Philippine Economic Update, December 2012 : Accelerating Reforms to Sustain Growth
The Philippine economy has emerged as one of the fastest growing economies in East Asia, with growth accelerating to 7.1 percent in the third quarter. The acceleration of domestic demand since the first quarter of 2012 reflects the country's s...
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| Format: | Report |
| Language: | English en_US |
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World Bank, Manila
2017
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| Online Access: | http://documents.worldbank.org/curated/en/725251468294059029/Philippine-economic-update-accelerating-reforms-to-sustain-growth http://hdl.handle.net/10986/26742 |
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okr-10986-26742 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING ACTIVE DEBT ADVERSE IMPACTS AGRICULTURE ASSET PORTFOLIO AUTOREGRESSION BALANCE OF PAYMENTS BANK BALANCE SHEETS BANK LENDING BANK LOAN BANK LOANS BANKING SYSTEM BASIS POINTS BENEFICIARIES BIDS BOND BOND FUND BOND ISSUE BOND MARKET BOND SPREADS BONDS BORROWING COSTS BORROWING STRATEGY BUDGET DEFICIT BUDGETING CAPITAL ACCOUNTS CAPITAL FORMATION CAPITAL GOODS CAPITAL INFLOWS CAPITAL OUTLAYS CAPITAL STOCK CASH TRANSFER CENTRAL BANK COAL COLLATERAL COLLATERAL REQUIREMENTS COMPETITION POLICY COMPETITIVENESS CONSUMER EXPECTATIONS CONSUMER GOODS CONTINGENT LIABILITIES CORPORATE TAX RATE CPI CREDIT GROWTH CREDIT RATING CURRENCY DEPRECIATION CURRENT ACCOUNT SURPLUS CURRENT ACCOUNT SURPLUSES DEBT DEBT CRISIS DEBT LEVEL DEBT MANAGEMENT DEBT RATIOS DEBT SERVICE DEBT-SERVICE DEPOSIT DEREGULATION DEVELOPED COUNTRIES DISBURSEMENT DISBURSEMENTS DOMESTIC BANK DOMESTIC CREDIT DOMESTIC DEBT DOMESTIC INTEREST RATES DURABLE DURABLE EQUIPMENT ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC PERFORMANCE EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET EQUITY ENVIRONMENTAL EQUITIES EQUITY FUNDS EQUITY MARKETS EXPENDITURES EXPORT GROWTH EXPORTER EXPORTERS EXPORTS EXTERNAL DEBT FARMS FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL STABILITY FINANCIAL SYSTEM FISCAL DEFICIT FISCAL POLICIES FISCAL POLICY FISHING FIXED CAPITAL FIXED INVESTMENT FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN CURRENCY EXPOSURE FOREIGN DIRECT INVESTMENT FOREIGN EQUITY FOREIGN EXCHANGE FOREIGN EXCHANGE DEBT FOREIGN EXCHANGE RESERVES FOREIGN FUNDS FOREIGN INVESTMENT FOREIGN PORTFOLIO INVESTMENT GDP GDP DEFLATOR GLOBAL ECONOMY GLOBAL MARKET GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT EXPENDITURE GOVERNMENT EXPENDITURES GOVERNMENT FINANCES GOVERNMENT POLICY GOVERNMENT SPENDING GOVERNMENT SUPPORT GROWTH PROJECTIONS GROWTH RATE HOLDINGS HUMAN CAPITAL HUMAN RESOURCE INCOME TAX INFLATION INFLATION RATE INFLATIONARY PRESSURES INFORMATION TECHNOLOGY INSURANCE INTEREST DIFFERENTIALS INTEREST PAYMENTS INTEREST RATE INTEREST RATE DIFFERENTIALS INTEREST RATE SPREADS INTEREST RATES INVESTING INVESTMENT CLIMATE LABOR COSTS LABOR FORCE LABOR MARKET LAND REFORM LEVEL PLAYING FIELD LIABILITY LOAN LOAN COVENANTS LOAN OFFICERS LOAN PORTFOLIO LOCAL CURRENCY LOW INTEREST RATE LOW INTEREST RATES MACROECONOMIC ENVIRONMENT