## Philippines: Report for the July 2004 Post-Program Monitoring Discussions

_IMF Staff Country Reports, October 3, 2004_

## Source details

**Canonical URL:** [Philippines: Report for the July 2004 Post-Program Monitoring Discussions](https://www.imf.org/en/publications/cr/issues/2016/12/31/philippines-report-for-the-july-2004-post-program-monitoring-discussions-17767)

## Other formats

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## Bibliographic details
- Published: October 3, 2004
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451831320.002

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### Executive summary
- 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.

### Key findings and policy recommendations
- Findings:
  - A significant package of tax measures was being formulated by the authorities in 2004.
  - IMF staff argued for saving the bulk of additional revenues from those measures.
  - The timing—beginning of the new administration’s term—was highlighted as a window with greater potential to enact tax measures.
  - Power sector reforms were under consideration by the authorities.
- Policy recommendations:
  - Front-load the medium-term deficit reduction effort by saving the bulk of additional revenues from the tax package.
  - Use saved revenues to boost market confidence.
  - Pursue power sector reforms as part of the broader adjustment strategy.

### Subjects and keywords
- 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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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/philippines-report-for-the-july-2004-post-program-monitoring-discussions-17767_