{
  "title": "Philippines: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Philippines",
  "publication": "IMF Staff Country Reports, September 4, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/philippines-2015-article-iv-consultation-press-release-staff-report-and-statement-by-the-43248",
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  "summary": "This 2015 Article IV Consultation highlights that the Philippine economy continues to expand strongly in line with potential growth. Real GDP grew by 6.1 percent in 2014, driven by household consumption, private construction, and exports of goods and services.",
  "publishDate": "2015-09-04",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Economic performance (2014–Q1 2015)",
      "content": "- Real GDP grew by 6.1 percent in 2014, driven by household consumption, private construction, and exports of goods and services.\n- Economic growth slowed in the first quarter of 2015 owing mainly to temporary factors, including:\n  - effects of dry weather on agricultural production,\n  - weak global demand for exports,\n  - slow budget execution."
    },
    {
      "heading": "Outlook and projection",
      "content": "- Real GDP is projected to grow by 6.2 percent in 2015.\n- Factors supporting the 2015 projection cited in the report:\n  - lower commodity prices lifting household consumption,\n  - improved budget execution raising public spending.\n- The outlook is described as favorable despite uneven and generally weaker global growth prospects."
    },
    {
      "heading": "Key themes and policy-relevant topics covered",
      "content": "- Credit\n- Expenditure\n- Money\n- Public debt\n- Public financial management (PFM)\n- Public investment and public-private partnerships (PPP)\n- Public investment spending"
    },
    {
      "heading": "Identified short-term headwinds",
      "content": "- Dry weather impacts on agricultural output.\n- Weak global demand for exports.\n- Slow budget execution affecting public spending timing."
    },
    {
      "heading": "Signals for policy focus (as presented in the summary)",
      "content": "- Strengthen budget execution to support public spending.\n- Leverage lower commodity prices to support household consumption and domestic demand.\n- Monitor external demand risks given weaker global growth prospects.\n\nSource: Philippines: 2015 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for the Philippines (IMF Staff Country Reports 2015, No. 246).\n\n---\n\n Content in this bundle\n\n- cr15246\n  - cr15246 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr15246 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/philippines-2015-article-iv-consultation-press-release-staff-report-and-statement-by-the-43248"
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    "Published: September 4, 2015",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513591728.002",
    "Real GDP grew by 6.1 percent in 2014, driven by household consumption, private construction, and exports of goods and services.",
    "Economic growth slowed in the first quarter of 2015 owing mainly to temporary factors, including:",
    "Real GDP is projected to grow by 6.2 percent in 2015.",
    "Factors supporting the 2015 projection cited in the report:",
    "The outlook is described as favorable despite uneven and generally weaker global growth prospects.",
    "Credit",
    "Expenditure",
    "Money",
    "Public debt",
    "Public financial management (PFM)",
    "Public investment and public-private partnerships (PPP)",
    "Public investment spending",
    "Dry weather impacts on agricultural output.",
    "Weak global demand for exports.",
    "Slow budget execution affecting public spending timing.",
    "Strengthen budget execution to support public spending.",
    "Leverage lower commodity prices to support household consumption and domestic demand.",
    "Monitor external demand risks given weaker global growth prospects.",
    "**_cr15246**"
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