Philippines: 2007 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Authorities of the Executive Director for the Philippines

April 2, 2008

Summary

Economic stability of the Philippines was discussed in this report. Private investment remained low by regional standards, but there are tentative signs of a revival. These developments and favorable global conditions led to a surge in foreign exchange inflows and the external value of the peso. Inflation remained low because of an appreciating peso and prudent monetary policy. The authorities are encouraged to strengthen the tax effort. Legislation is being considered to restore the tax base by rationalizing fiscal incentives and adjusting excise taxes.

Subject: Economic sectors, Exchange rates, External debt, Foreign exchange, Public debt, Public sector

Keywords: Asia and Pacific, CR, Exchange rates, FX insurance, Global, headline inflation, heightened investor interest, investor, investor confidence, ISCR, privatization receipt, protection product, Public sector, rate

Pages:
66
Volume:
2008
DOI:
https://doi.org/10.5089/9781451831412.002
Issue:
119
Series:
Country Report No. 2008/119
Stock No:
1PHLEA2008001
ISBN:
9781451831412
ISSN:
1934-7685

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