MACROECONOMIC POLICY MARKET ACCESS MARKET LIQUIDITY MARKET SHARE MATURITIES MATURITY MONETARY FUND MONETARY POLICIES MONETARY POLICY NATURAL DISASTER NATURAL DISASTERS NATURAL RESOURCES NET EXPORTS OFFSHORE CENTERS OIL OIL PRICES OPEN MARKET OPEN MARKET OPERATIONS POLICY ENVIRONMENT POLICY MAKERS POLICY RESPONSES POLITICAL RISKS PORTFOLIO PORTFOLIO INFLOWS PORTFOLIO INVESTMENTS PRINCIPAL REPAYMENTS PRIVATE CONSUMPTION PRIVATE INVESTMENT PRIVATE INVESTMENTS PRODUCTION COSTS PROPERTY RIGHTS PUBLIC GOODS PUBLIC INVESTMENT PUBLIC SECTOR DEBT PUBLIC SPENDING REAL ESTATE LOANS REAL EXCHANGE RATE REAL EXCHANGE RATES REAL GDP REAL INTEREST REAL INTEREST RATES REGULATORY CAPACITY REINVESTMENT REMITTANCE REMITTANCES REPAYMENT REPAYMENTS RESTRICTIVE INVESTMENT POLICIES RETURN RISK AVERSION RISK FACTOR SINKING FUND SOVEREIGN BOND STAMP DUTY STOCK EXCHANGE STOCK MARKET STOCKS T-BILL TAX TAX COLLECTIONS TAX EXEMPTION TAX POLICY TAX REFORM TAX REVENUES TELECOMMUNICATIONS TOTAL REVENUE TRADE BALANCE TRADE DEFICIT TRADE SECTOR TRANCHE TRANSPARENCY TREASURY TREASURY BILL TREASURY BILL AUCTIONS TREASURY YIELDS UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES WAGES YIELD CURVE |
| spellingShingle |
ACCOUNTING ACTIVE DEBT ADVERSE IMPACTS AGRICULTURE ASSET PORTFOLIO AUTOREGRESSION BALANCE OF PAYMENTS BANK BALANCE SHEETS BANK LENDING BANK LOAN BANK LOANS BANKING SYSTEM BASIS POINTS BENEFICIARIES BIDS BOND BOND FUND BOND ISSUE BOND MARKET BOND SPREADS BONDS BORROWING COSTS BORROWING STRATEGY BUDGET DEFICIT BUDGETING CAPITAL ACCOUNTS CAPITAL FORMATION CAPITAL GOODS CAPITAL INFLOWS CAPITAL OUTLAYS CAPITAL STOCK CASH TRANSFER CENTRAL BANK COAL COLLATERAL COLLATERAL REQUIREMENTS COMPETITION POLICY COMPETITIVENESS CONSUMER EXPECTATIONS CONSUMER GOODS CONTINGENT LIABILITIES CORPORATE TAX RATE CPI CREDIT GROWTH CREDIT RATING CURRENCY DEPRECIATION CURRENT ACCOUNT SURPLUS CURRENT ACCOUNT SURPLUSES DEBT DEBT CRISIS DEBT LEVEL DEBT MANAGEMENT DEBT RATIOS DEBT SERVICE DEBT-SERVICE DEPOSIT DEREGULATION DEVELOPED COUNTRIES DISBURSEMENT DISBURSEMENTS DOMESTIC BANK DOMESTIC CREDIT DOMESTIC DEBT DOMESTIC INTEREST RATES DURABLE DURABLE EQUIPMENT ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC PERFORMANCE EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET EQUITY ENVIRONMENTAL EQUITIES EQUITY FUNDS EQUITY MARKETS EXPENDITURES EXPORT GROWTH EXPORTER EXPORTERS EXPORTS EXTERNAL DEBT FARMS FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL STABILITY FINANCIAL SYSTEM FISCAL DEFICIT FISCAL POLICIES FISCAL POLICY FISHING FIXED CAPITAL FIXED INVESTMENT FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN CURRENCY EXPOSURE FOREIGN DIRECT INVESTMENT FOREIGN EQUITY FOREIGN EXCHANGE FOREIGN EXCHANGE DEBT FOREIGN EXCHANGE RESERVES FOREIGN FUNDS FOREIGN INVESTMENT FOREIGN PORTFOLIO INVESTMENT GDP GDP DEFLATOR GLOBAL ECONOMY GLOBAL MARKET GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT EXPENDITURE GOVERNMENT EXPENDITURES GOVERNMENT FINANCES GOVERNMENT POLICY GOVERNMENT SPENDING GOVERNMENT SUPPORT GROWTH PROJECTIONS GROWTH RATE HOLDINGS HUMAN CAPITAL HUMAN RESOURCE INCOME TAX INFLATION INFLATION RATE INFLATIONARY PRESSURES INFORMATION TECHNOLOGY INSURANCE