Philippines Quarterly Update, September 2010 : Stepping Up Reforms to Sustain Growth
The Philippine economy recovered strongly from the global recession owing to a combination of transitory and permanent, as well as global and idiosyncratic factors. Similar to its regional peers, the recovery was partly driven by the rebound in glo...
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| Format: | Report |
| Language: | English en_US |
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Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/826201468296122807/Philippines-quarterly-update-stepping-up-reforms-to-sustain-growth http://hdl.handle.net/10986/27764 |
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okr-10986-27764 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
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English en_US |
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ACCESS TO CAPITAL ACCOUNTING ADVANCED ECONOMIES AGRICULTURAL COMMODITIES AGRICULTURAL OUTPUT AGRICULTURAL PRACTICES AGRICULTURE ASSET PRICE ASSET PRICES BALANCE OF PAYMENT BALANCE OF PAYMENTS BANK LENDING BANK POLICY BANKING SECTOR BANKING SYSTEM BASIS POINTS BENCHMARKS BENEFICIARIES BINDING CONSTRAINT BOND BOND PRICES BUDGETARY SUPPORT BUDGETING CAPITAL FLOWS CAPITAL INFLOWS CAPITAL INVESTMENT CAPITAL OUTLAYS CASH TRANSFER CDS CENTRAL BANK CENTRAL BANKS COMMODITY PRICES COMPARATIVE ADVANTAGES COMPETITIVENESS COMPLIANCE COSTS CONSUMER GOOD CONSUMER GOODS COORDINATION FAILURES CORRELATION ANALYSIS CREDIT DEFAULT CREDIT DEFAULT SWAPS CREDIT QUALITY CREDIT SPREADS CURRENT ACCOUNT SURPLUS DAMAGES DEBT CRISIS DEBT MATURITY DEBT SERVICE DEBT STOCK DEVELOPING COUNTRIES DEVELOPMENT ASSISTANCE DISBURSEMENTS DISCOUNT RATE DOMESTIC LIQUIDITY DOMESTIC MARKET DURABLE DURABLE EQUIPMENT ECONOMETRICS ECONOMIC BOOM ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC SECTORS ELASTICITY EMERGING MARKET EMERGING MARKET COUNTRIES EMERGING MARKET EQUITY EMERGING MARKETS EQUITY INDEX EQUITY MARKET EQUITY MARKETS EQUITY RETURNS EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORTER EXPORTERS EXPORTS EXTERNAL DEBT FEDERAL RESERVE FINANCIAL CONTAGION FINANCIAL CRISIS FINANCIAL MARKET FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL SHOCKS FINANCIAL VOLATILITY FISCAL AUTONOMY FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL POLICY FIXED CAPITAL FIXED INCOME FLOATERS FOOD PRICES FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN INVESTMENTS FOREIGN INVESTOR FOREIGN INVESTORS GDP GLOBAL BONDS GLOBAL MARKETS GLOBAL TRADE GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT POLICY GROSS DOMESTIC PRODUCT GROSS NATIONAL SAVINGS GROWTH POTENTIAL GROWTH PROJECTIONS HOUSEHOLD INCOME INCOME INEQUALITY INEFFICIENCY INFLATION INFLATION EXPECTATIONS INFLATION RATE INSURANCE INSURANCE PREMIUM INTEREST PAYMENT INTEREST PAYMENTS INTERGOVERNMENTAL TRANSFERS INTERNATIONAL RESERVES INVESTING INVESTMENT CLIMATE INVESTMENT PROJECTS INVESTOR CONFIDENCE INVESTOR INTEREST ISSUANCE JOB CREATION JUDICIAL SYSTEM LABOR MARKET LABOR MARKETS LACK OF TRANSPARENCY LEGAL REFORMS LIQUIDITY LOCAL GOVERNMENT LONG-TERM DEBT LONG-TERM INTEREST MACROECONOMIC SHOCKS MANUFACTURING INDUSTRY MARKET ACCESS MARKET INDICES MARKET RETURNS MATURITIES MATURITY MONETARY POLICIES MONETARY POLICY MULTIPLIER EFFECTS NATIONAL SAVINGS NATURAL DISASTERS NEGATIVE EXTERNALITIES NEGATIVE SHOCKS NET EXPORTS OIL PRICES OUTSOURCING PENSION PER