## Philippines: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Philippines

_IMF Staff Country Reports, December 14, 2025_

## Source details

**Canonical URL:** [Philippines: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Philippines](https://www.imf.org/en/publications/cr/issues/2025/12/12/philippines-2025-article-iv-consultation-press-release-staff-report-and-statement-by-the-572494)

## Other formats

- [Markdown version](/en/publications/cr/issues/2025/12/12/philippines-2025-article-iv-consultation-press-release-staff-report-and-statement-by-the-572494/index.md)
- [Structured JSON version](/en/publications/cr/issues/2025/12/12/philippines-2025-article-iv-consultation-press-release-staff-report-and-statement-by-the-572494/index.json)
- [Bundle manifest](/en/publications/cr/issues/2025/12/12/philippines-2025-article-iv-consultation-press-release-staff-report-and-statement-by-the-572494/bundle-manifest.json)

## Bibliographic details
- Published: December 14, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229031493.002

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### Key findings and current assessment
- The Philippine economy has achieved successful disinflation on the back of a well-calibrated monetary policy tightening cycle and concerted government measures to reduce food prices.
- Domestic demand, underpinned by public spending, has been resilient, supporting headline growth.
- The Philippines is affected by the recent increase in global trade barriers, though its direct exposures remain relatively limited, playing a mitigating role.

### Near-term outlook and projections
- Growth is expected to remain robust but below its potential in the near term amid heightened external challenges.
- Inflation is expected to remain muted.

### Risks and vulnerabilities
- Risks are tilted to the downside, stemming from rising global trade barriers and policy uncertainty.
- Natural disasters continue to pose important macroeconomic risks.

### Thematic coverage (as stated)
- Anti-money laundering and combating the financing of terrorism (AML/CFT)
- Crime
- Expenditure
- Inflation
- Prices
- Public debt

### Keywords (as stated)
- Anti-money laundering and combating the financing of terrorism (AML/CFT)
- Economic growth
- exchange restriction
- Financial policy
- Fiscal policy
- Global
- IMF country report No.
- IMF holding
- Inflation
- inflation outlook
- Monetary policy
- Natural disasters
- Public financial management
- staff report
- Structural policies
- Tax policy
- Trade

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## Content in this bundle

- **1. Recent Macroeconomic Developments**
  - [1. Recent Macroeconomic Developments (Markdown version)](/-/media/files/publications/cr/2025/english/1phlea2025001-source-pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [1. Recent Macroeconomic Developments (PDF)](/-/media/files/publications/cr/2025/english/1phlea2025001-source-pdf.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2025/12/12/philippines-2025-article-iv-consultation-press-release-staff-report-and-statement-by-the-572494_