INTEREST DIFFERENTIALS INTEREST PAYMENTS INTEREST RATE INTEREST RATE DIFFERENTIALS INTEREST RATE SPREADS INTEREST RATES INVESTING INVESTMENT CLIMATE LABOR COSTS LABOR FORCE LABOR MARKET LAND REFORM LEVEL PLAYING FIELD LIABILITY LOAN LOAN COVENANTS LOAN OFFICERS LOAN PORTFOLIO LOCAL CURRENCY LOW INTEREST RATE LOW INTEREST RATES MACROECONOMIC ENVIRONMENT MACROECONOMIC POLICY MARKET ACCESS MARKET LIQUIDITY MARKET SHARE MATURITIES MATURITY MONETARY FUND MONETARY POLICIES MONETARY POLICY NATURAL DISASTER NATURAL DISASTERS NATURAL RESOURCES NET EXPORTS OFFSHORE CENTERS OIL OIL PRICES OPEN MARKET OPEN MARKET OPERATIONS POLICY ENVIRONMENT POLICY MAKERS POLICY RESPONSES POLITICAL RISKS PORTFOLIO PORTFOLIO INFLOWS PORTFOLIO INVESTMENTS PRINCIPAL REPAYMENTS PRIVATE CONSUMPTION PRIVATE INVESTMENT PRIVATE INVESTMENTS PRODUCTION COSTS PROPERTY RIGHTS PUBLIC GOODS PUBLIC INVESTMENT PUBLIC SECTOR DEBT PUBLIC SPENDING REAL ESTATE LOANS REAL EXCHANGE RATE REAL EXCHANGE RATES REAL GDP REAL INTEREST REAL INTEREST RATES REGULATORY CAPACITY REINVESTMENT REMITTANCE REMITTANCES REPAYMENT REPAYMENTS RESTRICTIVE INVESTMENT POLICIES RETURN RISK AVERSION RISK FACTOR SINKING FUND SOVEREIGN BOND STAMP DUTY STOCK EXCHANGE STOCK MARKET STOCKS T-BILL TAX TAX COLLECTIONS TAX EXEMPTION TAX POLICY TAX REFORM TAX REVENUES TELECOMMUNICATIONS TOTAL REVENUE TRADE BALANCE TRADE DEFICIT TRADE SECTOR TRANCHE TRANSPARENCY TREASURY TREASURY BILL TREASURY BILL AUCTIONS TREASURY YIELDS UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES WAGES YIELD CURVE World Bank Group Philippine Economic Update, December 2012 : Accelerating Reforms to Sustain Growth |
| geographic_facet |
East Asia and Pacific Philippines |
| description |
The Philippine economy has emerged as
one of the fastest growing economies in East Asia, with
growth accelerating to 7.1 percent in the third quarter. The
acceleration of domestic demand since the first quarter of
2012 reflects the country's strong macroeconomic
fundamentals, stronger government finances, and high
confidence in the Aquino government's commitment to
reform. Sound macroeconomic fundamentals, as seen in low
inflation, and large current account surpluses and foreign
exchange reserves, have continued to shield the economy from
external headwinds, while a more diversified export basket
allowed total exports to grow, despite the decline in
electronics exports. Overall, the economy is expected to
expand by over six percent this year, up from 3.9 percent
last year. However, more structural reforms are needed to
create more and better jobs, as the overall labor market
outcome has been less responsive to the higher economic
growth. The economy needs to shift from consumption towards
investment, both public and private. The special focus
sections of this update demonstrate that the implementation
of such reforms can have high payoffs in terms of jobs and
inclusive growth. Finally, by scaling-up and broadening
several open government/open data initiatives in the
country, the strengthening of inclusive institutions would
be greatly enhanced, in line with the core principles of
this government. |
| format |
Report |
| author |
World Bank Group |
| author_facet |
