{
  "title": "Philippines: Report for the July 2004 Post-Program Monitoring Discussions",
  "publication": "IMF Staff Country Reports, October 3, 2004",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/philippines-report-for-the-july-2004-post-program-monitoring-discussions-17767",
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  "summary": "This paper focuses on 2004 Post Program Monitoring Discussions for the Philippines. The authorities are formulating a significant package of tax measures. IMF staff argued that the bulk of the additional revenues should be saved, thereby front-loading the medium-term deficit reduction effort.",
  "publishDate": "2004-10-03",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Executive summary",
      "content": "- Focus: 2004 Post Program Monitoring Discussions for the Philippines.\n- Authorities are formulating a significant package of tax measures.\n- IMF staff recommendation: the bulk of the additional revenues should be saved, thereby front-loading the medium-term deficit reduction effort.\n- Rationale: front-loading deficit reduction would boost market confidence and exploit the likely greater potential to enact tax measures at the beginning of the new administration’s term.\n- Authorities are also considering power sector reforms."
    },
    {
      "heading": "Key findings and policy recommendations",
      "content": "- Findings:\n  - A significant package of tax measures was being formulated by the authorities in 2004.\n  - IMF staff argued for saving the bulk of additional revenues from those measures.\n  - The timing—beginning of the new administration’s term—was highlighted as a window with greater potential to enact tax measures.\n  - Power sector reforms were under consideration by the authorities.\n- Policy recommendations:\n  - Front-load the medium-term deficit reduction effort by saving the bulk of additional revenues from the tax package.\n  - Use saved revenues to boost market confidence.\n  - Pursue power sector reforms as part of the broader adjustment strategy."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Administration in revenue administration, Economic sectors, External debt, Public debt, Public sector, Tariffs, Taxes, Value added tax\n- Keywords: Asia and Pacific, authorities definition, CR, Eastern Europe, economy, GDP outturn, Global, government, inflation outlook, ISCR, Middle East, policy, Policy adjustment, policy blueprint, Public sector, rate, Tariffs, Value-added tax\n\n---\n\n Content in this bundle\n\n- cr04317\n  - cr04317 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr04317 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/philippines-report-for-the-july-2004-post-program-monitoring-discussions-17767"
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    "Published: October 3, 2004",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451831320.002",
    "Focus: 2004 Post Program Monitoring Discussions for the Philippines.",
    "Authorities are formulating a significant package of tax measures.",
    "IMF staff recommendation: the bulk of the additional revenues should be saved, thereby front-loading the medium-term deficit reduction effort.",
    "Rationale: front-loading deficit reduction would boost market confidence and exploit the likely greater potential to enact tax measures at the beginning of the new administration’s term.",
    "Authorities are also considering power sector reforms.",
    "Findings:",
    "Policy recommendations:",
    "Subject: Administration in revenue administration, Economic sectors, External debt, Public debt, Public sector, Tariffs, Taxes, Value added tax",
    "Keywords: Asia and Pacific, authorities definition, CR, Eastern Europe, economy, GDP outturn, Global, government, inflation outlook, ISCR, Middle East, policy, Policy adjustment, policy blueprint, Public sector, rate, Tariffs, Value-added tax",
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