Philippine Economic Update, August 2014 : Investing in the Future, Sharing Growth and Job Opportunities for All

After recording strong growth in the last two years, Philippine economic growth decelerated to 5.7 percent in the first quarter of 2014 (Q1 2014). After many years of slow poverty reduction, poverty incidence declined by 3 percentage points (PPT) between 2012 and 2013 to 24.9 percent, uplifting 2.5 million Filipinos out of poverty. Given the slow start in Q1 2014, lower government spending in second quarter of 2014 (Q2 2014), and monetary policy tightening, baseline growth projections is revised downwards from 6.6 to 6.4 percent for 2014 and from 6.9 to 6.7 percent for 2015. Strong liquidity and credit growth, as well as higher food and energy prices, continue to exert some risks to price and financial stability. In the medium-term, growth can be sustained and made more inclusive by pursuing structural reforms and investing more in human and physical capital. The Aquino administration has successfully raised tax effort by 1.2 PPT of gross domestic product (GDP) in the last 3 years through the sin tax reform, improved tax administration, and higher growth. These reforms can help the country become more competitive, and in the process create more and better jobs, and accelerate poverty reduction. The Philippine economic update provides an update on key economic and social developments as well as policies over the past 6 months. It also presents findings from recent World Bank studies on the Philippines.

