## Philippines: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Philippines

_IMF Staff Country Reports, August 6, 2021_

## Source details

**Canonical URL:** [Philippines: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Philippines](https://www.imf.org/en/publications/cr/issues/2021/08/06/philippines-2021-article-iv-consultation-press-release-staff-report-and-statement-by-the-463366)

## Other formats

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## Bibliographic details
- Published: August 6, 2021
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513586519.002

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### Executive summary
- The economy is recovering after a major, pandemic-induced economic downturn.
- The authorities have deployed a comprehensive set of policy responses that have helped to mitigate the socioeconomic impact and maintain financial stability.
- The economic recovery slowed in the first half of 2021 due to a second wave of COVID-19 infections.
- Vaccination has started and is poised to accelerate from midyear.

### Major findings and context
- Recovery status:
  - Economy recovering from a major, pandemic-induced downturn.
  - Recovery experienced a slowdown in the first half of 2021 because of a second COVID-19 wave.
  - Vaccination rollout has started and is expected to accelerate from midyear.
- Policy response:
  - Authorities deployed a comprehensive set of policy responses that helped mitigate socioeconomic impacts and maintain financial stability.

### Subjects and keywords covered
- Subjects:
  - Budget planning and preparation
  - COVID-19
  - Economic growth
  - Economic recovery
  - Financial regulation and supervision
  - Fiscal policy
  - Fiscal stimulus
  - Health
  - International organization
  - Liquidity requirements
  - Monetary policy
  - Public financial management (PFM)
- Keywords:
  - Budget planning and preparation
  - COVID-19
  - CPI data
  - Economic recovery
  - financial asset
  - Fiscal stimulus
  - FSI website
  - Global
  - government transaction
  - headline inflation
  - IMF capacity development assistance
  - inflation outlook
  - Liquidity requirements
  - money market rate

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## Content in this bundle

- **1phlea2021002**
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_Source: https://www.imf.org/en/publications/cr/issues/2021/08/06/philippines-2021-article-iv-consultation-press-release-staff-report-and-statement-by-the-463366_