Philippines Quarterly Update, December 2011 : Sustaining Growth in Uncertain Times

After a strong rebound in 2010, Philippine economic growth slowed by more than half to 3.6 percent in the first three quarters of 2011. Slower third quarter (Q3) growth of 3.2 percent was the result of significant contractions in exports and public...

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Bibliographic Details
Main Author:	World Bank Group
Format:	Report
Language:	English en_US
Published:	World Bank, Pasig City, Philippines 2017
Subjects:	ACCOUNTING ADVANCED COUNTRIES ADVANCED ECONOMIES AGRICULTURE ASSET PRICE ASSET QUALITY BALANCE SHEETS BANK LENDING BANK OFFICE BANKING SYSTEM BASE YEAR BASIS POINTS BENCHMARKS BORROWING COST BORROWING REQUIREMENTS BUDGET DEFICIT BUDGETING BUSINESS ENVIRONMENT CAPITAL ACCOUNTS CAPITAL ADEQUACY CAPITAL INFLOWS CAPITAL INVESTMENT CAPITAL OUTFLOWS CAPITAL OUTLAY CASH TRANSFER CENTRAL BANK COMMODITY COMMODITY PRICES COMPARATIVE ADVANTAGE COMPETITIVENESS CONSUMERS CREDIT CARD CREDIT EXPANSION CREDIT GROWTH CREDIT QUALITY CREDIT RATING DEBT CRISIS DEBT LEVELS DEBT MATURITY DEBT PAYMENT DEBT RATIO DEBT STOCK DEFAULT RATING DEPOSIT DEPOSIT ACCOUNT DEVELOPING COUNTRIES DISBURSEMENT DOLLAR PRICE DOMESTIC ECONOMY DOMESTIC INTEREST RATES DOMESTIC LIQUIDITY DURABLE DURABLE EQUIPMENT ECONOMIC GROWTH EMERGING MARKETS EQUITY MARKET EXCHANGE RATE EXCISE TAXES EXPANSIONARY POLICY EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORT MARKETS EXPORT PERFORMANCE EXPORTER EXPORTS EXPOSURE EXTERNAL DEBT FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKET PARTICIPANTS FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SYSTEM FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL POLICY FIXED INVESTMENT FOOD PRICES FORECASTS FOREIGN BANKS FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE TRANSACTIONS FOREIGN FIRMS FOREIGN INVESTORS FOREIGN PORTFOLIO FOREIGN PORTFOLIO INVESTMENTS GDP GLOBAL MARKET GLOBAL TRADE GOVERNMENT BONDS GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT SECURITIES GOVERNMENT SPENDING GROSS VALUE GROWTH POTENTIAL GROWTH RATE HOLDINGS HOUSEHOLD INCOME HUMAN CAPITAL HUMAN RESOURCE INCOME GROUP INCOME LEVELS INDEXATION INELASTIC DEMAND INFLATION INFLATION RATE INFLATIONARY PRESSURES INSURANCE INTEREST RATE INTERNATIONAL RESERVES INTERNATIONAL SETTLEMENTS INTERNATIONAL STANDARD INVENTORY INVESTMENT CLIMATE INVESTMENTS IN EQUITIES ISSUANCE JOB CREATION LABOR MARKET LEASE AGREEMENTS LENDING LIMITS LIABILITY LIQUIDITY LIQUIDITY MANAGEMENT LOCAL CURRENCY LOCAL GOVERNMENT LONG-TERM LOANS LOW INTEREST RATE MACROECONOMIC STABILITY MARKET LIQUIDITY MARKET PERFORMANCE MARKET RISK MARKET SHARE MATURITY MIDDLE INCOME COUNTRIES MOBILE PHONE MONETARY AUTHORITIES MONETARY FUND MONETARY POLICY NEGATIVE EXTERNALITIES NET EXPORTS NON-PERFORMING LOAN OPEN ECONOMY OUTPUT OUTSOURCING PARTICULAR COUNTRY PER CAPITA INCOME POLITICAL STABILITY PORTFOLIO PORTFOLIO INFLOWS PRICE ELASTICITY PRICE ELASTICITY OF DEMAND PRICE INCREASES PRIVATE CREDIT PROFIT MARGIN PUBLIC FINANCES PUBLIC INVESTMENT PUBLIC SECTOR DEFICITS PUBLIC SPENDING PUBLIC-PRIVATE PARTNERSHIP RAPID GROWTH REAL ESTATE REAL INTEREST REAL INTEREST RATES RECESSION REFORM PROGRAM REGIONAL TRADE REGULATORY REQUIREMENTS REGULATORY SYSTEM REMITTANCE RESERVE RESERVE REQUIREMENT RESERVES RETURN RISK AVERSION RISK PROFILE RISK WEIGHT SAVINGS SHORT-TERM BORROWING SHORT-TERM CAPITAL SHORT-TERM DEBT SOCIAL DEVELOPMENTS SOCIAL PROTECTION SOVEREIGN DEBT STOCK EXCHANGE STOCK MARKET STOCK MARKET INDEX STOCKS SUPPLY SHOCKS SWAP T-BILL T-BILL RATE TAX TAX INCENTIVES TAX POLICY TAX RATE TAX REGIME TAX REVENUES TAX SYSTEM TAXATION TRADE BALANCE TRADE DEFICIT TRADE REGIME TRADING TRADITIONAL MARKETS TRANSPARENCY TREASURY TREASURY BOND TREASURY BOND AUCTIONS TROUGH UNEMPLOYMENT VOLATILITY WORLD DEVELOPMENT INDICATORS WTO
Online Access:	http://documents.worldbank.org/curated/en/312111468298449219/Philippines-quarterly-update-sustaining-growth-in-uncertain-times http://hdl.handle.net/10986/26692

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Summary:	After a strong rebound in 2010, Philippine economic growth slowed by more than half to 3.6 percent in the first three quarters of 2011. Slower third quarter (Q3) growth of 3.2 percent was the result of significant contractions in exports and public investment. The contraction in exports largely reflected weaker demand in advanced economies while public investments continued to shrink in part because of measures to improve accountability of public spending. On the production side, industrial and agricultural activities were sluggish, leaving the services sector to buoy growth. To improve growth outcome in the remainder of the year, the government announced a PHP 72 billion (about 0.7 percent of GDP) disbursement acceleration plan to ensure that budgeted items are spent by year end. After a strong rebound in 2010, Philippine economic growth slowed by more than half to 3.6 percent in the first three quarters of 2011, bringing year to date growth below the government's revised target of 4.5 to 5.5 percent for 2011. Q3 growth of 3.2 percent was driven by private consumption and inventory build-up, which grew by 7.1 and 147.7 percent respectively. The country's slower expansion places it behind its neighbors with Indonesia, Vietnam, and Singapore growing above 6 percent, Malaysia at 5.8 percent, and Thailand, which was devastated by massive flooding in recent months, at 3.5 percent.

Philippines Quarterly Update, December 2011 : Sustaining Growth in Uncertain Times

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