World Bank Group |
| author_sort |
World Bank Group |
| title |
Philippine Economic Update, December 2012 : Accelerating Reforms to Sustain Growth |
| title_short |
Philippine Economic Update, December 2012 : Accelerating Reforms to Sustain Growth |
| title_full |
Philippine Economic Update, December 2012 : Accelerating Reforms to Sustain Growth |
| title_fullStr |
Philippine Economic Update, December 2012 : Accelerating Reforms to Sustain Growth |
| title_full_unstemmed |
Philippine Economic Update, December 2012 : Accelerating Reforms to Sustain Growth |
| title_sort |
philippine economic update, december 2012 : accelerating reforms to sustain growth |
| publisher |
World Bank, Manila |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/725251468294059029/Philippine-economic-update-accelerating-reforms-to-sustain-growth http://hdl.handle.net/10986/26742 |
| _version_ |
1764462750999773184 |
| spelling |
okr-10986-267422021-04-23T14:04:38Z Philippine Economic Update, December 2012 : Accelerating Reforms to Sustain Growth World Bank Group ACCOUNTING ACTIVE DEBT ADVERSE IMPACTS AGRICULTURE ASSET PORTFOLIO AUTOREGRESSION BALANCE OF PAYMENTS BANK BALANCE SHEETS BANK LENDING BANK LOAN BANK LOANS BANKING SYSTEM BASIS POINTS BENEFICIARIES BIDS BOND BOND FUND BOND ISSUE BOND MARKET BOND SPREADS BONDS BORROWING COSTS BORROWING STRATEGY BUDGET DEFICIT BUDGETING CAPITAL ACCOUNTS CAPITAL FORMATION CAPITAL GOODS CAPITAL INFLOWS CAPITAL OUTLAYS CAPITAL STOCK CASH TRANSFER CENTRAL BANK COAL COLLATERAL COLLATERAL REQUIREMENTS COMPETITION POLICY COMPETITIVENESS CONSUMER EXPECTATIONS CONSUMER GOODS CONTINGENT LIABILITIES CORPORATE TAX RATE CPI CREDIT GROWTH CREDIT RATING CURRENCY DEPRECIATION CURRENT ACCOUNT SURPLUS CURRENT ACCOUNT SURPLUSES DEBT DEBT CRISIS DEBT LEVEL DEBT MANAGEMENT DEBT RATIOS DEBT SERVICE DEBT-SERVICE DEPOSIT DEREGULATION DEVELOPED COUNTRIES DISBURSEMENT DISBURSEMENTS DOMESTIC BANK DOMESTIC CREDIT DOMESTIC DEBT DOMESTIC INTEREST RATES DURABLE DURABLE EQUIPMENT ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC PERFORMANCE EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET EQUITY ENVIRONMENTAL EQUITIES EQUITY FUNDS EQUITY MARKETS EXPENDITURES EXPORT GROWTH EXPORTER EXPORTERS EXPORTS EXTERNAL DEBT FARMS FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL STABILITY FINANCIAL SYSTEM FISCAL DEFICIT FISCAL POLICIES FISCAL POLICY FISHING FIXED CAPITAL FIXED INVESTMENT FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN CURRENCY EXPOSURE FOREIGN DIRECT INVESTMENT FOREIGN EQUITY FOREIGN EXCHANGE FOREIGN EXCHANGE DEBT FOREIGN EXCHANGE RESERVES FOREIGN FUNDS FOREIGN INVESTMENT FOREIGN PORTFOLIO INVESTMENT GDP GDP DEFLATOR GLOBAL ECONOMY GLOBAL MARKET GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT EXPENDITURE GOVERNMENT EXPENDITURES GOVERNMENT FINANCES GOVERNMENT POLICY GOVERNMENT SPENDING GOVERNMENT SUPPORT GROWTH PROJECTIONS GROWTH RATE HOLDINGS HUMAN CAPITAL HUMAN RESOURCE INCOME TAX INFLATION INFLATION RATE INFLATIONARY PRESSURES INFORMATION TECHNOLOGY INSURANCE INTEREST DIFFERENTIALS INTEREST PAYMENTS INTEREST RATE INTEREST RATE DIFFERENTIALS INTEREST RATE SPREADS INTEREST RATES INVESTING INVESTMENT CLIMATE LABOR