Philippines: Mid-2006 Post-Program Monitoring Discussions Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Philippines
October 12, 2006
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Macroeconomic performance has been relatively strong, and the large fiscal adjustment and the VAT reform represent significant progress in strengthening the fiscal position. Progress with reforms sets the stage for resolving longstanding economic problems. Tax collections have grown strongly. Over the medium term, sustainable fiscal consolidation will require a further revenue effort. Privatization of power sector assets should move ahead. Risks to inflation seem evenly balanced. Although important challenges remain, steps are being taken to strengthen the banking sector. Capital market development is a priority.
Subject: Economic sectors, External debt, Prices, Public debt
Keywords: Asia and Pacific, CR, deficit, fiscal consolidation strategy, GDP, Global, government, headline inflation, Inflation, inflation expectation, ISCR, Oil prices, Public sector, reform, reform momentum, short-term debt, VAT reform
Pages:
52
Volume:
2006
DOI:
Issue:
355
Series:
Country Report No. 2006/355
Stock No:
1PHLEA2006003
ISBN:
9781451831382
ISSN:
1934-7685
