Philippine Economic Update : Accelerating Reforms to Meet the Jobs Challenge
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Washington, DC
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The Philippine economic update provides
an update on key economic and social developments, and
policies over the past 6 to 12 months. It also presents
findings from recent World Bank studies on the Philippines.
The Philippine economy expanded by 6.6 percent in 2012,
exceeding most expectations, including the government's
own target of 5 to 6 percent. The pace and efficiency of
national government spending improved remarkably in 2012.
Higher government spending was matched by a significant
increase in revenue collection, with a strong contribution
from improved tax administration. Total tax revenues grew by
13.2 percent and tax effort increased from 12.3 to 12.9
percent of Gross Domestic Product (GDP)-the highest increase
in decades attributable to improved tax administration. The
medium-term growth prospects for the Philippines are good.
GDP growth is projected at 6.2 percent in 2013, driven by
domestic demand. There is no silver bullet for creating more
and better jobs, as it is linked to resolving deep-seated,
structural issues in the economy. Only a comprehensive
reform agenda implemented across sectors can foster a
business environment conducive to private sector job
creation by firms of all sizes. A unique window of
opportunity exists today to accelerate reforms that will
help create more and better jobs.
Palabras clave
ACCESS TO FINANCE, ACCESS TO MARKETS, ACCOUNTING, ACCOUNTING STANDARDS, ADMINISTRATIVE REFORMS, ADVANCED ECONOMIES, ADVERSE IMPACTS, AGRICULTURE, ASSET PRICE, ASSET PRICES, AVERAGE DEBT, BALANCE OF PAYMENT, BALANCE OF PAYMENTS, BALANCE SHEETS, BANK ASSET, BANK FINANCING, BANK LENDING, BANKING SECTOR, BASIS POINTS, BONDS, BORROWING, BORROWING COSTS, BUDGETING, BUSINESS ACTIVITIES, CAPITAL ACCOUNT, CAPITAL FORMATION, CAPITAL INFLOW, CAPITAL INFLOWS, CAPITAL OUTFLOWS, CASH REMITTANCES, CASH TRANSFER, CENTRAL BANK, CENTRAL BANKS, CHECKS, COLLATERAL, COLLEGE DEGREES, COMMERCIAL BANKS, COMMODITY PRICES, COMPETITIVENESS, CONSUMER EXPECTATIONS, CONSUMER GOODS, CONSUMPTION EXPENDITURE, CORPORATE DEBTS, CORRUPTION, CREDIT CARD, CREDIT CRUNCHES, CREDIT MARKETS, CREDIT RATING, CURRENT ACCOUNT, DEBT RATIO, DEBT SERVICE, DEBT STOCK, DEFAULTS, DEPOSIT, DEPOSIT ACCOUNT, DEPOSITS, DEVELOPING COUNTRIES, DEVELOPMENT PROJECTS, DIFFERENTIAL TAXATION, DISABLED, DISBURSEMENTS, DISCOURAGED WORKERS, DOMESTIC BORROWINGS, DOMESTIC CREDIT, DOMESTIC INTEREST RATES, DURABLE, DURABLE EQUIPMENT, ECONOMIC ACTIVITIES, ECONOMIC