Bibliographic Details

Main Author:	World Bank Group
Format:	Economic Updates and Modeling biblioteca
Language:	English en_US
Published:	Washington, DC 2014-08-01
Subjects:	ACCOUNTING, ADVERSE IMPACTS, AGRICULTURE, AUDITS, BALANCE OF PAYMENTS, BANKING INDUSTRY, BANKING SECTOR, BANKING SECTOR REFORMS, BENCHMARK, BID, BOND, BOND PRICE, BOND PRICES, BONDS, BUSINESS ENVIRONMENT, CAPITAL ADEQUACY, CAPITAL FLOW, CAPITAL FORMATION, CAPITAL INFLOW, CAPITAL INFLOWS, CAPITAL OUTFLOW, CAPITAL OUTFLOWS, CAPITAL OUTLAYS, CASH TRANSFERS, CENTRAL BANK, COMMERCIAL BANKS, COMMODITIES, COMMODITY, COMMODITY PRICES, COMPETITIVENESS, CONSUMER GOODS, CREDIT EXPANSION, CREDIT GROWTH, CREDIT RATING, CURRENCY, CURRENT ACCOUNT BALANCE, CURRENT ACCOUNT DEFICIT, CURRENT ACCOUNT SURPLUS, DAMAGES, DEBT, DEBT MANAGEMENT, DEBT SECURITIES, DEFAULT RISK, DEPOSIT, DEPOSIT ACCOUNT, DEPOSITORY, DEVALUATION, DEVELOPING COUNTRIES, DEVELOPMENT POLICIES, DOMESTIC BANKING, DOMESTIC BORROWINGS, DOMESTIC ECONOMY, DOMESTIC INFLATION, DURABLE, DURABLE EQUIPMENT, ECONOMIC GROWTH, ECONOMIC PERFORMANCE, ECONOMIC REFORM, ECONOMIC REFORMS, ECONOMIC STRUCTURE, ELECTRICITY, EMERGING MARKETS, EQUITIES, EQUITY INVESTMENT, EXCHANGE RATE, EXCHANGE RATES, EXCISE TAXES, EXPENDITURE, EXPENDITURES, EXPORT GROWTH, EXPORT MARKETS, EXPOSURE, EXPOSURES, EXTERNAL DEBT, FINANCIAL CRISIS, FINANCIAL FLOWS, FINANCIAL MANAGEMENT, FINANCIAL MARKET, FINANCIAL MARKET PARTICIPANTS, FINANCIAL MARKETS, FINANCIAL SECTOR, FINANCIAL SERVICES, FINANCIAL STABILITY, FISCAL DEFICIT, FISCAL MANAGEMENT, FISCAL POLICY, FOREIGN ASSETS, FOREIGN BANKS, FOREIGN CURRENCY, FOREIGN DEBT, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN INVESTMENT, FOREIGN INVESTORS, FOREIGN OWNERSHIP, FOREIGN PORTFOLIO, FOREIGN PORTFOLIO INVESTMENTS, GDP, GDP PER CAPITA, GLOBAL ECONOMIC PROSPECTS, GLOBAL ECONOMY, GOOD GOVERNANCE, GOVERNMENT DEBT, GOVERNMENT DEFICIT, GOVERNMENT SPENDING, GROSS DOMESTIC PRODUCT, GROSS NATIONAL SAVINGS, GROWTH PROJECTIONS, GROWTH RATE, GROWTH RATES, HORIZONTAL EQUITY, HUMAN CAPITAL, INCOME TAX, INCOMES, INDEXATION, INELASTIC DEMAND, INFLATION, INFLATION RATE, INFLATIONARY PRESSURES, INFORMATION TECHNOLOGY, INFRASTRUCTURE INVESTMENTS, INFRASTRUCTURE PROJECT, INSURANCE, INTELLECTUAL PROPERTY, INTEREST PAYMENT, INTEREST PAYMENTS, INTEREST RATES, INTERNATIONAL RESERVES, INTERNATIONAL STANDARDS, INTERNATIONAL TRADE, INVENTORIES, INVESTING, INVESTMENT FUNDS, INVESTMENT MANAGEMENT, INVESTOR CONFIDENCE, JOB CREATION, LABOR MARKET, LEASE AGREEMENTS, LEVY, LIABILITY, LIBERALIZATION, LIQUIDITY, LIVING STANDARDS, LOCAL BUSINESS, LOCAL GOVERNMENT, LONG-TERM LOANS, M3, MACROECONOMIC INSTABILITY, MACROECONOMIC STABILITY, MACROECONOMICS, MARKET PERFORMANCE, MARKET REFORMS, MATURITY, MIDDLE-INCOME ECONOMIES, MONETARY FUND, MONETARY POLICIES, MONETARY POLICY, MONEY SUPPLY, NATIONAL SAVINGS, NATURAL DISASTERS, NET EXPORTS, OUTPUT, OUTPUT GAP, OUTSOURCING, PER CAPITA INCOME, PERSONAL INCOME, POLITICAL STABILITY, PORTFOLIO, PORTFOLIO INFLOW, PORTFOLIO INVESTMENT, PORTFOLIO INVESTMENTS, POTENTIAL OUTPUT, PRIVATE SECTOR, PRIVATIZATION, PRODUCTION COSTS, PROPERTY MARKET, PROPERTY RIGHTS, PUBLIC, PUBLIC FINANCE, PUBLIC INFRASTRUCTURE, PUBLIC INVESTMENT, PUBLIC INVESTMENTS, PUBLIC SECTOR, PUBLIC SPENDING, PUBLIC USE, PUBLIC UTILITY, PUBLIC-PRIVATE PARTNERSHIP, REAL ESTATE, REAL GDP, REAL INCOME, REFORM PROGRAM, REMITTANCE, REMITTANCES, RESERVE, RESERVE REQUIREMENT, RESERVES, REVENUE COLLECTION, SMALL ENTERPRISES, SOCIAL DEVELOPMENTS, SOCIAL PROTECTION, STOCK EXCHANGE, STOCK MARKET, TARIFF BARRIERS, TAX, TAX CODE, TAX COLLECTION, TAX EXPENDITURES, TAX INCENTIVES, TAX POLICIES, TAX POLICY, TAX RATE, TAX RATES, TAX REGIME, TAX REVENUES, TAX SYSTEM, TELECOMMUNICATIONS, TOTAL COSTS, TOTAL FACTOR PRODUCTIVITY, TOTAL REVENUE, TRADE DEFICIT, TRANCHES, TRANSPARENCY, TREASURY, TURNOVER, UNEMPLOYMENT, VOLATILITIES, VOLATILITY, WAGES, WORLD DEVELOPMENT INDICATORS, WORLD TRADE, WORLD TRADE ORGANIZATION, WTO,
Online Access:	http://documents.worldbank.org/curated/en/2014/08/20148090/philippine-economic-update-investing-future-sharing-growth-job-opportunities-all http://hdl.handle.net/10986/19974
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