IMF Staff Country Reports

Philippines: Recent Economic Developments

Publication Date:

December 1, 1995

Summary:

This paper reviews economic developments in the Philippines during 1990–95. By 1994, all the elements for a strong recovery had finally fallen into place. Gross National Product (GNP) growth accelerated to 5 percent, fueled by a strong performance of investment and export-oriented manufacturing. Based on this favorable composition of growth, and a near 50 percent increase in remittances, the balance of payments improved. In stark contrast to the earlier recovery, the current account deficit narrowed by 1 percentage point to 4½ percent of GNP.

Series:

Country Report No. 1995/113

Subject:

Banking Economic sectors Expenditure External debt Imports International trade Public sector Tariffs Taxes

Notes:

This paper on recent economic developments was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country. As such, the views expressed in this document are those of the staff team and do not necessarily reflect the views of the Government of the Philippines, or the Executive Board of the IMF.