSTEM LABOR MARKET LEASE AGREEMENTS LIABILITY LIQUIDITY LIQUIDITY MANAGEMENT LIVING STANDARDS LOCAL BANKS LOCAL CURRENCY LOCAL GOVERNMENT LONG-TERM LOANS LONG-TERM OBLIGATIONS MATURITY MICROENTERPRISES MONETARY POLICY MUTUAL FUND NATIONAL BUDGET NATIONAL DEFENSE NATIONAL EXPENDITURE NATIONAL GOVERNMENT NATIONAL STATISTICS NATIONAL STATISTICS OFFICE NEGATIVE SHOCKS NET CAPITAL OIL PRICES OPEN ECONOMY POLITICAL STABILITY PORTFOLIO PORTFOLIO INFLOWS POVERTY REDUCTION PRICE INDICES PRIVATE CONSUMPTION PROGRAM IMPLEMENTATION PROGRAMS PUBLIC EXPENDITURE PUBLIC EXPENDITURE EFFICIENCY PUBLIC EXPENDITURE REVIEW PUBLIC FINANCE PUBLIC FINANCES PUBLIC SPENDING PUBLIC UTILITIES PUBLIC WORKS REMITTANCE REMITTANCES RESERVE RESERVE REQUIREMENT RESERVE REQUIREMENTS RESOURCE MANAGEMENT RETURN RETURNS RISK AVERSION RULE OF LAW SAFETY NET SHORT-TERM DEBT SOCIAL PROGRAMS SOCIAL SERVICES SOCIAL WELFARE SOVEREIGN BOND SOVEREIGN DEBT STOCK EXCHANGE STOCK MARKET TAX TAX ADMINISTRATION TAX BASE TAX COLLECTION TAX COLLECTIONS TAX EFFORT TAX POLICIES TAX POLICY TAX SYSTEM TOTAL EXPENDITURES TOTAL SPENDING TRADE BALANCE TRADING TRANCHE TRANSPARENCY TREASURY TREASURY BILL TREASURY BILL RATES UNCERTAINTY WARRANTS YIELD CURVE World Bank Group Philippines Quarterly Update, September 2011 : Solid Macroeconomic Fundamentals Cushion External Turmoil
geographic_facet	East Asia and Pacific Philippines
description	The Philippines Quarterly Update provides an update on key economic developments and policies over the past three months. It also presents findings from recent World Bank work on the Philippines. As of September 2011 due to sluggish exports and government spending, economic growth was lower than expected. The Philippine economy continued to decelerate during the first half of 2011 as investment and exports contracted. Private consumption growth remained robust, rising by 5.4 percent in the first half of 2011 and contributing 3.6 percentage points to GDP growth in Q2 2011. A contraction in construction spending slowed down growth of fixed capital formation. On the supply side, the resilient services sector was the main source of growth. The Philippines' external position and macroeconomic fundamentals remain strong. Monetary policy remains accommodating, while the fiscal deficit is likely to fall below target. After a strong rebound in 2010, economic growth in 2011 is likely to remain around 5 percent with downside risks. The challenge for policymakers is to ensure that the Philippines continues to improve its competitiveness, while cushioning the economy from adverse external shocks.
format	Economic & Sector Work :: Economic Updates and Modeling
author	World Bank Group
author_facet	World Bank Group
author_sort	World Bank Group
title	Philippines Quarterly Update, September 2011 : Solid Macroeconomic Fundamentals Cushion External Turmoil
title_short	Philippines Quarterly Update, September 2011 : Solid Macroeconomic Fundamentals Cushion External Turmoil
title_full	Philippines Quarterly Update, September 2011 : Solid Macroeconomic Fundamentals Cushion External Turmoil
title_fullStr	Philippines Quarterly Update, September 2011 : Solid Macroeconomic Fundamentals Cushion External Turmoil
title_full_unstemmed	Philippines Quarterly Update, September 2011 : Solid Macroeconomic Fundamentals Cushion External Turmoil
title_sort	philippines quarterly update, september 2011 : solid macroeconomic fundamentals cushion external turmoil
publisher	Manila
publishDate	2015
url	http://documents.worldbank.org/curated/en/2011/09/20464159/philippines-quarterly-update-solid-macroeconomic-fundamentals-cushion-external-turmoil http://hdl.handle.net/10986/21130
_version_	1764447389991567360
spelling	okr-10986-211302021-04-23T14:04:00Z Philippines Quarterly Update, September 2011 : Solid Macroeconomic Fundamentals Cushion External Turmoil World Bank Group ACCOUNTABILITY ACCOUNTING ACCOUNTS RECEIVABLES AGGREGATE DEMAND AGRICULTURAL COMMODITIES ARBITRAGE BALANCE OF PAYMENTS BANK LENDING BANKING SECTOR BASIS POINTS BENEFICIARIES BOND BOND SPREADS BOND YIELDS BONDS BUDGET ALLOCATION BUDGET CYCLE BUDGET DEFICIT BUDGETING CAPITAL ACCUMULATION CAPITAL FORMATION CAPITAL INFLOWS CAPITAL INVESTMENT CAPITAL OUTLAYS CAPITAL TRANSFERS CASH TRANSACTIONS CASH TRANSFER CDS CENTRAL BANK CIVIL SOCIETY ORGANIZATIONS COMMODITY PRICES CONSUMER PRICE INDEX CONTRACTUAL OBLIGATIONS CREDIT DEFAULT CREDIT DEFAULT SWAPS CREDIT QUALITY CREDIT RATINGS CREDIT RISK CURRENT ACCOUNT SURPLUS DEBT BURDEN DEBT CRISIS DEBT MANAGEMENT DEBT OUTSTANDING DEBT PAYMENT DEFAULT RATING DEPOSIT