Philippines: 2010 Article IV Consultation—Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Philippines
IMF Staff Country Reports, March 1, 2011
Source details
- Canonical URL
- Philippines: 2010 Article IV Consultation—Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Philippines
Other formats
Bibliographic details
- Published: March 1, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455219964.002
Summary of macroeconomic assessment
- After the global financial crisis, economic growth of the Philippines has increased.
- Renewed shocks to global growth and financial markets would affect Philippine exports and remittances.
- The planned gradual withdrawal of fiscal stimulus and the focus on medium-term consolidation are welcomed.
Monetary policy and liquidity
- The Bangko Sentral ng Pilipinas (BSP) appropriately has started to unwind its liquidity support measures since early 2010.
- Traditional toolkits are available for managing external inflows.
External sector and capital flows
- Capital inflows and external developments are key vulnerabilities: shocks to global growth and financial markets would affect exports and remittances.
- Traditional policy tools exist to manage external inflows.
Fiscal policy, public investment, and development planning
- The report supports the planned gradual withdrawal of fiscal stimulus and emphasis on medium-term fiscal consolidation.
- Public–private partnership programs can play an important role.
- A medium-term Philippine development plan could also be prepared.
Subjects and keywords (as listed)
- Subjects: Balance of payments, Capital inflows, External debt, Inflation, Prices, Public debt, Remittances
- Keywords: broad money growth, Capital inflows, CR, deficit, demand-side price pressure, Global, growth, IMF staff projection, Inflation, inflation expectation, inflation outlook, ISCR, rate, Remittances