Philippine Economic Update, December 2012

The Philippine economy has emerged as one of the fastest growing economies in East Asia, with growth accelerating to 7.1 percent in the third quarter. The acceleration of domestic demand since the first quarter of 2012 reflects the country's strong macroeconomic fundamentals, stronger government finances, and high confidence in the Aquino government's commitment to reform. Sound macroeconomic fundamentals, as seen in low inflation, and large current account surpluses and foreign exchange reserves, have continued to shield the economy from external headwinds, while a more diversified export basket allowed total exports to grow, despite the decline in electronics exports. Overall, the economy is expected to expand by over six percent this year, up from 3.9 percent last year. However, more structural reforms are needed to create more and better jobs, as the overall labor market outcome has been less responsive to the higher economic growth. The economy needs to shift from consumption towards investment, both public and private. The special focus sections of this update demonstrate that the implementation of such reforms can have high payoffs in terms of jobs and inclusive growth. Finally, by scaling-up and broadening several open government/open data initiatives in the country, the strengthening of inclusive institutions would be greatly enhanced, in line with the core principles of this government.

Bibliographic Details

Main Author:	World Bank Group
Format:	Report biblioteca
Language:	English en_US
Published:	World Bank, Manila 2012-12
Subjects:	ACCOUNTING, ACTIVE DEBT, ADVERSE IMPACTS, AGRICULTURE, ASSET PORTFOLIO, AUTOREGRESSION, BALANCE OF PAYMENTS, BANK BALANCE SHEETS, BANK LENDING, BANK LOAN, BANK LOANS, BANKING SYSTEM, BASIS POINTS, BENEFICIARIES, BIDS, BOND, BOND FUND, BOND ISSUE, BOND MARKET, BOND SPREADS, BONDS, BORROWING COSTS, BORROWING STRATEGY, BUDGET DEFICIT, BUDGETING, CAPITAL ACCOUNTS, CAPITAL FORMATION, CAPITAL GOODS, CAPITAL INFLOWS, CAPITAL OUTLAYS, CAPITAL STOCK, CASH TRANSFER, CENTRAL BANK, COAL, COLLATERAL, COLLATERAL REQUIREMENTS, COMPETITION POLICY, COMPETITIVENESS, CONSUMER EXPECTATIONS, CONSUMER GOODS, CONTINGENT LIABILITIES, CORPORATE TAX RATE, CPI, CREDIT GROWTH, CREDIT RATING, CURRENCY DEPRECIATION, CURRENT ACCOUNT SURPLUS, CURRENT ACCOUNT SURPLUSES, DEBT, DEBT CRISIS, DEBT LEVEL, DEBT MANAGEMENT, DEBT RATIOS, DEBT SERVICE, DEBT-SERVICE, DEPOSIT, DEREGULATION, DEVELOPED COUNTRIES, DISBURSEMENT, DISBURSEMENTS, DOMESTIC BANK, DOMESTIC CREDIT, DOMESTIC DEBT, DOMESTIC INTEREST RATES, DURABLE, DURABLE EQUIPMENT, ECONOMIC GROWTH, ECONOMIC OUTLOOK, ECONOMIC PERFORMANCE, EMERGING ECONOMIES, EMERGING MARKET, EMERGING MARKET EQUITY, ENVIRONMENTAL, EQUITIES, EQUITY FUNDS, EQUITY MARKETS, EXPENDITURES, EXPORT