Philippine Quarterly Update

The Philippine quarterly update provides an update on key economic and social developments, and policies over the past three months. Despite heightened global economic uncertainty, the Philippine economy grew by 6.4 percent in the first quarter of 2012, a solid recovery from the relatively low 3.9 percent outturn for 2011. Higher growth was driven by a recovery in net exports and government spending, and robust private consumption. However, the ongoing European debt crisis and the slowdown in China pose significant downside risks to growth. The main channels of contagion to the Philippines are direct exports and remittance linkages to Europe, and indirect impact through regional production networks centered on China. The challenge for policymakers is to cushion the economy from potential external shocks, while ensuring that the Philippines invest in inclusive growth. Political commitment and strong macroeconomic fundamentals provide a window of opportunity for investing in inclusive growth by accelerating the implementation of reforms that improve the business environment for firms of all sizes, and boosting public investment in key infrastructure. Faster human capital accumulation will enhance productivity and drive growth in the medium term by enabling the country to shift gears towards higher value-added activities and more innovation.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2012-07
Subjects:	ACCESS TO FINANCE, ACCESS TO FINANCIAL SERVICES, ACCOUNT HOLDERS, ACCOUNTING, ADVANCED ECONOMIES, AUTO LOANS, BALANCE OF PAYMENTS, BALANCE SHEET, BANK ACCOUNT, BANK BALANCE SHEETS, BANK OFFICE, BANK POLICY, BANKING SECTOR, BANKING SUPERVISION, BANKING SYSTEM, BANKING SYSTEMS, BASIS POINTS, BENEFICIARY, BID, BOOM-BUST CYCLES, BORROWER, BROAD ACCESS, BUSINESS ACTIVITY, CAPITAL ACCOUNT, CAPITAL ACCUMULATION, CAPITAL ADEQUACY, CAPITAL FORMATION, CAPITAL OUTFLOWS, CAPITAL OUTLAYS, CASH ACCOUNTS, CASH FLOWS, CASH TRANSFER, CENTRAL BANK, COMPOSITION OF DEBT, CONSUMER CONFIDENCE, CONSUMER GOODS, CONSUMER LOANS, COOPERATIVE BANKS, CORRUPTION, CREDIT CARD, CREDIT COOPERATIVES, CREDIT GROWTH, CREDIT SQUEEZE, CREDITOR, CURRENT ACCOUNT, CURRENT ACCOUNT SURPLUS, DEBT CRISIS, DEBT PAYMENT, DEBT SERVICE, DEBT SERVICE PAYMENTS, DEBT SERVICES, DEBT STRUCTURE, DEBT SWAP, DEFICITS, DEPOSIT, DEPOSIT ACCOUNTS, DEPOSITS, DEVELOPING COUNTRIES, DISBURSEMENT, DISBURSEMENTS, DOMESTIC BANKING, DOMESTIC CREDIT, DOMESTIC DEBT, DOMESTIC LIQUIDITY, DOMESTIC MARKET, DOWNSIDE SCENARIOS, DURABLE, DURABLE EQUIPMENT, EARNINGS, ECONOMIC ACTIVITY, ECONOMIC CLIMATE, ECONOMIC CRISIS, ECONOMIC DEVELOPMENT, ECONOMIC DEVELOPMENTS, EMERGING ECONOMIES, EMERGING MARKETS, ENABLING ENVIRONMENT, ENROLLMENT, EQUITIES, EQUITY