Philippine Economic Update, January 2015 : Making Growth Work for the Poor
In the third quarter of 2014 (Q3), the Philippine economy expanded by 5.3 percent its slowest pace in 11 quarters. Growth slowed down due to the contraction of government spending on the demand side and agricultural production on the supply side. T...
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| Format: | Economic Updates and Modeling |
| Language: | English |
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Washington, DC
2015
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| Online Access: | http://documents.worldbank.org/curated/en/2015/01/23811621/philippine-economic-update-making-growth-work-poor http://hdl.handle.net/10986/21317 |
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okr-10986-21317 |
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| recordtype |
oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ACCESS TO INFORMATION ACCIDENTS ACCOUNTING AIR AIR PASSENGER AIR TRANSPORT AIR TRAVEL AIRLINE INDUSTRY AIRLINE PASSENGERS AIRPORT CONGESTION AUDITS BALANCE OF PAYMENTS BANK DEPOSITS BANK SECRECY BANKING SECTOR BARRIER BARRIER TO ENTRY BARRIERS TO ENTRY BASIS POINTS BENEFICIARY BID BIDS BOND BOND PRICE BOND PRICES BOTTLENECKS BUDGET SURPLUS BUS BUS FARE CAPITAL ACCOUNTS CAPITAL FORMATION CAPITAL INVESTMENT CAPITAL OUTFLOWS CAPITAL REQUIREMENT CASH TRANSFER CASH TRANSFERS CENTRAL BANK CLIENT INFORMATION COMMODITIES COMMODITY COMMODITY PRICES COMPETITION POLICIES COMPETITION POLICY COMPETITIVE MARKET CONFIDENCE INDICES CONFLICT OF INTEREST CONGESTION COST OF TRAVEL CREDIT RATING CURRENT ACCOUNT SURPLUS DEBT DEBT BURDEN DEFICITS DEPOSIT DEPOSIT ACCOUNTS DEPOSITOR DEPOSITORY DIESEL DISBURSEMENT DOMESTIC AIRLINES DOMESTIC AVIATION DOMESTIC LIQUIDITY DOMESTIC MARKET DOMESTIC PRICES DOMESTIC STOCK DRIVERS DRIVING DURABLE DURABLE EQUIPMENT ECONOMIC DEVELOPMENT ECONOMIC REFORMS ECONOMIES OF SCALE ELASTICITY EQUITIES EXCHANGE COMMISSION EXCHANGE RATE EXCHANGE RATE MOVEMENT EXCISE TAX EXCISE TAXES EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORT SECTOR EXPORT SECTORS EXPORTER FAIR TRADE FARE COLLECTION FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL VOLATILITY FISCAL DEFICIT FISCAL POLICIES FISCAL POLICY FIXED CAPITAL FOOD PRICES FOREIGN ASSETS FOREIGN COMPETITION FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EQUITY FOREIGN INVESTMENT FOREIGN PORTFOLIO FOREIGN PORTFOLIO INVESTMENT FRAUD FRAUDS FREIGHT FREIGHT COSTS FUEL FUEL EXCISE TAXES GASOLINE GASOLINE EXCISE GLOBAL ECONOMIC PROSPECTS GLOBAL ECONOMY GOOD GOVERNANCE GOVERNMENT BONDS GOVERNMENT SPENDING GROWTH RATES HOUSEHOLD INCOME HOUSEHOLD INCOMES HUMAN CAPITAL INCOME INSTRUMENTS INCOME TAX INCOME TAXES INFLATION INFLATION RATE INFLATION TARGET INFLATIONARY PRESSURES INFORMATION SYSTEM INFORMATION TECHNOLOGY INFRASTRUCTURE INVESTMENT INFRASTRUCTURE PROJECT INTEREST INCOME INTEREST RATE INTEREST