Philippines : Invigorating Growth, Enhancing Its Impact

Major fiscal adjustment during 2005-06, aided by abundant global liquidity, has turned around market sentiment on the Philippines. Stocks, the peso and reserves have all risen significantly, as have foreign direct investment and portfolio inflows,...

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Bibliographic Details
Main Author:	World Bank
Format:	Development Policy Review (DPR)
Language:	English
Published:	Washington, DC 2012
Subjects:	ACCOUNTING AGRICULTURAL OUTPUT AGRICULTURE ANNUAL RATE AUDITING AVERAGE CAPACITY AVERAGE CAPACITY UTILIZATION BALANCE OF PAYMENTS BALANCE SHEETS BANK DEPOSITS BANK LENDING BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BANKS BASE YEAR BENCHMARK BIDDING BONDS BUDGET DEFICIT BUDGET FRAMEWORK BUDGET SUPPORT CAPACITY UTILIZATION CAPITAL ADEQUACY CAPITAL BASE CAPITAL INFLOWS CAPITAL MARKETS CENTRAL BANK COLLUSION COMMERCIAL BANKS COMMERCIAL BORROWING COMMODITIES COMPETITIVENESS CORPORATE GOVERNANCE CORPORATE PROFITS DEBT DEBT SERVICE DECISION MAKING DEFICIT REDUCTION DEFICITS DEREGULATION DOMESTIC INVESTMENT ECONOMIC GROWTH EDUCATIONAL ACHIEVEMENT ELECTRICITY EMERGING MARKETS EXCHANGE RATE EXCISE TAXES EXPENDITURES EXPORT GROWTH EXPORTS EXTERNAL DEBT FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL POSITION FINANCIAL SECTOR FISCAL ADJUSTMENT FISCAL CONSTRAINT FISCAL CONSTRAINTS FISCAL POLICY FISCAL POSITION FISCAL REFORM FISCAL REFORMS FISCAL TARGETS FOREIGN BANKS FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT GNP GOVERNMENT DEBT GOVERNMENT DEFICIT GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROSS NATIONAL PRODUCT GROSS NATIONAL SAVINGS GROWTH POTENTIAL HUMAN CAPITAL INCOME INCOME TAXES INFLATION INFRASTRUCTURE PROJECTS INTEREST COSTS INTEREST PAYMENTS INTEREST RATES INTERNATIONAL RESERVES INVESTMENT CLIMATE INVESTMENT RATES LABOR COSTS LAWS LEGAL PROTECTION LIQUIDITY LOCAL CURRENCY LOCAL GOVERNMENTS M3 MACROECONOMIC INSTABILITY MACROECONOMIC PERFORMANCE MARGINAL COST MARGINAL PRODUCT MARGINAL PRODUCTIVITY MARGINAL REVENUE MARKET ENTRY MARKET FORCES MEDICAL SERVICES MONETARY POLICY NASH EQUILIBRIUM NATIONAL AUDIT NATIONAL GOVERNMENT NATIONAL STATISTICS NATIONAL STATISTICS OFFICE NET BORROWING OVERNIGHT RATES OWNERSHIP STRUCTURE PACIFIC REGION PAYMENT SYSTEM PER CAPITA INCOME PERSONAL INCOME PERSONAL INCOME TAXES PORTFOLIO POVERTY REDUCTION PRIVATE CAPITAL PRIVATE CONSUMPTION PRIVATE INVESTMENT PRIVATE SECTOR PRIVATIZATION PROFITABILITY PROGRAMS PUBLIC PUBLIC CONSUMPTION PUBLIC DEBT PUBLIC DEFICITS PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC INFRASTRUCTURE PUBLIC INVESTMENT PUBLIC POLICIES PUBLIC RESOURCES PUBLIC SECTOR PUBLIC SECTOR BORROWING PUBLIC SECTOR BORROWING REQUIREMENTS PUBLIC SECTOR DEBT PUBLIC SECTOR DEFICIT PUBLIC SPENDING REAL EXCHANGE RATE REAL GDP REAL GROWTH REFORM AGENDA REFORM PRIORITIES REGULATORY CAPTURE REGULATORY FRAMEWORK REGULATORY POLICIES REGULATORY POLICY REGULATORY REFORM REVENUE INCREASES RISK FACTORS RISK MANAGEMENT SOCIAL SECURITY SOCIAL SECURITY SYSTEM STRUCTURAL REFORM TAX TAX ADMINISTRATION TAX BASE TAX COLLECTION TAX EFFORT TAX EVASION TAX POLICY TAX RATE TAX REVENUE TAXPAYERS TELECOMMUNICATIONS TELECOMMUNICATIONS REFORM TOTAL FACTOR PRODUCTIVITY TOTAL REVENUE TOTAL SPENDING TRANSACTIONS COSTS TRANSPORT TREASURY TREASURY BILL UNCERTAINTY UNEMPLOYMENT UNEMPLOYMENT RATE WAGE RATES WAGES
Online Access:	http://documents.worldbank.org/curated/en/2007/05/7667496/philippines-invigorating-growth-enhancing-impact http://hdl.handle.net/10986/7704

Description
Summary:	Major fiscal adjustment during 2005-06, aided by abundant global liquidity, has turned around market sentiment on the Philippines. Stocks, the peso and reserves have all risen significantly, as have foreign direct investment and portfolio inflows, while interest costs and spreads for government borrowing have fallen along with inflation. Real GDP grew by 5.4 percent in 2006 and real GNP by 6.2 percent, marking the first time that three consecutive years of growth of 5 or more percent was recorded since the 1970s. Strong growth in business process outsourcing, electronics exports and remittance-driven consumption served as important props for higher growth. This paper includes the following headings: recent economic developments; how robust is present growth; invigorating growth, enhancing its impact; and maximizing the benefits of growth for the poor.

Philippines : Invigorating Growth, Enhancing Its Impact

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