COSTS LABOR FORCE LABOR MARKET LAND REFORM LEVEL PLAYING FIELD LIABILITY LOAN LOAN COVENANTS LOAN OFFICERS LOAN PORTFOLIO LOCAL CURRENCY LOW INTEREST RATE LOW INTEREST RATES MACROECONOMIC ENVIRONMENT MACROECONOMIC POLICY MARKET ACCESS MARKET LIQUIDITY MARKET SHARE MATURITIES MATURITY MONETARY FUND MONETARY POLICIES MONETARY POLICY NATURAL DISASTER NATURAL DISASTERS NATURAL RESOURCES NET EXPORTS OFFSHORE CENTERS OIL OIL PRICES OPEN MARKET OPEN MARKET OPERATIONS POLICY ENVIRONMENT POLICY MAKERS POLICY RESPONSES POLITICAL RISKS PORTFOLIO PORTFOLIO INFLOWS PORTFOLIO INVESTMENTS PRINCIPAL REPAYMENTS PRIVATE CONSUMPTION PRIVATE INVESTMENT PRIVATE INVESTMENTS PRODUCTION COSTS PROPERTY RIGHTS PUBLIC GOODS PUBLIC INVESTMENT PUBLIC SECTOR DEBT PUBLIC SPENDING REAL ESTATE LOANS REAL EXCHANGE RATE REAL EXCHANGE RATES REAL GDP REAL INTEREST REAL INTEREST RATES REGULATORY CAPACITY REINVESTMENT REMITTANCE REMITTANCES REPAYMENT REPAYMENTS RESTRICTIVE INVESTMENT POLICIES RETURN RISK AVERSION RISK FACTOR SINKING FUND SOVEREIGN BOND STAMP DUTY STOCK EXCHANGE STOCK MARKET STOCKS T-BILL TAX TAX COLLECTIONS TAX EXEMPTION TAX POLICY TAX REFORM TAX REVENUES TELECOMMUNICATIONS TOTAL REVENUE TRADE BALANCE TRADE DEFICIT TRADE SECTOR TRANCHE TRANSPARENCY TREASURY TREASURY BILL TREASURY BILL AUCTIONS TREASURY YIELDS UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES WAGES YIELD CURVE The Philippine economy has emerged as one of the fastest growing economies in East Asia, with growth accelerating to 7.1 percent in the third quarter. The acceleration of domestic demand since the first quarter of 2012 reflects the country's strong macroeconomic fundamentals, stronger government finances, and high confidence in the Aquino government's commitment to reform. Sound macroeconomic fundamentals, as seen in low inflation, and large current account surpluses and foreign exchange reserves, have continued to shield the economy from external headwinds, while a more diversified export basket allowed total exports to grow, despite the decline in electronics exports. Overall, the economy is expected to expand by over six percent this year, up from 3.9 percent last year. However, more structural reforms are needed to create more and better jobs, as the overall labor market outcome has been less responsive to the higher economic growth. The economy needs to shift from consumption towards investment, both public and private. The special focus sections of this update demonstrate that the implementation of such reforms can have high payoffs in terms of jobs and inclusive growth. Finally, by scaling-up and broadening several open government/open data initiatives in the country, the strengthening of inclusive institutions would be greatly enhanced, in line with the core principles of this government. 2017-05-24T14:17:24Z 2017-05-24T14:17:24Z 2012-12 Report http://documents.worldbank.org/curated/en/725251468294059029/Philippine-economic-update-accelerating-reforms-to-sustain-growth http://hdl.handle.net/10986/26742 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Manila Economic & Sector Work :: Economic Updates and Modeling Economic & Sector Work East Asia and Pacific Philippines |