GROWTH, ECONOMIC REFORMS, ECONOMIC RESEARCH, EMPLOYERS, EQUIPMENT PURCHASES, EQUITY RATIO, EXCHANGE COMMISSION, EXCHANGE RATE, EXCISE TAXES, EXPATRIATE, EXPATRIATES, EXPENDITURE, EXPENDITURES, EXPORT GROWTH, EXPORTERS, EXTERNAL DEBT, FAMILIES, FAMILY INCOME, FARMER, FARMERS, FINANCIAL ACCOUNT, FINANCIAL ACCOUNTS, FINANCIAL CRISIS, FINANCIAL INSTITUTIONS, FINANCIAL MANAGEMENT, FINANCIAL MARKET, FINANCIAL MARKET PARTICIPANTS, FINANCIAL MARKETS, FINANCIAL SECTOR, FINANCIAL STATEMENTS, FISCAL POLICIES, FISCAL POLICY, FIXED CAPITAL, FOREIGN BANKS, FOREIGN CAPITAL, FOREIGN CURRENCY, FOREIGN CURRENCY DEBT, FOREIGN DIRECT INVESTMENT, FOREIGN DIRECT INVESTMENTS, FOREIGN EXCHANGE, FOREIGN FINANCING, FOREIGN INVESTORS, FOREIGN PORTFOLIO INVESTMENT, GDP, GLOBAL ECONOMY, GOVERNMENT DEBT, GOVERNMENT DEFICIT, GOVERNMENT SPENDING, GROSS VALUE, GROWTH PROJECTIONS, GROWTH RATE, HOST COUNTRIES, HOUSEHOLD INVESTMENT, HOUSEHOLDS, INCOME TAX, INDEXATION, INFLATION, INFLATION RATE, INFORMAL WORKERS, INFORMATION SYSTEM, INPUT PRICES, INSTITUTIONAL REFORMS, INSURANCE, INTELLECTUAL PROPERTY, INTEREST BURDEN, INTEREST RATE, INTEREST RATE DIFFERENTIAL, INTEREST RATE REGIME, INTEREST RATE VOLATILITY, INTEREST RATES, INTERNATIONAL INVESTMENT, INTERNATIONAL STANDARDS, INVENTORIES, INVENTORY, INVESTING, INVESTMENT CLIMATE, INVESTMENT SPENDING, JOB CREATION, LABOR FORCE PARTICIPATION, LABOR FORCE SURVEY, LABOR MARKET, LEVY, LIABILITY, LIQUIDITY, LOAN, LOAN PORTFOLIO, LOW INTEREST RATE, LOW INTEREST RATES, M3, MARKET CAPITALIZATION, MARKET PRICES, MATURITY, MINIMUM WAGE, MONETARY POLICY, MONEY SUPPLY, MORAL HAZARDS, MORTGAGES, NATIONAL INCOME, NET EXPORTS, NET WORTH, NON-PERFORMING LOANS, OPEN MARKET, OPEN MARKET OPERATIONS, PAYMENT SYSTEM, PERSONAL INCOME, PHYSICAL CAPITAL, PLEDGES, POLITICAL STABILITY, PORTFOLIO, PORTFOLIO INFLOWS, PRICE INCREASES, PRIVATE BANKS, PRIVATE INVESTMENT, PROPERTY RIGHTS, PROPERTY TAX, PUBLIC FINANCE, PUBLIC INVESTMENT, PUBLIC SPENDING, REAL ESTATE, REAL ESTATE LENDING, REAL ESTATE LOANS, REAL PROPERTIES, RECESSION, RED TAPE, REGULATORY FRAMEWORK, REMITTANCE, REMITTANCES, RESERVES, RETURN, RETURNS, SALES GROWTH, SECURE PROPERTY RIGHTS, SECURITIES, SHORT TERM INTEREST RATE, SMALLHOLDERS, SOCIAL DEVELOPMENTS, STOCK EXCHANGE, STOCK MARKET, STOCK MARKET INDEX, STOCK MARKETS, STOCKS, T-BILL, T-BILL RATES, T-BOND, TAX, TAX CODE, TAX COLLECTION, TAX EXPENDITURES, TAX INCENTIVES, TAX POLICY, TAX RATES, TAX REGIME, TAX REVENUES, TAX SYSTEM, TERM DEPOSIT, TOTAL DEBT, TRADE BALANCE, TRADE DEFICIT, TRADE FACILITATION, TRADE SECTORS, TRANSPARENCY, UNEMPLOYMENT, UNEMPLOYMENT RATE, URBAN AREAS, VALUE ADDED, VULNERABLE PEOPLE, WAGES, WITHDRAWAL