Philippines : Development Policy Update

The Philippines has achieved reasonable economic growth of about 4 percent per annum over the past two years, in spite of adverse global developments, sporadic conflict in Mindanao, political uncertainty and investor concerns regarding fiscal susta...

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Bibliographic Details
Main Author:	World Bank
Format:	Development Policy Review (DPR)
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCESS TO SAFE WATER ACCOUNTING ADVERSE EFFECTS AGRICULTURAL PRODUCTION AGRICULTURE AMORTIZATION AUDITS BALANCE OF PAYMENTS BANK LENDING BANKING SECTOR REFORMS BARRIERS TO ENTRY BASIC EDUCATION BOND ISSUES BORROWING CAPITAL FORMATION CAPITAL GOODS CAPITAL MARKETS CASE MANAGEMENT CENTRAL BANK CHILD HEALTH CHILD MORTALITY COAL COMPETITIVENESS CORPORATE GOVERNANCE CURRENCY CURRENT ACCOUNT DEBT DEBT SERVICE DEBT SERVICING DEFICITS DIRECT INVESTMENT EAST ASIA ECONOMIC GROWTH ECONOMICS ELASTICITY ELECTRICITY EMPLOYMENT ENERGY CONSUMPTION EQUITY INVESTMENTS EXCISE TAXES EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORTS EXTREME POVERTY FAMILIES FAMILY INCOME FAMILY PLANNING FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL RESOURCES FINANCIAL SECTOR FISCAL BALANCE FISCAL MANAGEMENT FISCAL PERFORMANCE FOREIGN EXCHANGE FORWARD CONTRACTS GDP GIRLS GNP GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT GROSS NATIONAL PRODUCT GROSS NATIONAL SAVINGS GROWTH MODELS GROWTH RATE HEALTH CARE HEALTH PROGRAMS HEALTH STATUS HOLIDAYS HOUSING HUMAN CAPITAL HUMAN DEVELOPMENT IMPORTS INCOME INCOME GROUPS INCOME INEQUALITY INFLATION INFLATION RATE INFLATION RATES INSURANCE INTEREST PAYMENTS INTEREST RATE INTEREST RATES INVENTORIES LABOR FORCE LABOR PRODUCTIVITY LAGS LAWS LEGISLATION LENDING RATES LIABILITY LIQUIDITY LOAN GUARANTEES MACROECONOMIC STABILITY MALARIA MARGINS MARKET COMPETITION MARKET ECONOMIES MATURITY METALS MONETARY POLICY MONEY LAUNDERING NET EXPORTS NURSES OFFSETTING OIL OIL PRICES PEACE PENSION FUNDS PER CAPITA INCOME PIN POPULATION GROWTH PRIVATE CONSUMPTION PRIVATE SECTOR PUBLIC HEALTH PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC OFFERING PUBLIC SECTOR PUBLIC SECTOR DEFICIT PUBLIC SECTOR PERFORMANCE PUBLIC SPENDING RATE OF INVESTMENT REAL ESTATE REAL INTEREST RATE REPRODUCTIVE HEALTH RESOURCE USE REVENUE COLLECTION REVENUE PERFORMANCE RISK GROUPS ROADS SANITATION SAVINGS SECURITIES SERVICES SECTOR SOCIAL SERVICES SSS SUBSTITUTION TAX TAX COLLECTION TAX INCENTIVES TAX RATES TAX REVENUE TAX REVENUES TELECOMMUNICATIONS TOBACCO TRADE BALANCE TRANSPARENCY TREASURY TUBERCULOSIS UNEMPLOYMENT UNEMPLOYMENT RATE UTILITIES WATER SUPPLY WORLD TRADE ORGANIZATION WTO
Online Access:	http://documents.worldbank.org/curated/en/2003/10/5130338/philippines--development-policy-update http://hdl.handle.net/10986/14372

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Summary:	The Philippines has achieved reasonable economic growth of about 4 percent per annum over the past two years, in spite of adverse global developments, sporadic conflict in Mindanao, political uncertainty and investor concerns regarding fiscal sustainability. The economy has been particularly resilient in view of concerns regarding fiscal management and the limited recovery in investment since the 1997 Asian financial crisis. The persistent low levels of investment - below 20 percent of GNP compared with about 23 percent in the early to mid 1990s - raises concerns about future growth. In recent years it has been consumption rather than investment that has underpinned growth, and this cannot continue indefinitely. Sustained geographically dispersed economic growth and relatively stable prices have resulted in a decline in poverty. Both the public and private sector will need to contribute for the Philippines to more fully achieve its development objectives. Three issues are central to improved public sector performance - fiscal management, off-budget losses and contingent liabilities, and governance. Mindful of the Philippines' relatively poor competitiveness and that growth, employment creation and poverty reduction depend critically on private sector performance, this update focuses on three key investment issues - infrastructure, the financial sector, and competition.

Philippines : Development Policy Update

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