## Philippines: 2019 Article IV Consultation-Press Release; and Staff Report

_IMF Staff Country Reports, February 6, 2020_

## Source details

**Canonical URL:** [Philippines: 2019 Article IV Consultation-Press Release; and Staff Report](https://www.imf.org/en/publications/cr/issues/2020/02/05/philippines-2019-article-iv-consultation-press-release-and-staff-report-49021)

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## Bibliographic details
- Published: February 6, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513529127.002

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### Macroeconomic performance and outlook
- Economic performance remains strong.
- Growth regained momentum in the second half of 2019 following a slowdown in the first half of 2019.
- The first-half 2019 slowdown primarily reflected budgetary developments, with some temporary government underspending in the early part of the year.
- A decisive monetary policy tightening in response to the inflation spike and overheating risks in 2018, and weaker external demand, also contributed to the slowdown.
- Gross domestic product growth is projected to rise further in the near term, underpinned by government spending acceleration and the recent monetary policy easing.
- Risks to the outlook are to the downside, reflecting:
  - increased trade tensions,
  - shifts in global financial conditions,
  - natural disasters,
  - risks to the global economy.

### Policy discussions and recommendations
- Macroeconomic policy focus:
  - Keep the economy close to balance under the baseline outlook and risk scenarios.
- Macroprudential strategy:
  - Address risks from a potential renewed acceleration in credit growth.
- Structural reforms and spending:
  - Continue policies and reforms to foster stronger and inclusive growth.
  - Maintain the structural reform momentum and infrastructure push.

### Subjects and keywords
- Subject: Credit, Expenditure, Inflation, Infrastructure, Money, National accounts, Prices, Public debt
- Keywords: CR, Credit, energy inflation, FSI website, fund, Global, IMF definition, IMF staff estimate, Inflation, Infrastructure, ISCR, liability positions vis-à-vis nonresident, Philippines, private sector, rate, report data, ROSC report

*Source: International Monetary Fund — Philippines: 2019 Article IV Consultation-Press Release; and Staff Report*

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_Source: https://www.imf.org/en/publications/cr/issues/2020/02/05/philippines-2019-article-iv-consultation-press-release-and-staff-report-49021_