## Philippines: Staff Report for the 2011 Article IV Consultation

_IMF Staff Country Reports, March 5, 2012_

## Source details

**Canonical URL:** [Philippines: Staff Report for the 2011 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/philippines-staff-report-for-the-2011-article-iv-consultation-25758)

## Other formats

- [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)

## 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)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2012/_cr1249.pdf.md){rel="alternate" type="text/markdown"}
  - [The Philippines: 2011 Article IV Consultation; IMF Country Report 12/49; January 18, 2012 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2012/_cr1249.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/philippines-staff-report-for-the-2011-article-iv-consultation-25758_