## Philippines: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Philippines

_IMF Staff Country Reports, September 4, 2015_

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## Bibliographic details
- Published: September 4, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513591728.002

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### Economic performance (2014–Q1 2015)
- 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:
  - effects of dry weather on agricultural production,
  - weak global demand for exports,
  - slow budget execution.

### Outlook and projection
- Real GDP is projected to grow by 6.2 percent in 2015.
- Factors supporting the 2015 projection cited in the report:
  - lower commodity prices lifting household consumption,
  - improved budget execution raising public spending.
- The outlook is described as favorable despite uneven and generally weaker global growth prospects.

### Key themes and policy-relevant topics covered
- Credit
- Expenditure
- Money
- Public debt
- Public financial management (PFM)
- Public investment and public-private partnerships (PPP)
- Public investment spending

### Identified short-term headwinds
- Dry weather impacts on agricultural output.
- Weak global demand for exports.
- Slow budget execution affecting public spending timing.

### Signals for policy focus (as presented in the summary)
- 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.

*Source: 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).*

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_Source: 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_