CAPITA INCOME POLITICAL UNCERTAINTY PORTFOLIO PORTFOLIO INFLOWS PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS PORTFOLIOS PRICE CHANGES PRICE INCREASES PRICE VOLATILITY PRODUCTION COSTS PUBLIC FINANCE PUBLIC FINANCES PUBLIC SECTOR DEBT RAPID ECONOMIC GROWTH REAL ESTATE INVESTMENT REAL GDP REAL INTEREST REAL INTEREST RATE REAL INTEREST RATES RECESSION REGIONAL TRADE REMITTANCE REMITTANCES RESERVE RISK EXPOSURE RISK PROFILE RURAL MARKET SAFETY NET SAMURAI BONDS SHORT TERM CAPITAL INFLOWS SHORT-TERM CAPITAL SHORT-TERM DEBT SHORT-TERM EXTERNAL DEBT SIDE EFFECTS SKILLED WORKERS SOVEREIGN DEBT SOVEREIGN DEBT MARKET SOVEREIGN DEFAULT SOVEREIGN RISK STABLE INTEREST RATES STOCK EXCHANGE STOCK MARKET STOCK MARKET INDEX STOCK MARKET VOLATILITY STOCKS TAX TAX COLLECTION TAX EXPENDITURES TAX POLICY TAX SYSTEM TAXATION TECHNICAL ASSISTANCE TIME CONSTRAINTS TOTAL REVENUE TRADE BALANCE TRADE DEFICIT TRADE LIBERALIZATION TRADE SECTORS TRANSPARENCY TREASURY UNEMPLOYMENT UNEMPLOYMENT RATE VERTICAL EQUITY WAGES WEALTH WITHDRAWAL YIELD CURVE |
| spellingShingle |
ACCESS TO CAPITAL ACCOUNTING ADVANCED ECONOMIES AGRICULTURAL COMMODITIES AGRICULTURAL OUTPUT AGRICULTURAL PRACTICES AGRICULTURE ASSET PRICE ASSET PRICES BALANCE OF PAYMENT BALANCE OF PAYMENTS BANK LENDING BANK POLICY BANKING SECTOR BANKING SYSTEM BASIS POINTS BENCHMARKS BENEFICIARIES BINDING CONSTRAINT BOND BOND PRICES BUDGETARY SUPPORT BUDGETING CAPITAL FLOWS CAPITAL INFLOWS CAPITAL INVESTMENT CAPITAL OUTLAYS CASH TRANSFER CDS CENTRAL BANK CENTRAL BANKS COMMODITY PRICES COMPARATIVE ADVANTAGES COMPETITIVENESS COMPLIANCE COSTS CONSUMER GOOD CONSUMER GOODS COORDINATION FAILURES CORRELATION ANALYSIS CREDIT DEFAULT CREDIT DEFAULT SWAPS CREDIT QUALITY CREDIT SPREADS CURRENT ACCOUNT SURPLUS DAMAGES DEBT CRISIS DEBT MATURITY DEBT SERVICE DEBT STOCK DEVELOPING COUNTRIES DEVELOPMENT ASSISTANCE DISBURSEMENTS DISCOUNT RATE DOMESTIC LIQUIDITY DOMESTIC MARKET DURABLE DURABLE EQUIPMENT ECONOMETRICS ECONOMIC BOOM ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC SECTORS ELASTICITY EMERGING MARKET EMERGING MARKET COUNTRIES EMERGING MARKET EQUITY EMERGING MARKETS EQUITY INDEX EQUITY MARKET EQUITY MARKETS EQUITY RETURNS EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORTER EXPORTERS EXPORTS EXTERNAL DEBT FEDERAL RESERVE FINANCIAL CONTAGION FINANCIAL CRISIS FINANCIAL MARKET FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL SHOCKS FINANCIAL VOLATILITY FISCAL AUTONOMY FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL POLICY FIXED CAPITAL FIXED INCOME FLOATERS FOOD PRICES FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN INVESTMENTS FOREIGN INVESTOR FOREIGN INVESTORS GDP GLOBAL BONDS GLOBAL MARKETS GLOBAL TRADE GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT POLICY GROSS DOMESTIC PRODUCT GROSS NATIONAL SAVINGS GROWTH POTENTIAL GROWTH PROJECTIONS HOUSEHOLD INCOME INCOME INEQUALITY INEFFICIENCY INFLATION INFLATION EXPECTATIONS INFLATION RATE INSURANCE INSURANCE PREMIUM INTEREST PAYMENT INTEREST PAYMENTS INTERGOVERNMENTAL TRANSFERS INTERNATIONAL RESERVES INVESTING INVESTMENT CLIMATE INVESTMENT PROJECTS INVESTOR CONFIDENCE INVESTOR INTEREST ISSUANCE JOB CREATION JUDICIAL SYSTEM LABOR MARKET LABOR MARKETS LACK OF TRANSPARENCY LEGAL REFORMS LIQUIDITY LOCAL GOVERNMENT LONG-TERM DEBT LONG-TERM INTEREST MACROECONOMIC SHOCKS MANUFACTURING INDUSTRY MARKET ACCESS MARKET INDICES MARKET RETURNS MATURITIES MATURITY MONETARY POLICIES