Philippines: Staff Report for the 2011 Article IV Consultation

IMF Staff Country Reports, March 5, 2012

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Philippines: Staff Report for the 2011 Article IV Consultation

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Bibliographic details

• Published: March 5, 2012
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781463939731.002

Executive summary and macro outlook

• The Philippines is being affected, along with other countries in the region, by the fragile global environment.
• Key challenge: navigate through the period of global uncertainty to maintain macroeconomic stability while building the foundations for faster and more inclusive growth.
• IMF staff expects growth to rise from 3.7 percent in 2011 to 4.2 percent in 2012.
• Domestic demand should support growth in 2012, as public spending picks up after a sharp decline in 2011.

Findings on recent performance and risks

• Regional and global fragility is a material drag on the Philippines’ outlook.
• A sharp decline in public spending in 2011 contributed to weaker growth that year.
• Public spending is expected to pick up in 2012, supporting domestic demand.
• The environment requires balancing short-term macroeconomic stability with longer-term structural reforms to promote faster and more inclusive growth.

Policy implications and recommendations

• Maintain macroeconomic stability amid global uncertainty.
• Build foundations for faster and more inclusive growth through appropriate policy measures (fiscal and structural), while allowing domestic demand to support near-term growth as public spending normalizes.
• Monitor and manage fiscal policy to avoid repeating the sharp public spending decline observed in 2011.

Subjects and keywords

• Subjects: Economic sectors, Expenditure, External debt, Fiscal policy, Public debt, Public sector
• Keywords: CR, GDP, Global, growth, headline inflation, inflation outlook, inflation pressure, ISCR, national budget, Philippines, Public sector, reserve requirement ratio

Source: Philippines: Staff Report for the 2011 Article IV Consultation (March 5, 2012).

Content in this bundle

• The Philippines: 2011 Article IV Consultation; IMF Country Report 12/49; January 18, 2012
  • The Philippines: 2011 Article IV Consultation; IMF Country Report 12/49; January 18, 2012 (Markdown version)
  • The Philippines: 2011 Article IV Consultation; IMF Country Report 12/49; January 18, 2012 (PDF)