Philippines: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Philippines
IMF Staff Country Reports, September 4, 2015
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- Philippines: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Philippines
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Bibliographic details
- Published: September 4, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513591728.002
Economic performance (2014–Q1 2015)
- Real GDP grew by 6.1 percent in 2014, driven by household consumption, private construction, and exports of goods and services.
- Economic growth slowed in the first quarter of 2015 owing mainly to temporary factors, including:
- effects of dry weather on agricultural production,
- weak global demand for exports,
- slow budget execution.
Outlook and projection
- Real GDP is projected to grow by 6.2 percent in 2015.
- Factors supporting the 2015 projection cited in the report:
- lower commodity prices lifting household consumption,
- improved budget execution raising public spending.
- The outlook is described as favorable despite uneven and generally weaker global growth prospects.
Key themes and policy-relevant topics covered
- Credit
- Expenditure
- Money
- Public debt
- Public financial management (PFM)
- Public investment and public-private partnerships (PPP)
- Public investment spending
Identified short-term headwinds
- Dry weather impacts on agricultural output.
- Weak global demand for exports.
- Slow budget execution affecting public spending timing.
Signals for policy focus (as presented in the summary)
- Strengthen budget execution to support public spending.
- Leverage lower commodity prices to support household consumption and domestic demand.
- Monitor external demand risks given weaker global growth prospects.
Source: Philippines: 2015 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for the Philippines (IMF Staff Country Reports 2015, No. 246).