## Philippines: 2008 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Philippines

_IMF Staff Country Reports, February 20, 2009_

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**Canonical URL:** [Philippines: 2008 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Philippines](https://www.imf.org/en/publications/cr/issues/2016/12/31/philippines-2008-article-iv-consultation-staff-report-staff-supplement-public-information-22718)

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## Bibliographic details
- Published: February 20, 2009
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451831436.002

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### Overview
- The staff report for the Philippines’ 2008 Article IV Consultation is focused on economic developments and policies.
- A deepening of the global economic downturn presents downside risks to this outlook.

### Inflation and Outlook
- Inflation is expected to reach 9½ percent in 2008.
- Inflation is expected to decline to 6 percent in 2009, led by a decline in commodity prices and weaker demand.

### Banking and Financial Sector
- Bank surveillance has been strengthened.
- Steps have been taken to reduce risks related to off-balance sheet activities.

### Subject Areas and Keywords
- Subject: Banking; Economic sectors; External debt; Fiscal policy; Global financial crisis of 2008-2009; Inflation; Prices; Public debt; Public sector
- Keywords: Asia and Pacific; bank capital; CR; economy; exchange rate; excl. privatization; excl. privatization receipt; Global; headline inflation; Inflation; inflation outlook; ISCR; Middle East; net; privatization receipt; Public sector

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/philippines-2008-article-iv-consultation-staff-report-staff-supplement-public-information-22718_