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Title Philippines : 2014 Article IV Consultation: Staff Report: Press Release.
Imprint Washington, D.C. : International Monetary Fund, [2014]
©2014

Series IMF country report ; no. 14/245
IMF country report ; no. 14/245.
Subject International Monetary Fund -- Philippines.
Economic history.
Investments, Foreign -- Philippines.
Philippines -- Economic policy.
Alt Name International Monetary Fund.
Add Title Philippines, 2014 article IV consultation
Description 1 online resource (83 pages .) : color illustrations.
Note "August 2014."
"June 18, 2014"--Page 2 of pdf.
Bibliography Note Includes bibliographical references.
Summary KEY ISSUES Context. Growth remains rapid, but has moderated from the 71/4 percent recorded in 2013. Remittances and accommodative monetary and financial conditions remain the primary growth drivers, despite volatile capital flows, slowing activity in the region and severe natural disasters. Inflation has picked up to over 4 percent, while the current account remains in surplus. Local financial markets were moderately impacted by the Fed's "taper talk and action," weakening the peso and equity prices. Credit growth has quickened, especially to construction. Potential growth has risen to about 6?61/4 percent. However, persistent weakness in the business climate is a risk to sustained growth and hinders job creation. Foreign ownership restrictions, inadequate infrastructure and high doing-business costs have held back overall investment and employment. Along with frequent natural disasters, this has kept poverty elevated, thereby sustaining outward migration. Outlook and risks. Normalizing financial conditions are forecast to ease growth to 6?61/2 percent over the medium term, while keeping inflation within the band and moderating the current account surplus. Abrupt changes in global financial conditions and a sharp growth slowdown in EMs are among the external growth risks. On the domestic front, excessive flow of real and financial resources to the property sector could increase volatility of asset prices and GDP growth over the longer run. Policy recommendations. A more restrictive policy stance is needed to preserve macro- financial stability, with rebalancing of the mix to allow higher public investment spending, while implementing reforms to sustain vibrant growth and make it more inclusive.
Contents Cover; CONTENTS; CONTEXT; RECENT DEVELOPMENTS, OUTLOOK, AND RISKS; PRESERVING STABILITY AMID STRUCTURAL AND CYCLICAL FLOWS; A. External Sector Assessment; B. Monetary and Exchange Rate Policy; C. Financial Sector Issues; D. Fiscal Policy; STRUCTURAL TRANSFORMATION FOR QUALITY GROWTH; STAFF APPRAISAL; BOXES; 1. Natural Disaster Risks and Addressing Their Social and Economic Consequences; 2. What is Driving Philippines' Growth?; 3. Financial Flows; 4. What is Happening to Potential Growth?; 5. Recent Monetary and Liquidity Policy Measures; 6. Status of Public-Private Partnership Projects.
7. A Cross-Country Perspective on Bank Credit Penetration8. Conditional Cash Transfer Program; 9. Progress in Fiscal Transparency; FIGURES; 1. Macroeconomic Developments; 2. Real Sector; 3. Financial Markets; 4. Financial Market Comparisons; 5. Cross-Country Financial Market Developments; 6. Monetary and Financial Conditions; 7. External Sector; 8. Banking Sector; 9. Emerging Markets: Social Conditions and Income Distribution; TABLES; 1. Selected Economic Indicators, 2010-15; 2. National Government Cash Accounts, 2009-15 (In billions of pesos).
3. National Government Cash Accounts, 2009-15 (In percent of GDP)4. General Government Operations, 2009-15; 5. Depository Corporation Survey, 2009-13; 6. Balance of Payments, 2010-15; 7. Medium-Term Outlook, 2011-19; 8. Banking Sector Indicators, 2009-13; 9. Indicators of External Vulnerability, 2007-13; APPENDICES; 1. Risk Assessment Matrix; 2. External Sector Assessment; 3. Developments in Real Estate; 4. Debt Sustainability Analysis; CONTENTS; FUND RELATIONS; IMF-WORLD BANK COLLABORATION; RELATIONS WITH THE ASIAN DEVELOPMENT BANK; STATISTICAL ISSUES.
Note English.
Online resource; title from pdf title page (IMF Web site, viewed on August 12, 2014).
ISBN 9781484350584 (electronic bk.)
1484350588 (electronic bk.)
1498385249
9781498385244
1484366433
9781484366431
9781498353052
OCLC # 886542993
Additional Format Print version: International Monetary Fund. Philippines : 2014 article IV consultation-staff report; press release. Washington, District of Columbia : International Monetary Fund, ©2014 64 pages IMF country report ; 14/245 9781498353052