MONETARY POLICY MULTIPLIER EFFECTS NATIONAL SAVINGS NATURAL DISASTERS NEGATIVE EXTERNALITIES NEGATIVE SHOCKS NET EXPORTS OIL PRICES OUTSOURCING PENSION PER CAPITA INCOME POLITICAL UNCERTAINTY PORTFOLIO PORTFOLIO INFLOWS PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS PORTFOLIOS PRICE CHANGES PRICE INCREASES PRICE VOLATILITY PRODUCTION COSTS PUBLIC FINANCE PUBLIC FINANCES PUBLIC SECTOR DEBT RAPID ECONOMIC GROWTH REAL ESTATE INVESTMENT REAL GDP REAL INTEREST REAL INTEREST RATE REAL INTEREST RATES RECESSION REGIONAL TRADE REMITTANCE REMITTANCES RESERVE RISK EXPOSURE RISK PROFILE RURAL MARKET SAFETY NET SAMURAI BONDS SHORT TERM CAPITAL INFLOWS SHORT-TERM CAPITAL SHORT-TERM DEBT SHORT-TERM EXTERNAL DEBT SIDE EFFECTS SKILLED WORKERS SOVEREIGN DEBT SOVEREIGN DEBT MARKET SOVEREIGN DEFAULT SOVEREIGN RISK STABLE INTEREST RATES STOCK EXCHANGE STOCK MARKET STOCK MARKET INDEX STOCK MARKET VOLATILITY STOCKS TAX TAX COLLECTION TAX EXPENDITURES TAX POLICY TAX SYSTEM TAXATION TECHNICAL ASSISTANCE TIME CONSTRAINTS TOTAL REVENUE TRADE BALANCE TRADE DEFICIT TRADE LIBERALIZATION TRADE SECTORS TRANSPARENCY TREASURY UNEMPLOYMENT UNEMPLOYMENT RATE VERTICAL EQUITY WAGES WEALTH WITHDRAWAL YIELD CURVE World Bank Philippines Quarterly Update, September 2010 : Stepping Up Reforms to Sustain Growth |
| geographic_facet |
East Asia and Pacific Philippines |
| description |
The Philippine economy recovered
strongly from the global recession owing to a combination of
transitory and permanent, as well as global and
idiosyncratic factors. Similar to its regional peers, the
recovery was partly driven by the rebound in global trade
and domestic consumption linked to sharp increases in
consumer confidence. In the Philippines, growth was also
spurred by two domestic and temporary factors-continued
fiscal policy easing and election-related spending-and a
structural one, namely the acceleration in global
outsourcing which benefited the country's business
process outsourcing sector and associated sectors such as
construction. The economy is projected to grow by 6.2
percent in 2010 and by 5 percent in 2011, with large but
broadly balanced risks. While inflation expectations are
under control, the prospects of large short-term capital
inflows partly linked to renewed quantitative easing by key
G7 central banks are complicating monetary policy at a time
when the economy no longer needs accommodative monetary
policy. The first budget of the Aquino government could be a
turning point for the Philippines in the public finance
area. The 2011 budget changes current dynamics in two
critical areas: the (structural and cyclical) fiscal policy
stance and the quality of public finances. This "reform
budget" renews the fiscal consolidation effort-albeit
modestly and contains significant reform measures aimed at
improving spending efficiency, transparency and
accountability of the budget. For the 2011 budget to indeed
turn the country away from a weak fiscal position,
inconsistent spending efficiency, and significant gaps in
public expenditure and financial accountability, efforts
initiated in this budget will have to both be sustained over
time and expanded. Strengthening revenue
mobilization-through a modern tax system with efficiency and
equity at its core-would enable future budgets to scale up
spending needed to generate inclusive growth. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Philippines Quarterly Update, September 2010 : Stepping Up Reforms to Sustain Growth |
