{
  "title": "Philippines: Staff Report for the 2011 Article IV Consultation",
  "publication": "IMF Staff Country Reports, March 5, 2012",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/philippines-staff-report-for-the-2011-article-iv-consultation-25758",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2016/12/31/philippines-staff-report-for-the-2011-article-iv-consultation-25758",
  "overlayPath": "/en/publications/cr/issues/2016/12/31/philippines-staff-report-for-the-2011-article-iv-consultation-25758/index.md",
  "summary": "This 2011 Article IV Consultation reports that the Philippines is being affected along with other countries in the region by the fragile global environment.",
  "publishDate": "2012-03-05",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Executive summary and macro outlook",
      "content": "- The Philippines is being affected, along with other countries in the region, by the fragile global environment.\n- Key challenge: navigate through the period of global uncertainty to maintain macroeconomic stability while building the foundations for faster and more inclusive growth.\n- IMF staff expects growth to rise from 3.7 percent in 2011 to 4.2 percent in 2012.\n- Domestic demand should support growth in 2012, as public spending picks up after a sharp decline in 2011."
    },
    {
      "heading": "Findings on recent performance and risks",
      "content": "- Regional and global fragility is a material drag on the Philippines’ outlook.\n- A sharp decline in public spending in 2011 contributed to weaker growth that year.\n- Public spending is expected to pick up in 2012, supporting domestic demand.\n- The environment requires balancing short-term macroeconomic stability with longer-term structural reforms to promote faster and more inclusive growth."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Maintain macroeconomic stability amid global uncertainty.\n- 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.\n- Monitor and manage fiscal policy to avoid repeating the sharp public spending decline observed in 2011."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Economic sectors, Expenditure, External debt, Fiscal policy, Public debt, Public sector\n- Keywords: CR, GDP, Global, growth, headline inflation, inflation outlook, inflation pressure, ISCR, national budget, Philippines, Public sector, reserve requirement ratio\n\nSource: Philippines: Staff Report for the 2011 Article IV Consultation (March 5, 2012).\n\n---\n\n Content in this bundle\n\n- The Philippines: 2011 Article IV Consultation; IMF Country Report 12/49; January 18, 2012\n  - The Philippines: 2011 Article IV Consultation; IMF Country Report 12/49; January 18, 2012 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - The Philippines: 2011 Article IV Consultation; IMF Country Report 12/49; January 18, 2012 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/philippines-staff-report-for-the-2011-article-iv-consultation-25758"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2016/12/31/philippines-staff-report-for-the-2011-article-iv-consultation-25758/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2016/12/31/philippines-staff-report-for-the-2011-article-iv-consultation-25758/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2016/12/31/philippines-staff-report-for-the-2011-article-iv-consultation-25758/bundle-manifest.json)",
    "Published: March 5, 2012",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781463939731.002",
    "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.",
    "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.",
    "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: 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",
    "**The Philippines: 2011 Article IV Consultation; IMF Country Report 12/49; January 18, 2012**"
  ],
  "related": [
    {
      "title": "The Philippines: 2011 Article IV Consultation; IMF Country Report 12/49; January 18, 2012",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2012/_cr1249.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2012/_cr1249.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2012/_cr1249.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2016/12/31/philippines-staff-report-for-the-2011-article-iv-consultation-25758/index.md",
    "json": "/en/publications/cr/issues/2016/12/31/philippines-staff-report-for-the-2011-article-iv-consultation-25758/index.json",
    "bundleManifest": "/en/publications/cr/issues/2016/12/31/philippines-staff-report-for-the-2011-article-iv-consultation-25758/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-22T06:34:41.661Z"
}