2026-07-01http://hdl.handle.net/123456789/412445Despite typhoon Yolanda and a string of natural disasters throughout 2013, Philippine economic growth accelerated to 7.2 percent in 2013. Higher growth was underpinned by the robust performance of consumption and services, and supported by the expansion of investments and manufacturing. Like other emerging markets, Philippine financial markets experienced large volatilities as investors responded to the tapering of the United States (U.S.) stimulus program. Monetary and fiscal policy remained supportive of growth. Amid the challenging global environment and the impact of typhoon Yolanda, the Philippines are likely to sustain high growth in the medium-term. Risks to growth include a slower global recovery, financial market volatilities following the tapering of the U.S. stimulus program, potential bubbles in the real estate sector, slower post-typhoon reconstruction, and domestic reform lags. The government responded quickly to the typhoon by rolling out immediate humanitarian aid and preparing the reconstruction assistance on Yolanda (RAY), a strategic plan to guide recovery and reconstruction in the affected areas. The Philippines will also need to prepare more broadly for the increased risk of disasters brought about by climate change. The Philippine economic update provides an update on key economic and social developments, and policies over the past six months. It also presents findings from recent World Bank studies on the Philippines.application/pdftext/plainCC BY 3.0 IGOhttp://creativecommons.org/licenses/by/3.0/igo/ACCOUNTINGADVANCED ECONOMIESAGRICULTUREALTERNATIVE FUNDINGARBITRAGEASSET PRICESBALANCE OF PAYMENTSBALANCE SHEETSBANK DEPOSITBANK DEPOSITSBANK LENDINGBANKING SECTORBANKING SYSTEMBASIS POINTSBENCHMARKBENCHMARK BONDSBIDBONDBOND PRICEBOND PRICESBONDSBORROWING COSTSBROKERSBUDGET DEFICITBUSINESS CYCLECAPITAL ADEQUACYCAPITAL FORMATIONCAPITAL INFLOWSCAPITAL INVESTMENTSCAPITAL OUTFLOWSCASH TRANSFERCENTRAL BANKCLEAN WATERCOMMERCIAL BANKINGCOMMERCIAL BANKSCOMPARATIVE ADVANTAGECOMPETITIVENESSCONSUMER EXPECTATIONSCONSUMER GOODSCREDIT CARDSCREDIT EXPANSIONCREDIT GROWTHCREDIT RATINGCREDIT RISKCRITICAL INFRASTRUCTURECURRENCYCURRENT ACCOUNT SURPLUSDAMAGESDEBT BURDENDEBT CONSOLIDATIONDEBT LEVELSDEBT STOCKDEFICITSDEPOSITDEPOSIT ACCOUNTSDEVELOPING COUNTRIESDISBURSEMENTSDIVIDENDSDOMESTIC ECONOMYDOMESTIC MARKETDURABLEDURABLE EQUIPMENTECONOMIC COOPERATIONECONOMIC GROWTHEMERGING MARKETEMERGING MARKETSEQUITY CAPITALEXCHANGE RATEEXCISE TAXESEXPENDITUREEXPORT GROWTHEXPORTERSEXPORTSEXPOSUREEXTERNAL DEBTFINANCE CORPORATIONFINANCIAL ASSETSFINANCIAL INSTITUTIONSFINANCIAL MARKETFINANCIAL MARKET PARTICIPANTSFINANCIAL MARKETSFINANCIAL RISKSFINANCIAL SECTORFINANCIAL STABILITYFINANCIAL SYSTEMFINANCIAL SYSTEMSFISCAL POLICYFLEXIBLE EXCHANGE RATEFLOW STATISTICSFOREIGN CAPITALFOREIGN CURRENCIESFOREIGN DIRECT INVESTMENTSFOREIGN INVESTMENTFOREIGN INVESTORSFOREIGN PORTFOLIO INVESTMENTSGDPGLOBAL ECONOMYGOOD GOVERNANCEGOVERNMENT ASSETSGOVERNMENT EXPENDITUREGOVERNMENT FINANCESGOVERNMENT POLICYGOVERNMENT SPENDINGGROWTH POTENTIALGROWTH PROJECTIONSGROWTH RATESHOLDINGHOUSEHOLD INCOMEHUMAN CAPITALHUMAN DEVELOPMENTINCOME TAXESINCOMESINDUSTRIALIZATIONINFLATIONINFLATION TARGETINFLATIONARY PRESSURESINFRASTRUCTURE DEVELOPMENTINFRASTRUCTURE INVESTMENTSINSTITUTIONAL INVESTORSINSURANCEINSURANCESINTEREST RATEINTEREST RATE DIFFERENTIALSINTEREST RATESINTERNATIONAL DEVELOPMENTINTERNATIONAL FINANCEINTERNATIONAL STANDARDINVESTMENT CLIMATEINVESTMENT SPENDINGISSUANCEJOB CREATIONLACK OF COLLATERALLEGAL PROTECTIONLIABILITYLIQUIDITYLOANLOAN PORTFOLIOLOCAL ECONOMIESLOCAL ECONOMYLOCAL GOVERNMENTLOCAL GOVERNMENTSLONG-TERM LOANSLOW INTEREST RATELOW INTEREST RATESM3MANUFACTURING INDUSTRIESMARKET ASSETSMARKET VOLATILITIESMARKET VOLATILITYMATURITYMONETARY FUNDMONETARY POLICYMONEY SUPPLYMULTIPLIER EFFECTMULTIPLIER EFFECTSNATURAL DISASTERSNET EXPORTSNONPERFORMING LOANSOIL PRICESOUTPUTOUTSOURCINGPHYSICAL ASSETSPLEDGESPOLITICAL STABILITYPORTFOLIOPORTFOLIO INFLOWSPORTFOLIO INVESTMENTPORTFOLIO INVESTMENTSPORTFOLIOSPRINCIPAL PAYMENTSPRIVATE INVESTMENTPROBABILITY OF DEFAULTSPROPERTY RIGHTSPUBLIC FINANCEPUBLIC FINANCESPUBLIC INVESTMENTPUBLIC INVESTMENTSPUBLIC SPENDINGRAPID GROWTHREAL ESTATEREAL ESTATE LENDINGREMITTANCEREMITTANCE SERVICESREMITTANCESRESERVESRETURNRISK DIVERSIFICATIONRISK MANAGEMENTRISK REDUCTIONSAFETY NETSSAVINGSSAVINGS CAPACITYSHORT-TERM CAPITALSOCIAL DEVELOPMENTSSOCIAL SAFETY NETSSPOT MARKETSTATIC ANALYSISSTOCK EXCHANGESTOCK MARKETSTOCK MARKET INDEXSTOCK MARKETSSTOCKSSUPERVISORY AUTHORITYSUSTAINABLE DEVELOPMENTT-BILLT-BILL RATETAXTAX COLLECTIONTAX COLLECTIONSTAX INCENTIVESTAX POLICYTAX RATESTAX REVENUESTAX SYSTEMTRADE DEFICITTRADINGTRANSPARENCYTREASURYTREASURY BILLTREASURY BILL RATESTROUGHUNEMPLOYMENTUNEMPLOYMENT RATEVALUE ADDEDVOLATILITIESVOLATILITYWAGESWHOLESALE MARKETWITHDRAWALWITHHOLDING TAXWORLD TRADEWORLD TRADE ORGANIZATIONWTO