| title_short |
Philippines Quarterly Update, September 2010 : Stepping Up Reforms to Sustain Growth |
| title_full |
Philippines Quarterly Update, September 2010 : Stepping Up Reforms to Sustain Growth |
| title_fullStr |
Philippines Quarterly Update, September 2010 : Stepping Up Reforms to Sustain Growth |
| title_full_unstemmed |
Philippines Quarterly Update, September 2010 : Stepping Up Reforms to Sustain Growth |
| title_sort |
philippines quarterly update, september 2010 : stepping up reforms to sustain growth |
| publisher |
Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/826201468296122807/Philippines-quarterly-update-stepping-up-reforms-to-sustain-growth http://hdl.handle.net/10986/27764 |
| _version_ |
1764464519319388160 |
| spelling |
okr-10986-277642021-04-23T14:04:42Z Philippines Quarterly Update, September 2010 : Stepping Up Reforms to Sustain Growth World Bank ACCESS TO CAPITAL ACCOUNTING ADVANCED ECONOMIES AGRICULTURAL COMMODITIES AGRICULTURAL OUTPUT AGRICULTURAL PRACTICES AGRICULTURE ASSET PRICE ASSET PRICES BALANCE OF PAYMENT BALANCE OF PAYMENTS BANK LENDING BANK POLICY BANKING SECTOR BANKING SYSTEM BASIS POINTS BENCHMARKS BENEFICIARIES BINDING CONSTRAINT BOND BOND PRICES BUDGETARY SUPPORT BUDGETING CAPITAL FLOWS CAPITAL INFLOWS CAPITAL INVESTMENT CAPITAL OUTLAYS CASH TRANSFER CDS CENTRAL BANK CENTRAL BANKS COMMODITY PRICES COMPARATIVE ADVANTAGES COMPETITIVENESS COMPLIANCE COSTS CONSUMER GOOD CONSUMER GOODS COORDINATION FAILURES CORRELATION ANALYSIS CREDIT DEFAULT CREDIT DEFAULT SWAPS CREDIT QUALITY CREDIT SPREADS CURRENT ACCOUNT SURPLUS DAMAGES DEBT CRISIS DEBT MATURITY DEBT SERVICE DEBT STOCK DEVELOPING COUNTRIES DEVELOPMENT ASSISTANCE DISBURSEMENTS DISCOUNT RATE DOMESTIC LIQUIDITY DOMESTIC MARKET DURABLE DURABLE EQUIPMENT ECONOMETRICS ECONOMIC BOOM ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC SECTORS ELASTICITY EMERGING MARKET EMERGING MARKET COUNTRIES EMERGING MARKET EQUITY EMERGING MARKETS EQUITY INDEX EQUITY MARKET EQUITY MARKETS EQUITY RETURNS EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORTER EXPORTERS EXPORTS EXTERNAL DEBT FEDERAL RESERVE FINANCIAL CONTAGION FINANCIAL CRISIS FINANCIAL MARKET FINANCIAL MARKET PARTICIPANTS FINANCIAL MARKETS FINANCIAL SHOCKS FINANCIAL VOLATILITY FISCAL AUTONOMY FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL POLICY FIXED CAPITAL FIXED INCOME FLOATERS FOOD PRICES FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN INVESTMENTS FOREIGN INVESTOR FOREIGN INVESTORS GDP GLOBAL BONDS GLOBAL MARKETS GLOBAL TRADE GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT POLICY GROSS DOMESTIC PRODUCT GROSS NATIONAL SAVINGS GROWTH POTENTIAL GROWTH PROJECTIONS HOUSEHOLD INCOME INCOME INEQUALITY INEFFICIENCY INFLATION INFLATION EXPECTATIONS INFLATION RATE INSURANCE INSURANCE PREMIUM INTEREST PAYMENT INTEREST PAYMENTS INTERGOVERNMENTAL TRANSFERS INTERNATIONAL RESERVES INVESTING INVESTMENT CLIMATE INVESTMENT PROJECTS INVESTOR CONFIDENCE INVESTOR INTEREST ISSUANCE JOB CREATION JUDICIAL SYSTEM LABOR MARKET LABOR MARKETS LACK OF TRANSPARENCY LEGAL REFORMS LIQUIDITY LOCAL GOVERNMENT LONG-TERM DEBT LONG-TERM INTEREST MACROECONOMIC SHOCKS MANUFACTURING INDUSTRY MARKET ACCESS MARKET INDICES MARKET RETURNS MATURITIES MATURITY MONETARY POLICIES MONETARY POLICY MULTIPLIER EFFECTS NATIONAL SAVINGS NATURAL DISASTERS NEGATIVE EXTERNALITIES NEGATIVE SHOCKS NET EXPORTS OIL