Philippines: Recent Economic Developments

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.

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

Keywords: balance of payments, CR, debt service, Eastern Europe, foreign exchange, Imports, ISCR, Middle East, monetary policy, private sector, Public sector, Tariffs, trade deficit, U.S. dollar

Pages:
90
Volume:
1995
DOI:
https://doi.org/10.5089/9781451831191.002
Issue:
113
Series:
Country Report No. 1995/113
Stock No:
1PHLEA0011995
ISBN:
9781451831191
ISSN:
1934-7685

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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.

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