Philippines Quarterly Update, September 2010 : Stepping Up Reforms to Sustain Growth

The Philippine economy recovered strongly from the global recession owing to a combination of transitory and permanent, as well as global and idiosyncratic factors. Similar to its regional peers, the recovery was partly driven by the rebound in glo...

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Bibliographic Details
Main Author:	World Bank
Format:	Report
Language:	English en_US
Published:	Washington, DC 2017
Subjects:	ACCESS TO CAPITAL ACCOUNTING ADVANCED ECONOMIES AGRICULTURAL COMMODITIES AGRICULTURAL OUTPUT AGRICULTURAL PRACTICES AGRICULTURE ASSET PRICE ASSET PRICES BALANCE OF PAYMENT BALANCE OF PAYMENTS BANK LENDING BANK POLICY BANKING SECTOR BANKING SYSTEM BASIS POINTS BENCHMARKS BENEFICIARIES BINDING CONSTRAINT BOND BOND PRICES BUDGETARY SUPPORT BUDGETING CAPITAL FLOWS CAPITAL INFLOWS CAPITAL INVESTMENT CAPITAL OUTLAYS CASH TRANSFER CDS CENTRAL BANK CENTRAL BANKS COMMODITY PRICES COMPARATIVE ADVANTAGES COMPETITIVENESS COMPLIANCE COSTS CONSUMER GOOD CONSUMER GOODS COORDINATION FAILURES CORRELATION ANALYSIS CREDIT DEFAULT CREDIT DEFAULT SWAPS CREDIT QUALITY CREDIT SPREADS CURRENT ACCOUNT SURPLUS DAMAGES DEBT CRISIS DEBT MATURITY DEBT SERVICE DEBT STOCK DEVELOPING COUNTRIES DEVELOPMENT ASSISTANCE DISBURSEMENTS DISCOUNT RATE DOMESTIC LIQUIDITY DOMESTIC MARKET DURABLE DURABLE EQUIPMENT ECONOMETRICS ECONOMIC BOOM ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC SECTORS ELASTICITY EMERGING MARKET EMERGING MARKET COUNTRIES EMERGING MARKET EQUITY EMERGING MARKETS EQUITY INDEX EQUITY MARKET EQUITY MARKETS EQUITY RETURNS EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORTER EXPORTERS EXPORTS EXTERNAL DEBT FEDERAL RESERVE FINANCIAL CONTAGION FINANCIAL CRISIS FINANCIAL MARKET FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL SHOCKS FINANCIAL VOLATILITY FISCAL AUTONOMY FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL POLICY FIXED CAPITAL FIXED INCOME FLOATERS FOOD PRICES FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN INVESTMENTS FOREIGN INVESTOR FOREIGN INVESTORS GDP GLOBAL BONDS GLOBAL MARKETS GLOBAL TRADE GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT POLICY GROSS DOMESTIC PRODUCT GROSS NATIONAL SAVINGS GROWTH POTENTIAL GROWTH PROJECTIONS HOUSEHOLD INCOME INCOME INEQUALITY INEFFICIENCY INFLATION INFLATION EXPECTATIONS INFLATION RATE INSURANCE INSURANCE PREMIUM INTEREST PAYMENT INTEREST PAYMENTS INTERGOVERNMENTAL TRANSFERS INTERNATIONAL RESERVES INVESTING INVESTMENT CLIMATE INVESTMENT PROJECTS INVESTOR CONFIDENCE INVESTOR INTEREST ISSUANCE JOB CREATION JUDICIAL SYSTEM LABOR MARKET LABOR MARKETS LACK OF TRANSPARENCY LEGAL REFORMS LIQUIDITY LOCAL GOVERNMENT LONG-TERM DEBT LONG-TERM INTEREST MACROECONOMIC SHOCKS MANUFACTURING INDUSTRY MARKET ACCESS MARKET INDICES MARKET RETURNS MATURITIES MATURITY MONETARY POLICIES MONETARY POLICY MULTIPLIER EFFECTS NATIONAL SAVINGS NATURAL DISASTERS NEGATIVE EXTERNALITIES NEGATIVE SHOCKS NET EXPORTS OIL PRICES OUTSOURCING PENSION PER CAPITA INCOME POLITICAL UNCERTAINTY PORTFOLIO PORTFOLIO INFLOWS PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS PORTFOLIOS PRICE CHANGES PRICE INCREASES PRICE VOLATILITY PRODUCTION COSTS PUBLIC FINANCE PUBLIC FINANCES PUBLIC SECTOR DEBT RAPID ECONOMIC GROWTH REAL ESTATE INVESTMENT REAL GDP REAL INTEREST REAL INTEREST RATE REAL INTEREST RATES RECESSION REGIONAL TRADE REMITTANCE REMITTANCES RESERVE RISK EXPOSURE RISK PROFILE RURAL MARKET SAFETY NET SAMURAI BONDS SHORT TERM CAPITAL INFLOWS SHORT-TERM CAPITAL SHORT-TERM DEBT SHORT-TERM EXTERNAL DEBT SIDE EFFECTS SKILLED WORKERS SOVEREIGN DEBT SOVEREIGN DEBT MARKET SOVEREIGN DEFAULT SOVEREIGN RISK STABLE INTEREST RATES STOCK EXCHANGE STOCK MARKET STOCK MARKET INDEX STOCK MARKET VOLATILITY STOCKS TAX TAX COLLECTION TAX EXPENDITURES TAX POLICY TAX SYSTEM TAXATION TECHNICAL ASSISTANCE TIME CONSTRAINTS TOTAL REVENUE TRADE BALANCE TRADE DEFICIT TRADE LIBERALIZATION TRADE SECTORS TRANSPARENCY TREASURY UNEMPLOYMENT UNEMPLOYMENT RATE VERTICAL EQUITY WAGES WEALTH WITHDRAWAL YIELD CURVE
Online Access:	http://documents.worldbank.org/curated/en/826201468296122807/Philippines-quarterly-update-stepping-up-reforms-to-sustain-growth http://hdl.handle.net/10986/27764

Description
Summary:	The Philippine economy recovered strongly from the global recession owing to a combination of transitory and permanent, as well as global and idiosyncratic factors. Similar to its regional peers, the recovery was partly driven by the rebound in global trade and domestic consumption linked to sharp increases in consumer confidence. In the Philippines, growth was also spurred by two domestic and temporary factors-continued fiscal policy easing and election-related spending-and a structural one, namely the acceleration in global outsourcing which benefited the country's business process outsourcing sector and associated sectors such as construction. The economy is projected to grow by 6.2 percent in 2010 and by 5 percent in 2011, with large but broadly balanced risks. While inflation expectations are under control, the prospects of large short-term capital inflows partly linked to renewed quantitative easing by key G7 central banks are complicating monetary policy at a time when the economy no longer needs accommodative monetary policy. The first budget of the Aquino government could be a turning point for the Philippines in the public finance area. The 2011 budget changes current dynamics in two critical areas: the (structural and cyclical) fiscal policy stance and the quality of public finances. This "reform budget" renews the fiscal consolidation effort-albeit modestly and contains significant reform measures aimed at improving spending efficiency, transparency and accountability of the budget. For the 2011 budget to indeed turn the country away from a weak fiscal position, inconsistent spending efficiency, and significant gaps in public expenditure and financial accountability, efforts initiated in this budget will have to both be sustained over time and expanded. Strengthening revenue mobilization-through a modern tax system with efficiency and equity at its core-would enable future budgets to scale up spending needed to generate inclusive growth.

Philippines Quarterly Update, September 2010 : Stepping Up Reforms to Sustain Growth

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