RATES INTERNATIONAL AIRPORT INTERNATIONAL COOPERATION INTERNATIONAL FLIGHTS INTERNATIONAL INVESTORS INTERNATIONAL RESERVES INTERNATIONAL STANDARDS INVESTING INVESTMENT CLIMATE INVESTMENT SPENDING JOB CREATION LACK OF COMPETITION LAND OWNERSHIP LAND USE LAND USE POLICIES LEGAL FRAMEWORK LEVEL PLAYING FIELD LEVY LIBERALIZATION LOCAL BUSINESS MARKET PERFORMANCE MARKET SHARE MARKET STRUCTURE MARKET VALUES MARKET VOLATILITIES MASS TRANSIT MICRO ENTERPRISES MOBILE PHONE MONETARY POLICY MONEY SUPPLY MONOPOLIES MONOPOLY NET CAPITAL O&M OFFSHORE FINANCIAL CENTERS OIL PRICES OLIGOPOLIES OLIGOPOLISTIC MARKET OLIGOPOLY OUTPUT OUTSOURCING PARTIAL DEREGULATION PASSENGER RIGHTS PASSENGER TRAFFIC PERSONAL INCOME PORTFOLIO POVERTY ALLEVIATION PRICE VOLATILITIES PRIVATE INVESTMENT PROPERTY RIGHTS PUBLIC SPENDING PUBLIC-PRIVATE PARTNERSHIP PURCHASING POWER REAL ESTATE REGULATOR REGULATORY CAPACITY REGULATORY OVERSIGHT REMITTANCES RESERVE RESERVES RISK MANAGEMENT ROAD ROAD CONGESTION ROADS ROUTE ROUTES SAFETY SAVINGS SECRECY LAW SECRECY LAWS SECURITIES SMALL ENTERPRISES SOCIAL DEVELOPMENTS SPEEDS STOCK EXCHANGE STOCK MARKET STOCK PRICES TAX TAX BREAKS TAX EXEMPTION TAX INCENTIVES TAX POLICY TAX RATE TAX RATES TAX REGIME TAX RULES TAX SYSTEM TELECOMMUNICATIONS TELEPHONE LINES TRADE LAW TRADING TRANSIT SYSTEMS TRANSPARENCY TRANSPORT INDUSTRY TRANSPORT SYSTEM TRANSPORTATION TRUE TURNOVER UNEMPLOYMENT RATE VALUATION VALUATIONS VEHICLES |
| spellingShingle |
ACCESS TO INFORMATION ACCIDENTS ACCOUNTING AIR AIR PASSENGER AIR TRANSPORT AIR TRAVEL AIRLINE INDUSTRY AIRLINE PASSENGERS AIRPORT CONGESTION AUDITS BALANCE OF PAYMENTS BANK DEPOSITS BANK SECRECY BANKING SECTOR BARRIER BARRIER TO ENTRY BARRIERS TO ENTRY BASIS POINTS BENEFICIARY BID BIDS BOND BOND PRICE BOND PRICES BOTTLENECKS BUDGET SURPLUS BUS BUS FARE CAPITAL ACCOUNTS CAPITAL FORMATION CAPITAL INVESTMENT CAPITAL OUTFLOWS CAPITAL REQUIREMENT CASH TRANSFER CASH TRANSFERS CENTRAL BANK CLIENT INFORMATION COMMODITIES COMMODITY COMMODITY PRICES COMPETITION POLICIES COMPETITION POLICY COMPETITIVE MARKET CONFIDENCE INDICES CONFLICT OF INTEREST CONGESTION COST OF TRAVEL CREDIT RATING CURRENT ACCOUNT SURPLUS DEBT DEBT BURDEN DEFICITS DEPOSIT DEPOSIT ACCOUNTS DEPOSITOR DEPOSITORY DIESEL DISBURSEMENT DOMESTIC AIRLINES DOMESTIC AVIATION DOMESTIC LIQUIDITY DOMESTIC MARKET DOMESTIC PRICES DOMESTIC STOCK DRIVERS DRIVING DURABLE DURABLE EQUIPMENT ECONOMIC DEVELOPMENT ECONOMIC REFORMS ECONOMIES OF SCALE ELASTICITY EQUITIES EXCHANGE COMMISSION EXCHANGE RATE EXCHANGE RATE MOVEMENT EXCISE TAX EXCISE TAXES EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORT SECTOR EXPORT SECTORS EXPORTER FAIR TRADE FARE COLLECTION FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL VOLATILITY FISCAL DEFICIT FISCAL POLICIES FISCAL POLICY FIXED CAPITAL FOOD PRICES FOREIGN ASSETS FOREIGN COMPETITION FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EQUITY FOREIGN