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, 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.

Bibliographic Details

Main Author:	World Bank
Language:	English
Published:	Washington, DC 2007-05
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 https://hdl.handle.net/10986/7704
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