Philippines: 2024 Article IV Consultation-Press Release; and Staff Report
IMF Staff Country Reports, December 19, 2024
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Bibliographic details
- Published: December 19, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400296246.002
Overview and Timing
- Publication date: December 19, 2024
- Pages: 87
- Volume: 2024
- Issue: 351
- Series: Country Report No. 2024/351
- DOI: https://doi.org/10.5089/9798400296246.002
- Stock No: 1PHLEA2024001
- ISBN: 9798400296246
- ISSN: 1934-7685
Growth, Inflation, and Monetary Policy
- Growth is expected to accelerate in 2024-25, supported by disinflation, and gradually declining borrowing costs as monetary policy normalizes in Philippines.
- Growth is expected to pick up modestly in 2024-25 while inflation should remain within the Bangko Sentral ng Pilipinas’ target range.
- The assessment highlights “upside inflation risk” among relevant subject concerns.
Financial System Soundness and Risks
- Systemic risks within the financial system are moderate, but pockets of vulnerabilities remain.
- The banking system has sufficient liquidity and capital buffers, and nonperforming loans are low.
Fiscal Policy and Revenue
- The more gradual pace of consolidation in the revised fiscal program is appropriate.
- This fiscal stance should be supported by a concrete and sustainable plan to raise tax revenues and implement expenditure reforms.
- Subject tagging includes: Public debt, Revenue administration.
Structural Reform Agenda and Development Potential
- The Philippine economy holds significant potential with its abundant natural resources, untapped blue economy, and a sizable demographic dividend.
- Unlocking the medium-term growth potential will crucially depend on comprehensive and well-sequenced structural reforms.
- These reforms, coupled with strengthened social protection programs, should aim to:
- boost job creation,
- enhance productivity,
- increase resilience to climate change,
- reduce poverty and inequality.
Cross-cutting Issues and Subject Areas
- Subjects listed: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Inflation, Prices, Public debt, Revenue administration.
- Keywords include: Anti-money laundering and combating the financing of terrorism (AML/CFT), article IV consultation discussion, Global, IMF's article, Inflation, resident representative, SDR million, upside inflation risk.
International Monetary Fund. Philippines: 2024 Article IV Consultation-Press Release; and Staff Report, IMF Staff Country Reports 2024, 351 (2024).
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