INVESTMENT FOREIGN PORTFOLIO FOREIGN PORTFOLIO INVESTMENT FRAUD FRAUDS FREIGHT FREIGHT COSTS FUEL FUEL EXCISE TAXES GASOLINE GASOLINE EXCISE GLOBAL ECONOMIC PROSPECTS GLOBAL ECONOMY GOOD GOVERNANCE GOVERNMENT BONDS GOVERNMENT SPENDING GROWTH RATES HOUSEHOLD INCOME HOUSEHOLD INCOMES HUMAN CAPITAL INCOME INSTRUMENTS INCOME TAX INCOME TAXES INFLATION INFLATION RATE INFLATION TARGET INFLATIONARY PRESSURES INFORMATION SYSTEM INFORMATION TECHNOLOGY INFRASTRUCTURE INVESTMENT INFRASTRUCTURE PROJECT INTEREST INCOME INTEREST RATE INTEREST RATES INTERNATIONAL AIRPORT INTERNATIONAL COOPERATION INTERNATIONAL FLIGHTS INTERNATIONAL INVESTORS INTERNATIONAL RESERVES INTERNATIONAL STANDARDS INVESTING INVESTMENT CLIMATE INVESTMENT SPENDING JOB CREATION LACK OF COMPETITION LAND OWNERSHIP LAND USE LAND USE POLICIES LEGAL FRAMEWORK LEVEL PLAYING FIELD LEVY LIBERALIZATION LOCAL BUSINESS MARKET PERFORMANCE MARKET SHARE MARKET STRUCTURE MARKET VALUES MARKET VOLATILITIES MASS TRANSIT MICRO ENTERPRISES MOBILE PHONE MONETARY POLICY MONEY SUPPLY MONOPOLIES MONOPOLY NET CAPITAL O&M OFFSHORE FINANCIAL CENTERS OIL PRICES OLIGOPOLIES OLIGOPOLISTIC MARKET OLIGOPOLY OUTPUT OUTSOURCING PARTIAL DEREGULATION PASSENGER RIGHTS PASSENGER TRAFFIC PERSONAL INCOME PORTFOLIO POVERTY ALLEVIATION PRICE VOLATILITIES PRIVATE INVESTMENT PROPERTY RIGHTS PUBLIC SPENDING PUBLIC-PRIVATE PARTNERSHIP PURCHASING POWER REAL ESTATE REGULATOR REGULATORY CAPACITY REGULATORY OVERSIGHT REMITTANCES RESERVE RESERVES RISK MANAGEMENT ROAD ROAD CONGESTION ROADS ROUTE ROUTES SAFETY SAVINGS SECRECY LAW SECRECY LAWS SECURITIES SMALL ENTERPRISES SOCIAL DEVELOPMENTS SPEEDS STOCK EXCHANGE STOCK MARKET STOCK PRICES TAX TAX BREAKS TAX EXEMPTION TAX INCENTIVES TAX POLICY TAX RATE TAX RATES TAX REGIME TAX RULES TAX SYSTEM TELECOMMUNICATIONS TELEPHONE LINES TRADE LAW TRADING TRANSIT SYSTEMS TRANSPARENCY TRANSPORT INDUSTRY TRANSPORT SYSTEM TRANSPORTATION TRUE TURNOVER UNEMPLOYMENT RATE VALUATION VALUATIONS VEHICLES World Bank Philippine Economic Update, January 2015 : Making Growth Work for the Poor |
| geographic_facet |
East Asia and Pacific Philippines |
| description |
In the third quarter of 2014 (Q3), the
Philippine economy expanded by 5.3 percent its slowest pace
in 11 quarters. Growth slowed down due to the contraction of
government spending on the demand side and agricultural
production on the supply side. The services sector the main
engine of growth also slowed to its lowest level in 12
quarters. For Q3 2014 and for the first 3 quarters of 2014,
Philippine growth is about average when compared to the
major economies in the East Asia region. Capital outflows
resulted in a full-year balance of payments deficit of about
USD 3.4 billion, the first in a decade. However, the current
account remains in strong surplus, supported by robust
remittances, while international reserves continue to be at
comfortable levels at more than 10 months of imports.