GROWTH, EXPORTER, EXPORTERS, EXPORTS, EXTERNAL DEBT, FARMS, FINANCIAL CRISIS, FINANCIAL INSTITUTIONS, FINANCIAL MANAGEMENT, FINANCIAL MARKET, FINANCIAL MARKET PARTICIPANTS, FINANCIAL MARKETS, FINANCIAL STABILITY, FINANCIAL SYSTEM, FISCAL DEFICIT, FISCAL POLICIES, FISCAL POLICY, FISHING, FIXED CAPITAL, FIXED INVESTMENT, FOREIGN CURRENCY, FOREIGN CURRENCY DEBT, FOREIGN CURRENCY EXPOSURE, FOREIGN DIRECT INVESTMENT, FOREIGN EQUITY, FOREIGN EXCHANGE, FOREIGN EXCHANGE DEBT, FOREIGN EXCHANGE RESERVES, FOREIGN FUNDS, FOREIGN INVESTMENT, FOREIGN PORTFOLIO INVESTMENT, GDP, GDP DEFLATOR, GLOBAL ECONOMY, GLOBAL MARKET, GOVERNMENT BONDS, GOVERNMENT DEBT, GOVERNMENT EXPENDITURE, GOVERNMENT EXPENDITURES, GOVERNMENT FINANCES, GOVERNMENT POLICY, GOVERNMENT SPENDING, GOVERNMENT SUPPORT, GROWTH PROJECTIONS, GROWTH RATE, HOLDINGS, HUMAN CAPITAL, HUMAN RESOURCE, INCOME TAX, INFLATION, INFLATION RATE, INFLATIONARY PRESSURES, INFORMATION TECHNOLOGY, INSURANCE, INTEREST DIFFERENTIALS, INTEREST PAYMENTS, INTEREST RATE, INTEREST RATE DIFFERENTIALS, INTEREST RATE SPREADS, INTEREST RATES, INVESTING, INVESTMENT CLIMATE, LABOR COSTS, LABOR FORCE, LABOR MARKET, LAND REFORM, LEVEL PLAYING FIELD, LIABILITY, LOAN, LOAN COVENANTS, LOAN OFFICERS, LOAN PORTFOLIO, LOCAL CURRENCY, LOW INTEREST RATE, LOW INTEREST RATES, MACROECONOMIC ENVIRONMENT, MACROECONOMIC POLICY, MARKET ACCESS, MARKET LIQUIDITY, MARKET SHARE, MATURITIES, MATURITY, MONETARY FUND, MONETARY POLICIES, MONETARY POLICY, NATURAL DISASTER, NATURAL DISASTERS, NATURAL RESOURCES, NET EXPORTS, OFFSHORE CENTERS, OIL, OIL PRICES, OPEN MARKET, OPEN MARKET OPERATIONS, POLICY ENVIRONMENT, POLICY MAKERS, POLICY RESPONSES, POLITICAL RISKS, PORTFOLIO, PORTFOLIO INFLOWS, PORTFOLIO INVESTMENTS, PRINCIPAL REPAYMENTS, PRIVATE CONSUMPTION, PRIVATE INVESTMENT, PRIVATE INVESTMENTS, PRODUCTION COSTS, PROPERTY RIGHTS, PUBLIC GOODS, PUBLIC INVESTMENT, PUBLIC SECTOR DEBT, PUBLIC SPENDING, REAL ESTATE LOANS, REAL EXCHANGE RATE, REAL EXCHANGE RATES, REAL GDP, REAL INTEREST, REAL INTEREST RATES, REGULATORY CAPACITY, REINVESTMENT, REMITTANCE, REMITTANCES, REPAYMENT, REPAYMENTS, RESTRICTIVE INVESTMENT POLICIES, RETURN, RISK AVERSION, RISK FACTOR, SINKING FUND, SOVEREIGN BOND, STAMP DUTY, STOCK EXCHANGE, STOCK MARKET, STOCKS, T-BILL, TAX, TAX COLLECTIONS, TAX EXEMPTION, TAX POLICY, TAX REFORM, TAX REVENUES, TELECOMMUNICATIONS, TOTAL REVENUE, TRADE BALANCE, TRADE DEFICIT, TRADE SECTOR, TRANCHE, TRANSPARENCY, TREASURY, TREASURY BILL, TREASURY BILL AUCTIONS, TREASURY YIELDS, UNEMPLOYMENT, UNEMPLOYMENT RATE, UNEMPLOYMENT RATES, WAGES, YIELD CURVE,
Online Access:	http://documents.worldbank.org/curated/en/725251468294059029/Philippine-economic-update-accelerating-reforms-to-sustain-growth https://hdl.handle.net/10986/26742
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