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Philippines -Development policy update (English)

The Philippines has achieved reasonable economic growth of about 4 percent per annum over the past two years, in spite of adverse global developments, sporadic conflict in Mindanao, political uncertainty and investor concerns regarding fiscal sustainability. The economy has been particularly resilient in view of concerns regarding fiscal management and the limited recovery in investment since the 1997 Asian financial crisis. The persistent low levels of investment - below 20 percent of GNP compared with about 23 percent in the early to mid 1990s - raises concerns about future growth. In recent years it has been consumption rather than investment that has underpinned growth, and this cannot continue indefinitely. Sustained geographically dispersed economic growth and relatively stable prices have resulted in a decline in poverty. Both the public and private sector will need to contribute for the Philippines to more fully achieve its development objectives. Three issues are central to improved public sector performance - fiscal management, off-budget losses and contingent liabilities, and governance. Mindful of the Philippines' relatively poor competitiveness and that growth, employment creation and poverty reduction depend critically on private sector performance, this update focuses on three key investment issues - infrastructure, the financial sector, and competition.

Details

  • Document Date

    2003/10/16

  • Document Type

    Development Policy Review (DPR)

  • Report Number

    26946

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Philippines,

  • Region

    East Asia and Pacific,

  • Disclosure Date

    2010/06/12

  • Disclosure Status

    Disclosed

  • Doc Name

    Philippines -Development policy update

  • Keywords

    ratio of debt service to export;spread of poverty;capital stock per worker;decline in tax revenue;paper and paper products;world development indicator;power sector asset;access to safe water;access to quality education;access to primary education;labor force participation rate;efficiency of resource use;issuance of treasury bill;public sector debt;power sector reform;universal primary education;debt service burden;Civil Service Reform;balance of payment;return on investment;private sector performance;inflow of remittance;Rule of Law;real interest rate;high population growth;Public Sector Governance;quality of education;fiscal performance;protection for bank;chart of account;quality public service;import tariff rate;banking sector reform;volume of deposit;level of employment;labor market institution;public sector financing;public sector finance;quality employment;quality of employment;private sector association;public sector source;high school education;rapid population growth;cost of transport;share of investment;net capital outflow;net official flows;demand for oil;reducing maternal mortality;barrier to entry;decline in poverty;poverty reduction objective;access to water;public health programs;public sector procurement;growth in agriculture;agricultural extension service;application of fertilizer;event of failure;access to justice;control of malaria;public sector performance;capital market development;domestic interest rate;per capita income;treasury bill rate;elasticity of poverty;public sector deficit;per capita gnp;bank lending rate;maternal health care;real estate market;capital per worker;incidence of poverty;agriculture and service;lack of capital;disparity in income;health care service;privatization of infrastructure;export growth;fiscal balance;trade balance;contingent liabilities;fiscal management;personal security;regulatory environment;contingent liability;excise tax;Tax Administration;Financial Sector;political uncertainty;bond spread;private consumption;tax collection;social security;employment creation;private investment;financial problem;consumer demand;financial viability;el nino;asian crisis;inflation rate;capital good;investment incentive;infrastructure service;consumer good;world economic;Fiscal Sustainability;thai baht;consumer goods;administrative effort;procurement reform;legislative measure;extreme poverty;higher growth;creditor right;poverty incidence;Gender Equality;long-term sustainability;real value;retirement fund;political environment;local investment;financial statement;electric cooperative;tax effort;maturity period;accounting standards;industrialized country;underweight child;retirement benefit;physical facility;fiscal incentive;sin tax;loan portfolio;generation asset;fiscal position;financial accountability;corn production;judicial system;Industrialized countries;crowding out;good governance;international corruption;public finance;pension program;fiscal budget;fiscal burden;net remittance;investment income;Tax Compliance;Public Spending;amortization payment;power producer;fiscal austerity;wholesale power;contribution rate;cash deficit;administrative structure;retail price;governance program;privatization receipt;investor confidence;long-term viability;primary surplus;risk assessment;financing need;precautionary measure;mitigation measure;alternative investment;worker remittance;factor income;wireless service;trade sector;industrial product;rising demand;corporate governance;high probability;poverty threshold;agricultural commodity;agricultural production;farming technique;external demand;market economy;low capital;import growth;open borders;equal access;liquidity crisis;household spending;food price;transport demand;private saving;reserve requirement;audit action;producer price;sales volume;tax plan;monetary policy;Haver Analytics;stock exchange;family labor;tax loss;budget deficit;domestic saving;unemployment rate;labor productivity;global development;investment issues;poverty increase

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Citation

Philippines -Development policy update (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/231951468298451188/Philippines-Development-policy-update