Philippines Quarterly Update, January 2011
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World Bank, Manila
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Following a slowdown during the global
financial crisis in 2009, the Philippine economy roared back
in 2010, with Gross Domestic Product (GDP) growth rates not
seen in over 30 years. On the demand side, private
consumption, investment, and net exports were the main
drivers of growth. On the supply side, industry and services
propelled the economy. The external position continued to
strengthen, thanks to a consistently strong current account
and, more recently, by improvements in the capital and
financial account. Dollar remittances grew progressively
faster throughout 2010. Labor market conditions improved,
but unemployment remains high, contributing to strong OFW
deployment. Growth is expected to normalize around its
potential output in 2011 as the technical and temporary
factors that generated record growth in 2010 disappear.
Among its first actions in office, the Aquino government
carried out a comprehensive assessment of fiscal risks and
published a Fiscal Risk Statement (FRS). Experience reveals
that FRSs can yield important benefits, including lower and
better, managed risks, improved policies, and lower
financing costs. Historically, the Philippines have been
exposed to considerable fiscal risks, in part reflecting
important weaknesses in public financial management and
resulting in large fiscal costs. While fiscal risks have
abated, they still remain sizeable in the Philippines. To
improve its risk management, the government is pursuing a
program of institutional capacity building.
Palabras clave
ACCOUNTING, AGRICULTURAL OUTPUT, AGRICULTURE, BAILOUT, BALANCE OF PAYMENT, BALANCE OF PAYMENTS, BANK BALANCE SHEETS, BANK LENDING, BANKING SYSTEM, BASE YEAR, BASIS POINTS, BENCHMARK, BENCHMARK BONDS, BENCHMARKS, BOND ISSUANCE, BOND RATINGS, BOND SWAP, BONDS, BUDGET DEFICIT, BUDGETING, CAPACITY BUILDING, CAPITAL FLOWS, CAPITAL INFLOWS, CAPITAL OUTLAYS, CAPITAL REQUIREMENTS, CASH TRANSFER, CASH TRANSFERS, CDS, CENTRAL BANK, CENTRAL BANKS, COMPARABLE MATURITY, COMPARATIVE ADVANTAGE, COMPARATIVE ADVANTAGES, COMPETITIVENESS, COMPLIANCE COST, CONSUMERS, CONTINGENT LIABILITIES, CONTINGENT LIABILITY, CORPORATE INCOME TAXES, COUPON, COUPON RATES, CREDIT DEFAULT, CREDIT DEFAULT SWAPS, CREDIT QUALITY, CREDIT RATING, CURRENCY, CURRENCY RISK, CURRENT ACCOUNT SURPLUS, DATED SECURITIES, DEBT CONSOLIDATION, DEBT MANAGEMENT, DEBT SERVICE, DEPOSITS, DEVELOPMENT ASSISTANCE, DEVELOPMENT BANK, DISABILITY PENSION, DISBURSEMENT, DOMESTIC BOND, DOMESTIC BOND MARKET, DOMESTIC DEBT, DOMESTIC INTEREST RATES, DOMESTIC LIQUIDITY, DOMESTIC MARKET, DURABLE, DURABLE EQUIPMENT, ECONOMIC DEVELOPMENTS, ECONOMIC OUTLOOK, ELASTICITY, EMERGING MARKETS, EQUITIES, EQUITY INDEX, EQUITY MARKET, EQUITY MARKETS, EXCHANGE RATE, EXCHANGE RATES, EXPENDITURE, EXPENDITURES, EXPORT GROWTH, EXPORTER, EXPORTS, EXTERNAL DEBT, FINANCIAL CRISIS, FINANCIAL MANAGEMENT, FINANCIAL MARKET, FINANCIAL MARKET PARTICIPANTS, FINANCIAL MARKETS, FINANCIAL SECTOR, FINANCIAL SHOCKS, FINANCIAL SYSTEM, FISCAL DEFICIT, FISCAL POLICIES, FISCAL POLICY, FOOD PRICES, FORECASTS, FOREIGN BANKS, FOREIGN CURRENCIES, FOREIGN CURRENCY, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN EXCHANGE MARKET, FOREIGN EXCHANGE RESERVES, FOREIGN EXCHANGE TRANSACTIONS, FOREIGN INVESTMENT, GDP, GDP PER CAPITA, GLOBAL BOND, GLOBAL BONDS, GLOBAL MARKET, GOVERNMENT BOND, GOVERNMENT BOND YIELDS, GOVERNMENT BORROWING, GOVERNMENT BUDGET, GOVERNMENT DEBT, GOVERNMENT GUARANTEES, GOVERNMENT SECURITIES, GROWTH PERFORMANCE, GROWTH POTENTIAL, GROWTH RATE, HORIZONTAL EQUITY, HOUSEHOLD INCOME, HUMAN CAPITAL, IMPORT, IMPORT GROWTH, INCOME TAX, INCOME TAXES, INFLATION, INFLATION RATE, INFLATION RISKS, INFLATIONARY PRESSURES, INFORMATION TECHNOLOGY, INSTITUTIONAL CAPACITY, INTEREST PAYMENTS, INTERNATIONAL CAPITAL, INTERNATIONAL CAPITAL MARKETS, INTERNATIONAL MARKET, INVENTORIES, INVESTMENT CLIMATE, INVESTOR CONFIDENCE, ISSUANCE, ISSUANCES, LABOR FORCE, LABOR MARKET, LEADING INDICATORS, LEASE AGREEMENTS, LEGAL FRAMEWORK, LEGAL SYSTEM, LIABILITY, LIABILITY MANAGEMENT, LIQUIDITY, LOAN, LOCAL BANKS, LOCAL CURRENCIES, LOCAL CURRENCY, LOCAL GOVERNMENT, LOCAL MARKET, LONG-TERM LOANS, LONG-TERM OBLIGATIONS