PRICES OUTSOURCING PENSION PER CAPITA INCOME POLITICAL UNCERTAINTY PORTFOLIO PORTFOLIO INFLOWS PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS PORTFOLIOS PRICE CHANGES PRICE INCREASES PRICE VOLATILITY PRODUCTION COSTS PUBLIC FINANCE PUBLIC FINANCES PUBLIC SECTOR DEBT RAPID ECONOMIC GROWTH REAL ESTATE INVESTMENT REAL GDP REAL INTEREST REAL INTEREST RATE REAL INTEREST RATES RECESSION REGIONAL TRADE REMITTANCE REMITTANCES RESERVE RISK EXPOSURE RISK PROFILE RURAL MARKET SAFETY NET SAMURAI BONDS SHORT TERM CAPITAL INFLOWS SHORT-TERM CAPITAL SHORT-TERM DEBT SHORT-TERM EXTERNAL DEBT SIDE EFFECTS SKILLED WORKERS SOVEREIGN DEBT SOVEREIGN DEBT MARKET SOVEREIGN DEFAULT SOVEREIGN RISK STABLE INTEREST RATES STOCK EXCHANGE STOCK MARKET STOCK MARKET INDEX STOCK MARKET VOLATILITY STOCKS TAX TAX COLLECTION TAX EXPENDITURES TAX POLICY TAX SYSTEM TAXATION TECHNICAL ASSISTANCE TIME CONSTRAINTS TOTAL REVENUE TRADE BALANCE TRADE DEFICIT TRADE LIBERALIZATION TRADE SECTORS TRANSPARENCY TREASURY UNEMPLOYMENT UNEMPLOYMENT RATE VERTICAL EQUITY WAGES WEALTH WITHDRAWAL YIELD CURVE The Philippine economy recovered strongly from the global recession owing to a combination of transitory and permanent, as well as global and idiosyncratic factors. Similar to its regional peers, the recovery was partly driven by the rebound in global trade and domestic consumption linked to sharp increases in consumer confidence. In the Philippines, growth was also spurred by two domestic and temporary factors-continued fiscal policy easing and election-related spending-and a structural one, namely the acceleration in global outsourcing which benefited the country's business process outsourcing sector and associated sectors such as construction. The economy is projected to grow by 6.2 percent in 2010 and by 5 percent in 2011, with large but broadly balanced risks. While inflation expectations are under control, the prospects of large short-term capital inflows partly linked to renewed quantitative easing by key G7 central banks are complicating monetary policy at a time when the economy no longer needs accommodative monetary policy. The first budget of the Aquino government could be a turning point for the Philippines in the public finance area. The 2011 budget changes current dynamics in two critical areas: the (structural and cyclical) fiscal policy stance and the quality of public finances. This "reform budget" renews the fiscal consolidation effort-albeit modestly and contains significant reform measures aimed at improving spending efficiency, transparency and accountability of the budget. For the 2011 budget to indeed turn the country away from a weak fiscal position, inconsistent spending efficiency, and significant gaps in public expenditure and financial accountability, efforts initiated in this budget will have to both be sustained over time and expanded. Strengthening revenue mobilization-through a modern tax system with efficiency and equity at its core-would enable future budgets to scale up spending needed to generate inclusive growth. 2017-08-14T19:40:32Z 2017-08-14T19:40:32Z 2010-09 Report http://documents.worldbank.org/curated/en/826201468296122807/Philippines-quarterly-update-stepping-up-reforms-to-sustain-growth http://hdl.handle.net/10986/27764 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC Economic & Sector Work :: Economic Updates and Modeling Economic & Sector Work East Asia and Pacific Philippines |