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Philippine economic update : accelerating reforms to meet the jobs challenge (Inglês)

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.

Detalhes

  • Data do documento

    2013/05/01

  • TIpo de documento

    Atualizações e modelagem econômicas

  • No. do relatório

    78254

  • Nº do volume

    1

  • Total Volume(s)

    1

  • País

    Filipinas,

  • Região

    Leste Asiático e Pacífico,

  • Data de divulgação

    2013/06/06

  • Disclosure Status

    Disclosed

  • Nome do documento

    Philippine economic update : accelerating reforms to meet the jobs challenge

  • Palavras-chave

    United States Department of Agriculture;Autonomous Region in Muslim Mindanao;Maintenance and Other Operating;conditional cash transfer program;private sector job creation;Cost of Doing Business;World Integrated Trade Solution;short term interest rate;renewable source of energy;investment grade credit rating;small and medium enterprise;labor force participation rate;private consumption;net job creation;private consumption growth;Public Spending;merchandise export;Public Financial Management;infrastructure spending;total tax revenue;higher government spending;asset price bubble;financial market volatility;interest rate shock;external debt service;demand for food;balance of payment;lack of infrastructure;supply of oil;real estate market;formal sector employment;national income account;global positioning system;debt sustainability analysis;total debt service;house of representative;global economic growth;real estate property;public service provider;interest rate differential;foreign direct investment;foreign portfolio investment;amount of remittance;recipient of remittance;interest rate setting;refined oil product;working age population;sovereign credit rating;imports of petroleum;crude oil import;trade in goods;reliance on foreign;unpaid family worker;jobs and poverty;machinery and equipment;decline in poverty;number of vehicles;poverty incidence rate;Economic Research Service;business process outsourcing;investment climate issue;open market operation;tax administration measure;stock market index;gdp growth rate;incidence of poverty;investment in housing;domestic demand growth;raising tax rate;high tax rate;demand for transport;engine of growth;education and health;financial market participant;secure property right;fiscal policy;monetary policy;durable equipment;higher growth;Fiscal policies;Capital Inflows;external account;net export;remittance on growth;informal sector;oil consumption;tax collection;merchandise import;financial account;international reserve;household consumption;intellectual property;food expenditure;macroeconomic fundamentals;informal worker;discouraged worker;oil production;export growth;capital formation;standard deviation;investment spending;production side;supply side;petroleum product;middle class;real wage;vested interests;inclusive growth;borrowing cost;high remittance;trade deficit;public consumption;food price;business environment;fiscal stance;global economy;raw material;private investment;high share;Labor Market;tobacco product;negative growth;private construction;external demand;domestic reform;import growth;domestic economy;primary reason;capital good;payment system;minimum wage;financial crisis;global slowdown;tax effort;economic reform;global recovery;unemployment rate;investment growth;pay taxes;debt stock;trade balance;tax policy;total employment;excise tax;capital outflow;gross value;oil supply;sin tax;advanced economy;diesel consumption;weather condition;electricity rate;food supply;price growth;inflation average;Oil Export;gasoline consumption;food production;political interference;budget process;tobacco production;total consumption;complaint mechanisms;reverse repurchase;economic recovery;high spending;household investment;primary basis;bond market;household appliance;t-bill rate;corridor systems;overnight rate;differential taxation;public share;money supply;inflation rate;utilization rate;policy target;overseas jobs;foreign bank;estate tax;tax audit;domestic borrowing;international standard;foreign financing;Mining Taxation;customs administration;Tax Reform;political stability;global growth;productive activity;incremental expenditure;absorptive capacity;fiscal incentive;construction spending;government consumption;transport equipment;average contribution;administrative measure;rule banning;campaign spending;general elections;national account;survey household;economic zone;weak demand;construction activities;automobile sale;external balance;export basket;manufacturing jobs;domestic export

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