Philippines Quarterly Update, June 2010

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dc.creatorWorld Bank
dc.date2017-08-14T19:38:29Z
dc.date2017-08-14T19:38:29Z
dc.date2010-06
dc.date.accessioned2026-07-01T01:16:53Z
dc.descriptionThe Philippines economy posted robust growth in early 2010, in part due to large one-off factors. As did many countries in the region, the Philippines benefited from a strong rebound in global trade. Manufacturing and investment activity expanded briskly as a result. Private consumption continued to expand, as consumer confidence improved. Growth also benefited from election-related spending. Expansionary (and now pro-cyclical) fiscal policy continued to support growth. Despite a withdrawal of liquidity-enhancing measures and a stronger peso, a closing output gap meant that monetary policy remained accommodative. A World Bank study of Philippines migration pattern during the global recession reveals that deployment of overseas foreign workers (OFWs) actually accelerated during the crisis. Partly this reflected the fact that the top OFW destinations were not as affected as the rest of the world. The most affected OFWs were males, production workers (especially construction workers) and new hires. By contrast, females, services workers, seafarers and rehires proved resilient to the crisis or even benefited from it. Globally, less tolerance towards weak public finances is expected, raising the need to introduce a credible medium-term fiscal consolidation plan for the Philippines. Running a pro-cyclical fiscal policy with relatively high debt and limited fiscal space-as undertaken in the first-half of 2010-raises risks and should be reverted. Credibility towards such a goal could be achieved, for example, by designing a comprehensive multi-year reform package. As the output gap closes, the accommodative monetary policy introduced in 2008 would need to be gradually unwound, starting by reaching a broadly neutral stance in 2010. An increase in policy rates currently negative or slightly positive could achieve such a goal.
dc.formatapplication/pdf
dc.formattext/plain
dc.identifierhttp://documents.worldbank.org/curated/en/945561468094475893/Philippines-quarterly-update-the-recovery-continues-despite-global-financial-turbulence
dc.identifierhttps://hdl.handle.net/10986/27763
dc.identifierhttps://doi.org/10.1596/27763
dc.identifier.urihttp://hdl.handle.net/123456789/416683
dc.languageEnglish
dc.languageen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo
dc.rightsWorld Bank
dc.subjectACCOUNTING
dc.subjectADVANCED ECONOMIES
dc.subjectAGRICULTURE
dc.subjectANNUAL GROWTH
dc.subjectASSET VALUES
dc.subjectBALANCE OF PAYMENTS
dc.subjectBALANCE OF TRADE
dc.subjectBANK CREDIT
dc.subjectBANK LENDING
dc.subjectBANKING SYSTEM
dc.subjectBASIS POINTS
dc.subjectBILL
dc.subjectBOND ISSUANCES
dc.subjectBUDGETING
dc.subjectBUFFER
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL INFLOWS
dc.subjectCASH TRANSFER
dc.subjectCENTRAL BANK
dc.subjectCOMMODITY PRICES
dc.subjectCOMPETITIVENESS
dc.subjectCONSOLIDATION
dc.subjectCONSUMER CONFIDENCE
dc.subjectCORE INFLATION
dc.subjectCREDIBILITY
dc.subjectCREDIT DEFAULT
dc.subjectCREDIT DEFAULT SWAPS
dc.subjectCREDIT GROWTH
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNT DEFICITS
dc.subjectCURRENT ACCOUNT SURPLUS
dc.subjectCURVE YIELD
dc.subjectCYCLICAL FACTORS
dc.subjectDAMAGES
dc.subjectDEBT CRISIS
dc.subjectDEBT DEFAULTS
dc.subjectDEBT LEVEL
dc.subjectDEBT LEVELS
dc.subjectDEBT RATIOS
dc.subjectDEBT STOCK
dc.subjectDEBT SUSTAINABILITY
dc.subjectDEBT-SERVICE
dc.subjectDEPRECIATION
dc.subjectDEVELOPING COUNTRIES
dc.subjectDISBURSEMENTS
dc.subjectDOMESTIC INTEREST RATES
dc.subjectDOMESTIC LIQUIDITY
dc.subjectDURABLE
dc.subjectDURABLE EQUIPMENT
dc.subjectECONOMIC CONDITIONS
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC DEVELOPMENTS
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC SLOWDOWN
dc.subjectEFFECTIVE EXCHANGE RATE
dc.subjectEFFECTIVE EXCHANGE RATES
dc.subjectEMERGING MARKETS
dc.subjectEQUIPMENT
dc.subjectEURO ZONE
dc.subjectEUROPEAN MONETARY UNION
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATE SHOCKS
dc.subjectEXCHANGE RATES
dc.subjectEXIT STRATEGY
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectEXPORT GROWTH
dc.subjectEXPORTERS
dc.subjectEXPORTS
dc.subjectEXPOSURE
dc.subjectEXPOSURES
