Philippine Economic Update : Pursuing Inclusive Growth through Sustainable Reconstruction and Job Creation
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Washington, DC
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Despite typhoon Yolanda and a string
of natural disasters throughout 2013, Philippine economic
growth accelerated to 7.2 percent in 2013. Higher growth was
underpinned by the robust performance of consumption and
services, and supported by the expansion of investments and
manufacturing. Like other emerging markets, Philippine
financial markets experienced large volatilities as
investors responded to the tapering of the United States
(U.S.) stimulus program. Monetary and fiscal policy remained
supportive of growth. Amid the challenging global
environment and the impact of typhoon Yolanda, the
Philippines are likely to sustain high growth in the
medium-term. Risks to growth include a slower global
recovery, financial market volatilities following the
tapering of the U.S. stimulus program, potential bubbles in
the real estate sector, slower post-typhoon reconstruction,
and domestic reform lags. The government responded quickly
to the typhoon by rolling out immediate humanitarian aid and
preparing the reconstruction assistance on Yolanda (RAY), a
strategic plan to guide recovery and reconstruction in the
affected areas. The Philippines will also need to prepare
more broadly for the increased risk of disasters brought
about by climate change. The Philippine economic update
provides an update on key economic and social developments,
and policies over the past six months. It also presents
findings from recent World Bank studies on the Philippines.
Palabras clave
ACCOUNTING, ADVANCED ECONOMIES, AGRICULTURE, ALTERNATIVE FUNDING, ARBITRAGE, ASSET PRICES, BALANCE OF PAYMENTS, BALANCE SHEETS, BANK DEPOSIT, BANK DEPOSITS, BANK LENDING, BANKING SECTOR, BANKING SYSTEM, BASIS POINTS, BENCHMARK, BENCHMARK BONDS, BID, BOND, BOND PRICE, BOND PRICES, BONDS, BORROWING COSTS, BROKERS, BUDGET DEFICIT, BUSINESS CYCLE, CAPITAL ADEQUACY, CAPITAL FORMATION, CAPITAL INFLOWS, CAPITAL INVESTMENTS, CAPITAL OUTFLOWS, CASH TRANSFER, CENTRAL BANK, CLEAN WATER, COMMERCIAL BANKING, COMMERCIAL BANKS, COMPARATIVE ADVANTAGE, COMPETITIVENESS, CONSUMER EXPECTATIONS, CONSUMER GOODS, CREDIT CARDS, CREDIT EXPANSION, CREDIT GROWTH, CREDIT RATING, CREDIT RISK, CRITICAL INFRASTRUCTURE, CURRENCY, CURRENT ACCOUNT SURPLUS, DAMAGES, DEBT BURDEN, DEBT CONSOLIDATION, DEBT LEVELS, DEBT STOCK, DEFICITS, DEPOSIT, DEPOSIT ACCOUNTS, DEVELOPING COUNTRIES, DISBURSEMENTS, DIVIDENDS, DOMESTIC ECONOMY, DOMESTIC MARKET, DURABLE, DURABLE EQUIPMENT, ECONOMIC COOPERATION, ECONOMIC GROWTH, EMERGING MARKET, EMERGING MARKETS, EQUITY CAPITAL, EXCHANGE