Philippines Quarterly Update, June 2011

World Bank

Philippines Quarterly Update, June 2011

Autores

World Bank

Editor

Manila

Descripción

The Philippines quarterly update provides an update on key economic developments and policies over the past three months. It also presents findings from recent World Bank work on the Philippines. It places them in a longer-term and global context, and assesses the implications of these developments and other changes in policy for the outlook for the Philippines. Its coverage ranges from the macro-economy to financial markets to indicators of human welfare and development. It is intended for a wide audience, including policy makers, business leaders, financial market participants, and the community of analysts and professionals engaged in the Philippines. Though the revised gross domestic product (GDP) growth estimates show small deviation from the old base year and methodology, the revision has resulted in a nominal GDP which is 6 percent larger and hence, lower fiscal statistics as a percentage of GDP (e.g., lower tax effort, but improved debt ratio), but also important sectoral growth changes. Investment is now noticeably higher due to improved coverage and transfer of items previously booked under consumption (e.g., military goods) the investment-to-GDP ratio in 2010 is now 20.5 percent instead of 15.6 percent. The demand side growth continues to post a remarkable uptick in investment. Investment grew by 37 percent year-on-year and contributed 6.8 percentage points to GDP growth, mostly driven by durable equipment and private construction. Private construction grew by 22 percent, albeit at a slower pace than the preceding three quarters, and compensated for the contraction in public construction which shrank by 37.3 percent due to continued fiscal tightening and a high base effect. Investment in durable equipment grew 17 percent with the building up of inventory in industrial machineries and road vehicles.

