{
  "title": "Philippines: 2024 Article IV Consultation-Press Release; and Staff Report",
  "publication": "IMF Staff Country Reports, December 19, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2024/12/19/philippines-2024-article-iv-consultation-press-release-and-staff-report-559739",
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  "summary": "The 2024 Article IV Consultation highlights that growth is expected to accelerate in 2024-25, supported by disinflation, and gradually declining borrowing costs as monetary policy normalizes in Philippines.",
  "sections": [
    {
      "heading": "Overview and Timing",
      "content": "- Publication date: December 19, 2024\n- Pages: 87\n- Volume: 2024\n- Issue: 351\n- Series: Country Report No. 2024/351\n- DOI: https://doi.org/10.5089/9798400296246.002\n- Stock No: 1PHLEA2024001\n- ISBN: 9798400296246\n- ISSN: 1934-7685"
    },
    {
      "heading": "Growth, Inflation, and Monetary Policy",
      "content": "- Growth is expected to accelerate in 2024-25, supported by disinflation, and gradually declining borrowing costs as monetary policy normalizes in Philippines.\n- Growth is expected to pick up modestly in 2024-25 while inflation should remain within the Bangko Sentral ng Pilipinas’ target range.\n- The assessment highlights “upside inflation risk” among relevant subject concerns."
    },
    {
      "heading": "Financial System Soundness and Risks",
      "content": "- Systemic risks within the financial system are moderate, but pockets of vulnerabilities remain.\n- The banking system has sufficient liquidity and capital buffers, and nonperforming loans are low."
    },
    {
      "heading": "Fiscal Policy and Revenue",
      "content": "- The more gradual pace of consolidation in the revised fiscal program is appropriate.\n- This fiscal stance should be supported by a concrete and sustainable plan to raise tax revenues and implement expenditure reforms.\n- Subject tagging includes: Public debt, Revenue administration."
    },
    {
      "heading": "Structural Reform Agenda and Development Potential",
      "content": "- The Philippine economy holds significant potential with its abundant natural resources, untapped blue economy, and a sizable demographic dividend.\n- Unlocking the medium-term growth potential will crucially depend on comprehensive and well-sequenced structural reforms.\n- These reforms, coupled with strengthened social protection programs, should aim to:\n  - boost job creation,\n  - enhance productivity,\n  - increase resilience to climate change,\n  - reduce poverty and inequality."
    },
    {
      "heading": "Cross-cutting Issues and Subject Areas",
      "content": "- Subjects listed: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Inflation, Prices, Public debt, Revenue administration.\n- Keywords include: Anti-money laundering and combating the financing of terrorism (AML/CFT), article IV consultation discussion, Global, IMF's article, Inflation, resident representative, SDR million, upside inflation risk.\n\nInternational Monetary Fund. Philippines: 2024 Article IV Consultation-Press Release; and Staff Report, IMF Staff Country Reports 2024, 351 (2024).\n\n---\n\n Content in this bundle\n\n- 1phlea2024001-print-pdf\n  - 1phlea2024001-print-pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1phlea2024001-print-pdf (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: December 19, 2024",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400296246.002",
    "Publication date: December 19, 2024",
    "Pages: 87",
    "Volume: 2024",
    "Issue: 351",
    "Series: Country Report No. 2024/351",
    "DOI: https://doi.org/10.5089/9798400296246.002",
    "Stock No: 1PHLEA2024001",
    "ISBN: 9798400296246",
    "ISSN: 1934-7685",
    "Growth is expected to accelerate in 2024-25, supported by disinflation, and gradually declining borrowing costs as monetary policy normalizes in Philippines.",
    "Growth is expected to pick up modestly in 2024-25 while inflation should remain within the Bangko Sentral ng Pilipinas’ target range.",
    "The assessment highlights “upside inflation risk” among relevant subject concerns.",
    "Systemic risks within the financial system are moderate, but pockets of vulnerabilities remain.",
    "The banking system has sufficient liquidity and capital buffers, and nonperforming loans are low.",
    "The more gradual pace of consolidation in the revised fiscal program is appropriate.",
    "This fiscal stance should be supported by a concrete and sustainable plan to raise tax revenues and implement expenditure reforms.",
    "Subject tagging includes: Public debt, Revenue administration.",
    "The Philippine economy holds significant potential with its abundant natural resources, untapped blue economy, and a sizable demographic dividend.",
    "Unlocking the medium-term growth potential will crucially depend on comprehensive and well-sequenced structural reforms.",
    "These reforms, coupled with strengthened social protection programs, should aim to:",
    "Subjects listed: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Inflation, Prices, Public debt, Revenue administration.",
    "Keywords include: Anti-money laundering and combating the financing of terrorism (AML/CFT), article IV consultation discussion, Global, IMF's article, Inflation, resident representative, SDR million, upside inflation risk.",
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