dc.subjectEXTERNAL BORROWINGS
dc.subjectEXTERNAL DEBT
dc.subjectEXTERNAL POSITION
dc.subjectEXTERNAL SHOCKS
dc.subjectFINANCIAL ASSET
dc.subjectFINANCIAL ASSETS
dc.subjectFINANCIAL CONSTRAINTS
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKET PARTICIPANTS
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL STATEMENTS
dc.subjectFINANCIAL VULNERABILITY
dc.subjectFISCAL BALANCE
dc.subjectFISCAL BALANCES
dc.subjectFISCAL DEFICIT
dc.subjectFISCAL DEFICITS
dc.subjectFISCAL POLICIES
dc.subjectFISCAL POLICY
dc.subjectFISCAL POSITIONS
dc.subjectFOOD PRICES
dc.subjectFOREIGN ASSETS
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN DEBT
dc.subjectFOREIGN DIRECT INVESTMENTS
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE RISK
dc.subjectFOREIGN FINANCING
dc.subjectFORWARD CONTRACTS
dc.subjectGDP
dc.subjectGLOBAL BOND
dc.subjectGLOBAL BONDS
dc.subjectGLOBAL ECONOMY
dc.subjectGLOBAL MARKET
dc.subjectGLOBAL TRADE
dc.subjectGOVERNMENT DEFICITS
dc.subjectGOVERNMENT FINANCING
dc.subjectGOVERNMENT POLICY
dc.subjectGOVERNMENT REGULATION
dc.subjectGOVERNMENT SPENDING
dc.subjectGROWTH PERFORMANCE
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectHIGH INFLATION
dc.subjectHOLDING
dc.subjectHOLDINGS
dc.subjectHOUSEHOLD INCOMES
dc.subjectIMPORT
dc.subjectIMPORT DEMAND
dc.subjectIMPORTS
dc.subjectINFLATION
dc.subjectINFLATION EXPECTATIONS
dc.subjectINFLATION FORECAST
dc.subjectINFLATION RATE
dc.subjectINFLATION RISK
dc.subjectINFLATIONARY PRESSURES
dc.subjectINSURANCE
dc.subjectINTEREST PAYMENTS
dc.subjectINTERNATIONAL INVESTMENT
dc.subjectINTERNATIONAL RESERVES
dc.subjectINTERNATIONAL TRADE
dc.subjectINVENTORIES
dc.subjectINVENTORY
dc.subjectINVESTMENT ACTIVITY
dc.subjectINVESTMENT CLIMATE
dc.subjectINVESTMENT FLOWS
dc.subjectINVESTMENT STRATEGIES
dc.subjectISSUANCE
dc.subjectJUDICIAL INDEPENDENCE
dc.subjectJUDICIAL SYSTEM
dc.subjectLABOR FORCE
dc.subjectLABOR MARKET
dc.subjectLACK OF CREDIT
dc.subjectLEGAL FRAMEWORK
dc.subjectLIQUIDITY
dc.subjectLIVING STANDARDS
dc.subjectLOCAL BANKS
dc.subjectLONG-TERM LOANS
dc.subjectLOSS OF COMPETITIVENESS
dc.subjectM2
dc.subjectMACROECONOMIC SHOCKS
dc.subjectMARK-TO-MARKET
dc.subjectMARKET EFFICIENCY
dc.subjectMARKET FORCES
dc.subjectMARKET LAWS
dc.subjectMARKET REFORMS
dc.subjectMATURITY
dc.subjectMONETARY AUTHORITIES
dc.subjectMONETARY CONDITIONS
dc.subjectMONETARY FUND
dc.subjectMONETARY POLICY
dc.subjectNATURAL DISASTERS
dc.subjectNATURAL RESOURCES
dc.subjectNEGATIVE SHOCKS
dc.subjectNET EXPORTS
dc.subjectOIL PRICE
dc.subjectOIL PRICES
dc.subjectOUTPUT GAP
dc.subjectPOPULATION GROWTH
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO INVESTMENTS
dc.subjectPOVERTY REDUCTION
dc.subjectPRICE INCREASES
dc.subjectPRICE INDEX
dc.subjectPRICE INFLATION
dc.subjectPRIVATE CONSUMPTION
dc.subjectPRIVATE SECTOR CREDIT
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC DEBT STOCK
dc.subjectPUBLIC EXTERNAL DEBT
dc.subjectPUBLIC FINANCES
dc.subjectPUBLIC FUNDS
dc.subjectPUBLIC SECTOR DEBT
dc.subjectRAPID GROWTH
dc.subjectRATE OF GROWTH
dc.subjectREAL EFFECTIVE EXCHANGE RATE
dc.subjectRECESSION
dc.subjectREGULATORY REFORM
dc.subjectREMITTANCE
dc.subjectREMITTANCES
dc.subjectRESERVES
dc.subjectRETURN
dc.subjectRISK AVERSION
dc.subjectSAFETY NET
dc.subjectSECURITIES
dc.subjectSHORT-TERM EXTERNAL DEBT
dc.subjectSHORT-TERM VOLATILITY
dc.subjectSLOWDOWN
dc.subjectSOVEREIGN DEBT
dc.subjectSOVEREIGN DEBT RESTRUCTURING
dc.subjectSOVEREIGN DEBTS
dc.subjectSOVEREIGN YIELD
dc.subjectSPOT MARKET
dc.subjectSTABLE INFLATION
dc.subjectSTOCK EXCHANGE
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKET INDEX
dc.subjectSTOCKS
dc.subjectSTRUCTURAL REFORMS
dc.subjectSUPPLY SIDE
dc.subjectTAX
dc.subjectTOTAL EXTERNAL DEBT
dc.subjectTOTAL REVENUE
dc.subjectTRADE BALANCE
dc.subjectTRADE DATA
dc.subjectTRADE DEFICIT
dc.subjectTRADING
dc.subjectTRADING PARTNERS
dc.subjectTRANSPARENCY
dc.subjectTREASURY
dc.subjectTREASURY BONDS
dc.subjectUNCERTAINTY
dc.subjectUNEMPLOYMENT
dc.subjectUNEMPLOYMENT RATE
dc.subjectVALUATION
dc.subjectWARRANTS
dc.subjectWEAK BANKING SYSTEM
dc.subjectWEIGHTS
dc.subjectWITHDRAWAL
dc.subjectWORLD TRADE
dc.subjectYIELD CURVE
dc.titlePhilippines Quarterly Update, June 2010
dc.titleThe Recovery Continues Despite Global Financial Turbulence
dc.typeReport
dc.typeRapport
dc.typeInforme

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