Palabras clave

ACCOUNTING, AGRICULTURAL EMPLOYMENT, AGRICULTURAL INCOMES, AGRICULTURAL YIELDS, AGRICULTURE, ASSET PURCHASE, BALANCE OF PAYMENTS, BANK LENDING, BANKING INDUSTRIES, BASE YEAR, BASIS POINTS, BENCHMARK, CAPACITY CONSTRAINTS, CAPITAL FORMATION, CAPITAL INFLOWS, CAPITAL OUTLAYS, CASH TRANSFER, COMMODITY, COMMODITY PRICE, COMMODITY PRICES, COMPLIANCE COSTS, CONSUMER SPENDING, CONSUMERS, COST ASSUMPTIONS, COUPON, CURRENT ACCOUNT BALANCE, CURRENT ACCOUNT SURPLUS, DAMAGES, DEBT LEVEL, DEBT MATURITY, DEBT RATIO, DEBT RATIOS, DEBT STOCK, DEFICITS, DEPOSIT, DEPOSIT ACCOUNTS, DERIVATIVES, DEVELOPING COUNTRIES, DOLLAR BONDS, DOMESTIC INTEREST RATES, DOMESTIC LIQUIDITY, DURABLE, DURABLE EQUIPMENT, ECONOMIC DEVELOPMENTS, ECONOMIC EXPANSION, ECONOMIC GROWTH, EMERGING ECONOMIES, EMERGING MARKET, EMERGING MARKET INVESTMENTS, EMERGING MARKETS, EMPLOYMENT IN AGRICULTURE, EQUITY MARKET, EXCHANGE RATES, EXPANSIONARY FISCAL POLICY, EXPENDITURE, EXPORT GROWTH, EXPORTS, EXPOSURE, EXTERNAL DEBT, FEDERAL RESERVE, FINANCIAL CRISIS, FINANCIAL DERIVATIVES, FINANCIAL INFLOWS, FINANCIAL MANAGEMENT, FINANCIAL MARKET, FINANCIAL MARKET PARTICIPANTS, FINANCIAL MARKETS, FINANCIAL SYSTEM, FISCAL CONSOLIDATION, FISCAL DEFICIT, FISCAL POLICY, FOOD EXPENDITURES, FOOD ITEMS, FOOD NEEDS, FOOD PRICE, FOOD PRICES, FOOD PRODUCTS, FOOD SECURITY, FORECASTS, FOREIGN CURRENCY, FOREIGN DEBTS, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN EXCHANGE RESERVES, FOREIGN INVESTMENTS, FOREIGN PORTFOLIO, GDP, GLOBAL BONDS, GLOBAL ECONOMIC PROSPECTS, GLOBAL TRADE, GOOD GOVERNANCE, GOVERNMENT BONDS, GOVERNMENT BUDGET, GOVERNMENT EXPENDITURES, GOVERNMENT SECURITIES, GOVERNMENT SPENDING, GROWTH RATE, HOUSEHOLD HEAD, HOUSEHOLD INCOME, HOUSEHOLD INCOMES, HOUSEHOLD PER CAPITA INCOME, HOUSEHOLD SURVEY, HUMAN CAPITAL, HUMAN CAPITAL ENDOWMENTS, INCOME DYNAMICS, INCOME GROUPS, INCOME INEQUALITY, INCOME LEVEL, INCOME LEVELS, INCOME TAX, INCOME TAXES, INDEXATION, INFLATION, INFLATION EXPECTATION, INFLATION EXPECTATIONS, INFLATION RATE, INFLATION TARGET, INFLATION TARGETING, INFLATIONARY PRESSURES, INTEREST PAYMENTS, INTEREST RATES, INTERNATIONAL POVERTY LINE, INTERNATIONAL RESERVES, INTERNATIONAL TRADE, INVENTORY, INVESTMENT CLIMATE, INVESTOR BEHAVIOR, INVESTOR CONFIDENCE, ISSUANCE, ISSUANCES, JOB CREATION, LABOR MARKET, LABOR MARKETS, LEADING INDICATORS, LIQUIDITY, LIVING STANDARDS, LOCAL GOVERNMENT, LOW INTEREST RATES, MARKET PERFORMANCE, MATURITY, MONETARY POLICY, NATIONAL INCOME, NATURAL DISASTERS, NEGATIVE EXTERNALITIES, NET CAPITAL, NET EXPORTS, OIL PRICES, OUTPUT, OUTSOURCING, OVERSEAS DEBT, PER CAPITA INCOME, PER CAPITA INCOMES, PERSONAL INCOME, POLITICAL UNREST, POOR, POOR FAMILIES, POOR HOUSEHOLDS, POOR PEOPLE, PORTFOLIO, PORTFOLIO INFLOWS, PORTFOLIO INVESTMENT, POVERTY DYNAMICS, POVERTY ESTIMATES, POVERTY GAP, POVERTY INCIDENCE, POVERTY LINE, POVERTY LINES, POVERTY LINKAGES, POVERTY PROFILE, POVERTY RATES, POVERTY REDUCING, POVERTY REDUCTION, POVERTY SEVERITY, POVERTY THRESHOLD, PRICE INCREASES, PRIVATE INVESTMENT, PRODUCTIVITY, PRODUCTIVITY GROWTH, PUBLIC SECTOR DEBT, PUBLIC SPENDING, PUBLIC WORKS, PUBLIC-PRIVATE PARTNERSHIP, PURCHASING POWER, REAL ESTATE, REAL GDP, RECESSION, RED TAPE, REMITTANCE, REMITTANCES, RESERVE, RESERVE REQUIREMENT, RETURN, RETURNS, RURAL, RURAL AREA, RURAL AREAS, RURAL INCOME, RURAL POVERTY, RURAL POVERTY INCIDENCE, SAVINGS, SECONDARY TRADING, SHORT-TERM DEBT, SIDE EFFECTS, SOVEREIGN DEBT, SOVEREIGN RATINGS, SPECIFIC TAXES, STOCK EXCHANGE, STOCK MARKET, STOCKS, STRUCTURAL REFORMS, TARGETING, TAX, TAX COLLECTION, TAX EXPENDITURES, TAX INCENTIVES, TAX POLICY, TAX RATE, TAX SYSTEM, TRADE BALANCE, TRADE DEFICIT, TRADE FINANCE, TRADE SECTOR, TRANSPARENCY, TREASURY, UNEMPLOYMENT, UNEMPLOYMENT RATE, VOLATILITY, WAGE GROWTH, WAGES, WHOLESALE PRICES, YIELD CURVE