Inflation started to moderate, with positive impact on both
households and businesses while government spending
contracted significantly in Q3 and constituted a further
drag on growth. Sustaining government spending in the
near-term will require significant improvements in budget
planning and execution as the current 28-year old system,
already at capacity, is hard pressed to support higher
spending. Going forward, the Philippines needs to accelerate
reforms that can translate higher growth into more inclusive
growth the type that creates more and better jobs so that
poverty can be reduced massively and prosperity shared by
more people. Overall, the country has an investment gap
(both physical and human capital) of around 6.8 percent of
GDP as of 2014. The document outlines this investment gap. |
| format |
Economic & Sector Work :: Economic Updates and Modeling |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Philippine Economic Update, January 2015 : Making Growth Work for the Poor |
| title_short |
Philippine Economic Update, January 2015 : Making Growth Work for the Poor |
| title_full |
Philippine Economic Update, January 2015 : Making Growth Work for the Poor |
| title_fullStr |
Philippine Economic Update, January 2015 : Making Growth Work for the Poor |
| title_full_unstemmed |
Philippine Economic Update, January 2015 : Making Growth Work for the Poor |
| title_sort |
philippine economic update, january 2015 : making growth work for the poor |
| publisher |
Washington, DC |
| publishDate |
2015 |
| url |
http://documents.worldbank.org/curated/en/2015/01/23811621/philippine-economic-update-making-growth-work-poor http://hdl.handle.net/10986/21317 |
| _version_ |
1764447920708386816 |
| spelling |
okr-10986-213172021-04-23T14:04:01Z Philippine Economic Update, January 2015 : Making Growth Work for the Poor World Bank ACCESS TO INFORMATION ACCIDENTS ACCOUNTING AIR AIR PASSENGER AIR TRANSPORT AIR TRAVEL AIRLINE INDUSTRY AIRLINE PASSENGERS AIRPORT CONGESTION AUDITS BALANCE OF PAYMENTS BANK DEPOSITS BANK SECRECY BANKING SECTOR BARRIER BARRIER TO ENTRY BARRIERS TO ENTRY BASIS POINTS BENEFICIARY BID BIDS BOND BOND PRICE BOND PRICES BOTTLENECKS BUDGET SURPLUS BUS BUS FARE CAPITAL ACCOUNTS CAPITAL FORMATION CAPITAL INVESTMENT CAPITAL OUTFLOWS CAPITAL REQUIREMENT CASH TRANSFER CASH TRANSFERS CENTRAL BANK CLIENT INFORMATION COMMODITIES COMMODITY COMMODITY PRICES COMPETITION POLICIES COMPETITION POLICY COMPETITIVE MARKET CONFIDENCE INDICES CONFLICT OF INTEREST CONGESTION COST OF TRAVEL CREDIT RATING CURRENT ACCOUNT SURPLUS DEBT DEBT BURDEN DEFICITS DEPOSIT DEPOSIT ACCOUNTS DEPOSITOR DEPOSITORY DIESEL DISBURSEMENT DOMESTIC AIRLINES DOMESTIC AVIATION DOMESTIC LIQUIDITY DOMESTIC MARKET DOMESTIC PRICES DOMESTIC STOCK DRIVERS DRIVING DURABLE DURABLE EQUIPMENT ECONOMIC DEVELOPMENT ECONOMIC REFORMS ECONOMIES OF SCALE ELASTICITY EQUITIES EXCHANGE COMMISSION EXCHANGE RATE EXCHANGE RATE MOVEMENT EXCISE TAX EXCISE TAXES EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORT SECTOR EXPORT SECTORS EXPORTER FAIR TRADE FARE COLLECTION FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL VOLATILITY FISCAL DEFICIT FISCAL POLICIES FISCAL POLICY FIXED CAPITAL FOOD PRICES FOREIGN ASSETS FOREIGN COMPETITION FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EQUITY FOREIGN INVESTMENT FOREIGN PORTFOLIO FOREIGN PORTFOLIO INVESTMENT FRAUD FRAUDS FREIGHT FREIGHT COSTS FUEL FUEL EXCISE TAXES GASOLINE GASOLINE EXCISE GLOBAL ECONOMIC PROSPECTS GLOBAL ECONOMY GOOD GOVERNANCE GOVERNMENT BONDS GOVERNMENT SPENDING GROWTH RATES HOUSEHOLD INCOME HOUSEHOLD INCOMES HUMAN CAPITAL INCOME