## 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_

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**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](https://www.imf.org/en/publications/cr/issues/2016/12/31/philippines-2010-article-iv-consultation-staff-report-staff-statement-public-information-24676)

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## Bibliographic details
- Published: March 1, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455219964.002

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### 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

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/philippines-2010-article-iv-consultation-staff-report-staff-statement-public-information-24676_