MARKET, EQUITY MARKETS, EXCHANGE RATE, EXPENDITURE, EXPENDITURES, EXTERNAL DEBT, EXTERNAL SHOCKS, FINANCIAL ACCOUNT, FINANCIAL CRISIS, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL MARKET, FINANCIAL MARKET PARTICIPANTS, FINANCIAL MARKETS, FINANCIAL SERVICES, FINANCIAL STABILITY, FINANCIAL SYSTEM, FISCAL CAPACITY, FISCAL DEFICIT, FISCAL POLICY, FIXED CAPITAL, FIXED INVESTMENT, FIXED INVESTMENTS, FLEXIBLE EXCHANGE RATE, FOREIGN BANKS, FOREIGN DIRECT INVESTMENT, FOREIGN DIRECT INVESTMENTS, FOREIGN EXCHANGE, FOREIGN INVESTMENT, FOREIGN INVESTMENTS, FORMAL FINANCIAL SERVICES, FRAUD, GLOBAL BONDS, GLOBAL ECONOMY, GLOBAL MARKET, GLOBAL TRADE, GOVERNMENT BUDGET, GOVERNMENT DEBT, GOVERNMENT SPENDING, GROSS DOMESTIC PRODUCT, HOLDING, HOLDINGS, HOST ECONOMIES, HOUSEHOLD INCOMES, HOUSEHOLD LENDING, HOUSEHOLD WELFARE, HOUSEHOLDS, HUMAN CAPITAL, INFLATION, INFLATION RATE, INFLATION RATES, INSURANCE, INSURANCE CORPORATION, INSURANCE PRODUCTS, INTELLECTUAL PROPERTY, INTEREST PAYMENT, INTEREST PAYMENTS, INTEREST RATE, INTEREST RATE REGIME, INTERNAL RATE OF RETURN, INTERNATIONAL SETTLEMENTS, INTERNATIONAL STANDARDS, INVENTORIES, INVENTORY, INVESTING, INVESTMENT CLIMATE, ISSUANCE, JOB CREATION, LACK OF COLLATERALS, LEASE AGREEMENTS, LENDING CONDITIONS, LIABILITY, LIABILITY MANAGEMENT, LIFE INSURANCE, LIQUIDITY, LOAN, LOCAL GOVERNMENT, LOCAL GOVERNMENTS, LONG-TERM LOANS, LOW INTEREST RATE, MACROECONOMIC ENVIRONMENT, MACROECONOMIC STABILITY, MARKET DEVELOPMENTS, MARKET RISK, MARKET SHARE, MATURITIES, MATURITY, MICRO-INSURANCE, MICROFINANCE, MINIMUM WAGE, MOBILE PHONE, MOBILE PHONES, MONETARY POLICY, NATIONAL SAVINGS, NATURAL DISASTERS, NEGATIVE SHOCK, NON-PERFORMING LOANS, OPEN ECONOMY, PERMANENT SHOCKS, PHYSICAL CAPITAL, PORTFOLIO, PORTFOLIO INFLOWS, PORTFOLIO INVESTMENT, PRINCIPAL PAYMENTS, PRIVATE INVESTMENT, PRIVATE LENDER, PRIVATE LENDERS, PROFITABILITY, PROTECTION MEASURES, PUBLIC DEBT, PUBLIC INVESTMENT, PUBLIC INVESTMENTS, PUBLIC SPENDING, PUBLIC-PRIVATE PARTNERSHIP, REAL ESTATE, REAL INTEREST, REAL INTEREST RATES, RECESSION, REGULATORY SYSTEM, REMITTANCE, REMITTANCES, RESERVE, RESERVE REQUIREMENT, RESERVE REQUIREMENTS, RESERVES, RETURN, RETURNS, RISK AVERSION, RISK MANAGEMENT, RISK MITIGATION, SHORT-TERM EXTERNAL DEBT, SOCIAL DEVELOPMENTS, SOCIAL WELFARE, SOVEREIGN DEBT, STOCK EXCHANGE, SUPPLY CHAIN, SWAP, TAX, TAX COLLECTIONS, TAX POLICY, TAX RATES, TOTAL DEBT, TRANSPARENCY, TREASURY, TREASURY BILLS, UNEMPLOYMENT, URBAN AREAS, YIELD CURVE,
Online Access:	http://documents.worldbank.org/curated/en/171821468107675974/Philippine-quarterly-update-investing-in-inclusive-growth-amid-global-uncertainty https://hdl.handle.net/10986/26746
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