INSTRUMENTS INCOME TAX INCOME TAXES INFLATION INFLATION RATE INFLATION TARGET INFLATIONARY PRESSURES INFORMATION SYSTEM INFORMATION TECHNOLOGY INFRASTRUCTURE INVESTMENT INFRASTRUCTURE PROJECT INTEREST INCOME INTEREST RATE INTEREST RATES INTERNATIONAL AIRPORT INTERNATIONAL COOPERATION INTERNATIONAL FLIGHTS INTERNATIONAL INVESTORS INTERNATIONAL RESERVES INTERNATIONAL STANDARDS INVESTING INVESTMENT CLIMATE INVESTMENT SPENDING JOB CREATION LACK OF COMPETITION LAND OWNERSHIP LAND USE LAND USE POLICIES LEGAL FRAMEWORK LEVEL PLAYING FIELD LEVY LIBERALIZATION LOCAL BUSINESS MARKET PERFORMANCE MARKET SHARE MARKET STRUCTURE MARKET VALUES MARKET VOLATILITIES MASS TRANSIT MICRO ENTERPRISES MOBILE PHONE MONETARY POLICY MONEY SUPPLY MONOPOLIES MONOPOLY NET CAPITAL O&M OFFSHORE FINANCIAL CENTERS OIL PRICES OLIGOPOLIES OLIGOPOLISTIC MARKET OLIGOPOLY OUTPUT OUTSOURCING PARTIAL DEREGULATION PASSENGER RIGHTS PASSENGER TRAFFIC PERSONAL INCOME PORTFOLIO POVERTY ALLEVIATION PRICE VOLATILITIES PRIVATE INVESTMENT PROPERTY RIGHTS PUBLIC SPENDING PUBLIC-PRIVATE PARTNERSHIP PURCHASING POWER REAL ESTATE REGULATOR REGULATORY CAPACITY REGULATORY OVERSIGHT REMITTANCES RESERVE RESERVES RISK MANAGEMENT ROAD ROAD CONGESTION ROADS ROUTE ROUTES SAFETY SAVINGS SECRECY LAW SECRECY LAWS SECURITIES SMALL ENTERPRISES SOCIAL DEVELOPMENTS SPEEDS STOCK EXCHANGE STOCK MARKET STOCK PRICES TAX TAX BREAKS TAX EXEMPTION TAX INCENTIVES TAX POLICY TAX RATE TAX RATES TAX REGIME TAX RULES TAX SYSTEM TELECOMMUNICATIONS TELEPHONE LINES TRADE LAW TRADING TRANSIT SYSTEMS TRANSPARENCY TRANSPORT INDUSTRY TRANSPORT SYSTEM TRANSPORTATION TRUE TURNOVER UNEMPLOYMENT RATE VALUATION VALUATIONS VEHICLES In the third quarter of 2014 (Q3), the Philippine economy expanded by 5.3 percent its slowest pace in 11 quarters. Growth slowed down due to the contraction of government spending on the demand side and agricultural production on the supply side. The services sector the main engine of growth also slowed to its lowest level in 12 quarters. For Q3 2014 and for the first 3 quarters of 2014, Philippine growth is about average when compared to the major economies in the East Asia region. Capital outflows resulted in a full-year balance of payments deficit of about USD 3.4 billion, the first in a decade. However, the current account remains in strong surplus, supported by robust remittances, while international reserves continue to be at comfortable levels at more than 10 months of imports. Inflation started to moderate, with positive impact on both households and businesses while government spending contracted significantly in Q3 and constituted a further drag on growth. Sustaining government spending in the near-term will require significant improvements in budget planning and execution as the current 28-year old system, already at capacity, is hard pressed to support higher spending. Going forward, the Philippines needs to accelerate reforms that can translate higher growth into more inclusive growth the type that creates more and better jobs so that poverty can be reduced massively and prosperity shared by more people. Overall, the country has an investment gap (both physical and human capital) of around 6.8 percent of GDP as of 2014. The document outlines this investment gap. 2015-01-21T15:19:32Z 2015-01-21T15:19:32Z 2015-01 http://documents.worldbank.org/curated/en/2015/01/23811621/philippine-economic-update-making-growth-work-poor http://hdl.handle.net/10986/21317 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ Washington, DC Economic & Sector Work :: Economic Updates and Modeling East Asia and Pacific Philippines |