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Philippines - Country economic memorandum : issues in adjustment and competitiveness (English)

This report has two themes. The first is that, despite an impressive recovery from the crises of the mid-1980s, the Philippines economy has not yet attained a sustainable growth path. The need for further macroeconomic adjustment arises for three main reasons: first, because of the effects of rising domestic debt and interest rates; second, because of recent policy slippages, especially with respect to fiscal and exchange rate management; and, third, because of a series of exogenous shocks, including a prolonged drought during the winter and spring of 1989-90, an earthquake in July 1990, and recent turmoil in the Middle East which has raised oil prices substantially. The second theme is that, despite significant structural reform efforts, the country has not yet achieved a level of efficiency that would make it vigorously competitive in the world economy. To achieve this, the Philippines must broaden the scope and deepen the intensity of structural reform efforts.


  • Document Date


  • Document Type

    Pre-2003 Economic or Sector Report

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  • Region

    East Asia and Pacific,

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  • Doc Name

    Philippines - Country economic memorandum : issues in adjustment and competitiveness

  • Keywords

    public corporation;domestic debt;current account deficit;allocation of government expenditure;real effective exchange rate;financial intermediation;per capita consumption growth;public sector borrowing requirement;access to external finance;domestic real interest rate;Cost of Doing Business;dispersion of tariff rate;access to safe water;price of import oil;public sector deficit;fiscal deficit;public debt;price of oil;domestic capital market;domestic interest rate;fees and charge;government financial institution;domestic public debt;competitive exchange rate;balance of payment;quantitative restriction;privatization program;oil price;trade promotion organization;market interest rate;financial market structure;export market share;cost of transportation;internal cash generation;performance evaluation system;external debt service;restrictions on imports;Exchange rate policies;lack of competitiveness;exchange rate management;exchange rate policy;export promotion effort;sale of asset;privatizing public enterprise;lack of transparency;sale of share;social security system;external debt reduction;foreign currency loan;external debt management;tight monetary policy;current account surplus;direct foreign investment;labor market issue;public investment program;share of export;savings and investment;value added tax;total factor productivity;operations and maintenance;domestic debt rose;increase in inflation;consumer price index;collective bargaining agreement;improvements in efficiency;structure of taxes;public sector employment;debt equity conversion;road transport industry;country economic memorandum;nominal interest rate;higher interest rate;suppliers of credit;nominal lending rate;lack of investment;interest rate structure;sector adjustment loan;foreign reserve accumulation;higher interest payments;nominal exchange rate;power generation capacity;high reserve requirement;local energy source;types of expenditure;income tax rate;international oil price;fiscal adjustment;financing requirement;Macroeconomic Management;Exchange Rates;macroeconomic balance;macroeconomic adjustment;macroeconomic indicator;import liberalization;Tax Exemption;private investment;t-bill market;reducing expenditure;Financial Sector;import restriction;inflationary expectation;commercial bank;monetary condition;Industrial Policies;gross receipt;higher growth;public revenue;rationalization program;financial asset;potential investor;disbursement rate;fiscal effort;financial system;fiscal pressure;trade regime;market orientation;external financing;economic efficiency;excise tax;credit allocation;capital expenditure;electricity cost;oil product;oil crisis;adjustment program;incentive system;exogenous shock;economic recovery;world market;policy scenario;Industrial Policy;adjustment strategy;transportation cost;payment crisis;imported oil;budgetary allocation;market-based mechanisms;energy cost;import growth;export growth;macroeconomic performance;interest cost;regulatory intervention;macroeconomic development;stabilization effort;oil shock;budgetary support;bureaucratic problems;branch licensing;economic crisis;business failure;economic sector;regulatory environment;high capital;bank license;banking sector;Electric Power;fiscal situation;delinquent account;Public Utilities;foreign bank;budgetary impact;capital equity;corporate planning;Agrarian Reform;withholding tax;high tax;promotional effort;program coordination;export policy;export loans;industrial environment;public asset;protein intake;poverty problem;macroeconomic stabilization;real wage;direct investment;regulatory system;money supply;reform process;agricultural sector;household income;world economy;banking system;policy slippage;physical asset;public offering;accelerated privatization;fiscal resource;fiscal need;auction procedure;nominal depreciation;world price;retail price;fiscal account;demand shock;political difficulty;rising debt;competitive market;insurance organization;primary dealer;t-bill rate



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Philippines - Country economic memorandum : issues in adjustment and competitiveness (English). Washington, D.C. : World Bank Group.