Philippines Quarterly Update, January 2011 : Robust Growth, Stubborn Poverty

Following a slowdown during the global financial crisis in 2009, the Philippine economy roared back in 2010, with Gross Domestic Product (GDP) growth rates not seen in over 30 years. On the demand side, private consumption, investment, and net expo...

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Bibliographic Details
Main Author:	World Bank
Format:	Report
Language:	English en_US
Published:	World Bank, Manila 2017
Subjects:	ACCOUNTING AGRICULTURAL OUTPUT AGRICULTURE BAILOUT BALANCE OF PAYMENT BALANCE OF PAYMENTS BANK BALANCE SHEETS BANK LENDING BANKING SYSTEM BASE YEAR BASIS POINTS BENCHMARK BENCHMARK BONDS BENCHMARKS BOND ISSUANCE BOND RATINGS BOND SWAP BONDS BUDGET DEFICIT BUDGETING CAPACITY BUILDING CAPITAL FLOWS CAPITAL INFLOWS CAPITAL OUTLAYS CAPITAL REQUIREMENTS CASH TRANSFER CASH TRANSFERS CDS CENTRAL BANK CENTRAL BANKS COMPARABLE MATURITY COMPARATIVE ADVANTAGE COMPARATIVE ADVANTAGES COMPETITIVENESS COMPLIANCE COST CONSUMERS CONTINGENT LIABILITIES CONTINGENT LIABILITY CORPORATE INCOME TAXES COUPON COUPON RATES CREDIT DEFAULT CREDIT DEFAULT SWAPS CREDIT QUALITY CREDIT RATING CURRENCY CURRENCY RISK CURRENT ACCOUNT SURPLUS DATED SECURITIES DEBT CONSOLIDATION DEBT MANAGEMENT DEBT SERVICE DEPOSITS DEVELOPMENT ASSISTANCE DEVELOPMENT BANK DISABILITY PENSION DISBURSEMENT DOMESTIC BOND DOMESTIC BOND MARKET DOMESTIC DEBT DOMESTIC INTEREST RATES DOMESTIC LIQUIDITY DOMESTIC MARKET DURABLE DURABLE EQUIPMENT ECONOMIC DEVELOPMENTS ECONOMIC OUTLOOK ELASTICITY EMERGING MARKETS EQUITIES EQUITY INDEX EQUITY MARKET EQUITY MARKETS EXCHANGE RATE EXCHANGE RATES EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORTER EXPORTS EXTERNAL DEBT FINANCIAL CRISIS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SHOCKS FINANCIAL SYSTEM FISCAL DEFICIT FISCAL POLICIES FISCAL POLICY FOOD PRICES FORECASTS FOREIGN BANKS FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE RESERVES FOREIGN EXCHANGE TRANSACTIONS FOREIGN INVESTMENT GDP GDP PER CAPITA GLOBAL BOND GLOBAL BONDS GLOBAL MARKET GOVERNMENT BOND GOVERNMENT BOND YIELDS GOVERNMENT BORROWING GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT GUARANTEES GOVERNMENT SECURITIES GROWTH PERFORMANCE GROWTH POTENTIAL GROWTH RATE HORIZONTAL EQUITY HOUSEHOLD INCOME HUMAN CAPITAL IMPORT IMPORT GROWTH INCOME TAX INCOME TAXES INFLATION INFLATION RATE INFLATION RISKS INFLATIONARY PRESSURES INFORMATION TECHNOLOGY INSTITUTIONAL CAPACITY INTEREST PAYMENTS INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL MARKET INVENTORIES INVESTMENT CLIMATE INVESTOR CONFIDENCE ISSUANCE ISSUANCES LABOR FORCE LABOR MARKET LEADING INDICATORS LEASE AGREEMENTS LEGAL FRAMEWORK LEGAL SYSTEM LIABILITY LIABILITY MANAGEMENT LIQUIDITY LOAN LOCAL BANKS LOCAL CURRENCIES LOCAL CURRENCY LOCAL GOVERNMENT LOCAL MARKET LONG-TERM LOANS LONG-TERM OBLIGATIONS
Online Access:	http://documents.worldbank.org/curated/en/229631468294319114/Philippines-quarterly-update-robust-growth-stubborn-poverty http://hdl.handle.net/10986/27243

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Summary:	Following a slowdown during the global financial crisis in 2009, the Philippine economy roared back in 2010, with Gross Domestic Product (GDP) growth rates not seen in over 30 years. On the demand side, private consumption, investment, and net exports were the main drivers of growth. On the supply side, industry and services propelled the economy. The external position continued to strengthen, thanks to a consistently strong current account and, more recently, by improvements in the capital and financial account. Dollar remittances grew progressively faster throughout 2010. Labor market conditions improved, but unemployment remains high, contributing to strong OFW deployment. Growth is expected to normalize around its potential output in 2011 as the technical and temporary factors that generated record growth in 2010 disappear. Among its first actions in office, the Aquino government carried out a comprehensive assessment of fiscal risks and published a Fiscal Risk Statement (FRS). Experience reveals that FRSs can yield important benefits, including lower and better, managed risks, improved policies, and lower financing costs. Historically, the Philippines have been exposed to considerable fiscal risks, in part reflecting important weaknesses in public financial management and resulting in large fiscal costs. While fiscal risks have abated, they still remain sizeable in the Philippines. To improve its risk management, the government is pursuing a program of institutional capacity building.

Philippines Quarterly Update, January 2011 : Robust Growth, Stubborn Poverty

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