IMF Staff Country Reports

This 2017 Article IV Consultation highlights the Philippine economy’s continued good performance. Real GDP growth reached 6.9 percent in 2016 and 6.4 percent in the first half of 2017, led by robust domestic demand, a recovery in exports, and a fiscal impulse. The unemployment rate remains low at 5.5 percent. The external and fiscal positions are robust, with the current account balance near zero, gross international reserves at US$81 billion, and the general government net debt at 34.6 percent of GDP. The outlook for the economy is favorable despite external headwinds. Real GDP growth is projected at 6.6 percent in 2017 and 6.7 percent in 2018, owing to continued robust domestic demand.