## Philippines: 2007 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Authorities of the Executive Director for the Philippines

_IMF Staff Country Reports, April 2, 2008_

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## Bibliographic details
- Published: April 2, 2008
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451831412.002

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### Economic stability — main findings
- Economic stability of the Philippines was discussed in this report.
- Private investment remained low by regional standards, but there are tentative signs of a revival.
- These developments and favorable global conditions led to a surge in foreign exchange inflows and the external value of the peso.

### External sector and the peso
- Surge in foreign exchange inflows.
- Appreciation in the external value of the peso associated with inflows and favorable global conditions.

### Inflation and monetary policy
- Inflation remained low because of an appreciating peso and prudent monetary policy.

### Fiscal policy and tax effort — recommendations and legislative actions
- The authorities are encouraged to strengthen the tax effort.
- Legislation is being considered to restore the tax base by rationalizing fiscal incentives and adjusting excise taxes.

### Subject tags and keywords (as provided)
- Subject: Economic sectors, Exchange rates, External debt, Foreign exchange, Public debt, Public sector
- Keywords: Asia and Pacific, CR, Exchange rates, FX insurance, Global, headline inflation, heightened investor interest, investor, investor confidence, ISCR, privatization receipt, protection product, Public sector, rate

*Philippines: 2007 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Authorities of the Executive Director for the Philippines (IMF Staff Country Reports), April 2, 2008.*

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/philippines-2007-article-iv-consultation-staff-report-public-information-notice-on-the-21846_