RATE, EXCISE TAXES, EXPENDITURE, EXPORT GROWTH, EXPORTERS, EXPORTS, EXPOSURE, EXTERNAL DEBT, FINANCE CORPORATION, FINANCIAL ASSETS, FINANCIAL INSTITUTIONS, FINANCIAL MARKET, FINANCIAL MARKET PARTICIPANTS, FINANCIAL MARKETS, FINANCIAL RISKS, FINANCIAL SECTOR, FINANCIAL STABILITY, FINANCIAL SYSTEM, FINANCIAL SYSTEMS, FISCAL POLICY, FLEXIBLE EXCHANGE RATE, FLOW STATISTICS, FOREIGN CAPITAL, FOREIGN CURRENCIES, FOREIGN DIRECT INVESTMENTS, FOREIGN INVESTMENT, FOREIGN INVESTORS, FOREIGN PORTFOLIO INVESTMENTS, GDP, GLOBAL ECONOMY, GOOD GOVERNANCE, GOVERNMENT ASSETS, GOVERNMENT EXPENDITURE, GOVERNMENT FINANCES, GOVERNMENT POLICY, GOVERNMENT SPENDING, GROWTH POTENTIAL, GROWTH PROJECTIONS, GROWTH RATES, HOLDING, HOUSEHOLD INCOME, HUMAN CAPITAL, HUMAN DEVELOPMENT, INCOME TAXES, INCOMES, INDUSTRIALIZATION, INFLATION, INFLATION TARGET, INFLATIONARY PRESSURES, INFRASTRUCTURE DEVELOPMENT, INFRASTRUCTURE INVESTMENTS, INSTITUTIONAL INVESTORS, INSURANCE, INSURANCES, INTEREST RATE, INTEREST RATE DIFFERENTIALS, INTEREST RATES, INTERNATIONAL DEVELOPMENT, INTERNATIONAL FINANCE, INTERNATIONAL STANDARD, INVESTMENT CLIMATE, INVESTMENT SPENDING, ISSUANCE, JOB CREATION, LACK OF COLLATERAL, LEGAL PROTECTION, LIABILITY, LIQUIDITY, LOAN, LOAN PORTFOLIO, LOCAL ECONOMIES, LOCAL ECONOMY, LOCAL GOVERNMENT, LOCAL GOVERNMENTS, LONG-TERM LOANS, LOW INTEREST RATE, LOW INTEREST RATES, M3, MANUFACTURING INDUSTRIES, MARKET ASSETS, MARKET VOLATILITIES, MARKET VOLATILITY, MATURITY, MONETARY FUND, MONETARY POLICY, MONEY SUPPLY, MULTIPLIER EFFECT, MULTIPLIER EFFECTS, NATURAL DISASTERS, NET EXPORTS, NONPERFORMING LOANS, OIL PRICES, OUTPUT, OUTSOURCING, PHYSICAL ASSETS, PLEDGES, POLITICAL STABILITY, PORTFOLIO, PORTFOLIO INFLOWS, PORTFOLIO INVESTMENT, PORTFOLIO INVESTMENTS, PORTFOLIOS, PRINCIPAL PAYMENTS, PRIVATE INVESTMENT, PROBABILITY OF DEFAULTS, PROPERTY RIGHTS, PUBLIC FINANCE, PUBLIC FINANCES, PUBLIC INVESTMENT, PUBLIC INVESTMENTS, PUBLIC SPENDING, RAPID GROWTH, REAL ESTATE, REAL ESTATE LENDING, REMITTANCE, REMITTANCE SERVICES, REMITTANCES, RESERVES, RETURN, RISK DIVERSIFICATION, RISK MANAGEMENT, RISK REDUCTION, SAFETY NETS, SAVINGS, SAVINGS CAPACITY, SHORT-TERM CAPITAL, SOCIAL DEVELOPMENTS, SOCIAL SAFETY NETS, SPOT MARKET, STATIC ANALYSIS, STOCK EXCHANGE, STOCK MARKET, STOCK MARKET INDEX, STOCK MARKETS, STOCKS, SUPERVISORY AUTHORITY, SUSTAINABLE DEVELOPMENT, T-BILL, T-BILL RATE, TAX, TAX COLLECTION, TAX COLLECTIONS, TAX INCENTIVES, TAX POLICY, TAX RATES, TAX REVENUES, TAX SYSTEM, TRADE DEFICIT, TRADING, TRANSPARENCY, TREASURY, TREASURY BILL, TREASURY BILL RATES, TROUGH, UNEMPLOYMENT, UNEMPLOYMENT RATE, VALUE ADDED, VOLATILITIES, VOLATILITY, WAGES, WHOLESALE MARKET, WITHDRAWAL, WITHHOLDING TAX, WORLD TRADE, WORLD TRADE ORGANIZATION, WTO