Philippines Quarterly Update, December 2011
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World Bank, Pasig City, Philippines
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After a strong rebound in 2010,
Philippine economic growth slowed by more than half to 3.6
percent in the first three quarters of 2011. Slower third
quarter (Q3) growth of 3.2 percent was the result of
significant contractions in exports and public investment.
The contraction in exports largely reflected weaker demand
in advanced economies while public investments continued to
shrink in part because of measures to improve accountability
of public spending. On the production side, industrial and
agricultural activities were sluggish, leaving the services
sector to buoy growth. To improve growth outcome in the
remainder of the year, the government announced a PHP 72
billion (about 0.7 percent of GDP) disbursement acceleration
plan to ensure that budgeted items are spent by year end.
After a strong rebound in 2010, Philippine economic growth
slowed by more than half to 3.6 percent in the first three
quarters of 2011, bringing year to date growth below the
government's revised target of 4.5 to 5.5 percent for
2011. Q3 growth of 3.2 percent was driven by private
consumption and inventory build-up, which grew by 7.1 and
147.7 percent respectively. The country's slower
expansion places it behind its neighbors with Indonesia,
Vietnam, and Singapore growing above 6 percent, Malaysia at
5.8 percent, and Thailand, which was devastated by massive
flooding in recent months, at 3.5 percent.
Palabras clave
ACCOUNTING, ADVANCED COUNTRIES, ADVANCED ECONOMIES, AGRICULTURE, ASSET PRICE, ASSET QUALITY, BALANCE SHEETS, BANK LENDING, BANK OFFICE, BANKING SYSTEM, BASE YEAR, BASIS POINTS, BENCHMARKS, BORROWING COST, BORROWING REQUIREMENTS, BUDGET DEFICIT, BUDGETING, BUSINESS ENVIRONMENT, CAPITAL ACCOUNTS, CAPITAL ADEQUACY, CAPITAL INFLOWS, CAPITAL INVESTMENT, CAPITAL OUTFLOWS, CAPITAL OUTLAY, CASH TRANSFER, CENTRAL BANK, COMMODITY, COMMODITY PRICES, COMPARATIVE ADVANTAGE, COMPETITIVENESS, CONSUMERS, CREDIT CARD, CREDIT EXPANSION, CREDIT GROWTH, CREDIT QUALITY, CREDIT RATING, DEBT CRISIS, DEBT LEVELS, DEBT MATURITY, DEBT PAYMENT, DEBT RATIO, DEBT STOCK, DEFAULT RATING, DEPOSIT, DEPOSIT ACCOUNT, DEVELOPING COUNTRIES, DISBURSEMENT, DOLLAR PRICE, DOMESTIC ECONOMY, DOMESTIC INTEREST RATES, DOMESTIC LIQUIDITY, DURABLE, DURABLE EQUIPMENT, ECONOMIC GROWTH, EMERGING MARKETS, EQUITY MARKET, EXCHANGE RATE, EXCISE TAXES, EXPANSIONARY POLICY, EXPENDITURE, EXPENDITURES, EXPORT GROWTH, EXPORT MARKETS, EXPORT PERFORMANCE, EXPORTER, EXPORTS, EXPOSURE, EXTERNAL DEBT, FINANCIAL MANAGEMENT, FINANCIAL MARKET, FINANCIAL MARKET PARTICIPANTS, FINANCIAL SECTOR, FINANCIAL STABILITY, FINANCIAL SYSTEM, FISCAL CONSOLIDATION, FISCAL DEFICIT, FISCAL POLICY, FIXED INVESTMENT, FOOD PRICES, FORECASTS, FOREIGN BANKS, FOREIGN CURRENCY, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN EXCHANGE MARKET, FOREIGN EXCHANGE TRANSACTIONS, FOREIGN FIRMS, FOREIGN INVESTORS, FOREIGN PORTFOLIO, FOREIGN PORTFOLIO INVESTMENTS, GDP, GLOBAL MARKET, GLOBAL TRADE, GOVERNMENT BONDS, GOVERNMENT BUDGET, GOVERNMENT DEBT, GOVERNMENT SECURITIES, GOVERNMENT SPENDING, GROSS VALUE, GROWTH POTENTIAL, GROWTH RATE, HOLDINGS, HOUSEHOLD INCOME, HUMAN CAPITAL, HUMAN RESOURCE, INCOME GROUP, INCOME LEVELS, INDEXATION, INELASTIC DEMAND, INFLATION, INFLATION RATE, INFLATIONARY PRESSURES, INSURANCE, INTEREST RATE, INTERNATIONAL RESERVES, INTERNATIONAL SETTLEMENTS, INTERNATIONAL STANDARD, INVENTORY, INVESTMENT CLIMATE, INVESTMENTS IN EQUITIES, ISSUANCE, JOB CREATION, LABOR MARKET, LEASE AGREEMENTS, LENDING LIMITS, LIABILITY, LIQUIDITY, LIQUIDITY MANAGEMENT, LOCAL CURRENCY, LOCAL GOVERNMENT, LONG-TERM LOANS, LOW INTEREST RATE, MACROECONOMIC STABILITY, MARKET LIQUIDITY, MARKET PERFORMANCE, MARKET RISK, MARKET SHARE, MATURITY, MIDDLE INCOME COUNTRIES, MOBILE PHONE, MONETARY AUTHORITIES, MONETARY FUND, MONETARY POLICY, NEGATIVE EXTERNALITIES, NET EXPORTS, NON-PERFORMING LOAN, OPEN ECONOMY, OUTPUT, OUTSOURCING, PARTICULAR COUNTRY, PER CAPITA INCOME, POLITICAL STABILITY, PORTFOLIO, PORTFOLIO INFLOWS, PRICE ELASTICITY, PRICE ELASTICITY OF DEMAND, PRICE INCREASES, PRIVATE CREDIT, PROFIT MARGIN, PUBLIC FINANCES, PUBLIC INVESTMENT, PUBLIC SECTOR DEFICITS, PUBLIC SPENDING, PUBLIC-PRIVATE PARTNERSHIP, RAPID GROWTH, REAL ESTATE, REAL INTEREST, REAL INTEREST RATES, RECESSION, REFORM PROGRAM, REGIONAL TRADE, REGULATORY REQUIREMENTS, REGULATORY SYSTEM, REMITTANCE, RESERVE, RESERVE REQUIREMENT, RESERVES, RETURN, RISK AVERSION, RISK PROFILE, RISK WEIGHT, SAVINGS, SHORT-TERM BORROWING, SHORT-TERM CAPITAL, SHORT-TERM DEBT, SOCIAL DEVELOPMENTS, SOCIAL PROTECTION, SOVEREIGN DEBT, STOCK EXCHANGE, STOCK MARKET, STOCK MARKET INDEX, STOCKS, SUPPLY SHOCKS, SWAP, T-BILL, T-BILL RATE, TAX, TAX INCENTIVES, TAX POLICY, TAX RATE, TAX REGIME, TAX REVENUES, TAX SYSTEM, TAXATION, TRADE BALANCE, TRADE DEFICIT, TRADE REGIME, TRADING, TRADITIONAL MARKETS, TRANSPARENCY, TREASURY, TREASURY BOND, TREASURY BOND AUCTIONS, TROUGH, UNEMPLOYMENT, VOLATILITY, WORLD DEVELOPMENT INDICATORS, WTO