DEPOSITS DISBURSEMENT DOMESTIC BORROWING DOMESTIC INVESTMENT DOMESTIC LIQUIDITY ECONOMIC CONDITIONS ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC UNCERTAINTIES EDUCATION SERVICES EMERGING ECONOMIES EMERGING MARKETS EQUIPMENT EQUITY CONSIDERATIONS EQUITY INDEX EQUITY MARKETS EXCHANGE RATE EXPENDITURE EXPENDITURE PROGRAM EXPENDITURES EXTERNAL DEBT EXTERNAL SHOCKS FINANCIAL ACCOUNT FINANCIAL ASSISTANCE FINANCIAL CONDITIONS FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MANAGEMENT FINANCIAL MANAGEMENT INFORMATION FINANCIAL MANAGEMENT INFORMATION SYSTEM FINANCIAL MARKET FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL RESOURCES FINANCIAL SERVICE PROVIDERS FINANCIAL SHOCKS FINANCIAL VARIABLES FISCAL AUTONOMY FISCAL BALANCE FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DISCIPLINE FISCAL POLICY FISCAL POSITION FIXED CAPITAL FOREIGN BANKS FOREIGN CURRENCY FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN EXCHANGE TRANSACTIONS FOREIGN FINANCIAL SERVICE FOREIGN FUNDS FOREIGN INVESTORS FOREIGN LOANS FOREIGN PORTFOLIO INVESTMENTS FOREIGN RESERVES FOREIGN TRADE GENERAL APPROPRIATIONS GLOBAL ECONOMY GLOBAL MARKETS GLOBAL TRADE GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT POLICY GOVERNMENT REVENUE GOVERNMENT SECURITIES GOVERNMENT SPENDING GROWTH RATE HEALTH CARE HEALTH WORKERS HIGHER GOVERNMENT SPENDING HOME MORTGAGE HOUSEHOLD INCOME HUMAN CAPITAL HUMAN RESOURCE INFLATION INFLATIONARY PRESSURES INFORMATION SYSTEM INFRASTRUCTURE PROJECTS INSURANCE INTERNATIONAL FINANCE INTERNATIONAL MARKETS INVESTMENT CLIMATE INVESTMENT SPENDING INVESTMENTS IN EQUITIES JUDICIAL SYSTEM LABOR MARKET LEASE AGREEMENTS LIABILITY LIQUIDITY LIQUIDITY MANAGEMENT LIVING STANDARDS LOCAL BANKS LOCAL CURRENCY LOCAL GOVERNMENT LONG-TERM LOANS LONG-TERM OBLIGATIONS MATURITY MICROENTERPRISES MONETARY POLICY MUTUAL FUND NATIONAL BUDGET NATIONAL DEFENSE NATIONAL EXPENDITURE NATIONAL GOVERNMENT NATIONAL STATISTICS NATIONAL STATISTICS OFFICE NEGATIVE SHOCKS NET CAPITAL OIL PRICES OPEN ECONOMY POLITICAL STABILITY PORTFOLIO PORTFOLIO INFLOWS POVERTY REDUCTION PRICE INDICES PRIVATE CONSUMPTION PROGRAM IMPLEMENTATION PROGRAMS PUBLIC EXPENDITURE PUBLIC EXPENDITURE EFFICIENCY PUBLIC EXPENDITURE REVIEW PUBLIC FINANCE PUBLIC FINANCES PUBLIC SPENDING PUBLIC UTILITIES PUBLIC WORKS REMITTANCE REMITTANCES RESERVE RESERVE REQUIREMENT RESERVE REQUIREMENTS RESOURCE MANAGEMENT RETURN RETURNS RISK AVERSION RULE OF LAW SAFETY NET SHORT-TERM DEBT SOCIAL PROGRAMS SOCIAL SERVICES SOCIAL WELFARE SOVEREIGN BOND SOVEREIGN DEBT STOCK EXCHANGE STOCK MARKET TAX TAX ADMINISTRATION TAX BASE TAX COLLECTION TAX COLLECTIONS TAX EFFORT TAX POLICIES TAX POLICY TAX SYSTEM TOTAL EXPENDITURES TOTAL SPENDING TRADE BALANCE TRADING TRANCHE TRANSPARENCY TREASURY TREASURY BILL TREASURY BILL RATES UNCERTAINTY WARRANTS YIELD CURVE The Philippines Quarterly Update provides an update on key economic developments and policies over the past three months. It also presents findings from recent World Bank work on the Philippines. As of September 2011 due to sluggish exports and government spending, economic growth was lower than expected. The Philippine economy continued to decelerate during the first half of 2011 as investment and exports contracted. Private consumption growth remained robust, rising by 5.4 percent in the first half of 2011 and contributing 3.6 percentage points to GDP growth in Q2 2011. A contraction in construction spending slowed down growth of fixed capital formation. On the supply side, the resilient services sector was the main source of growth. The Philippines' external position and macroeconomic fundamentals remain strong. Monetary policy remains accommodating, while the fiscal deficit is likely to fall below target. After a strong rebound in 2010, economic growth in 2011 is likely to remain around 5 percent with downside risks. The challenge for policymakers is to ensure that the Philippines continues to improve its competitiveness, while cushioning the economy from adverse external shocks. 2015-01-07T18:03:42Z 2015-01-07T18:03:42Z 2011-09 http://documents.worldbank.org/curated/en/2011/09/20464159/philippines-quarterly-update-solid-macroeconomic-fundamentals-cushion-external-turmoil http://hdl.handle.net/10986/21130 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ Manila Economic & Sector Work :: Economic Updates and Modeling East Asia and Pacific Philippines

Philippines Quarterly Update, September 2011 : Solid Macroeconomic Fundamentals Cushion External Turmoil

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