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Publication(Washington, DC, 2013-09) World BankAccelerating inclusive growth - the type that creates more and better jobs and reduces poverty - is a key challenge for the Philippines. Instead of rising agricultural productivity paving the way for the development of a vibrant labor-intensive manufacturing sector and subsequently of a high-skill services sector, the converse has taken place in the Philippines. Agricultural productivity has remained depressed, manufacturing has failed to grow sustainably, and a low-productivity, low-skill services sector has emerged as the dominant feature of the economy. Lack of competition in key sectors, insecurity of property rights, complex regulations, and severe underinvestment by the government and the private sector have led to this growth pattern, which is not the norm in the East Asia region. This report analyzes the policy distortions that led to the country's weak employment record, highlights the unique window of opportunity where government, business, labor, and civil society can work together and agree on an agenda on job creation, and outlines a number of recommendations which the reform coalition can consider to put the country on an irreversible path of inclusive growth and address the jobs challenge.
Publication(Washington, DC, 2010-12) World BankAt the request of the Government of Papua New Guinea (PNG), a mission comprised of Jeff Chelsky (PRMVP, mission lead), Tomas Magnusson (BDM, consultant), Greg Horman (BDM, consultant) and Tim Bulman (EAP, country economist), visited Port Moresby between November 22nd and December 3rd to undertake a DeMPA exercise. The team met with officials from the Department of Treasury, Bank of Papua New Guinea, Department of Finance, Department of National Planning and Monitoring, State Solicitor's Office, Auditor General's Office, Independent Public Business Corporation (IPBC), AUSAid, Asian Development Bank, ANZ Bank, Nambawan Super, and Bank South Pacific (BSP). This report reflects comments received from the PNG authorities in February 2011. The mission found that, in a number of areas, PNG meets or exceeds minimum DeMPA requirements. Strengths include the quality of the debt management strategy, the framework for domestic debt issuance, coordination with monetary policy, and the legal framework (except for the issuance of T-bills for which the law contains no explicit borrowing purposes). Looking ahead, the Government has expressed its intention, as part of the 2011 budget and its updated 2011 Medium-term Debt Management Strategy, to remove the nominal cap on external debt, replacing it with a cap of 30 percent of Gross Domestic Product, or GDP. The commitment to allocate a portion of excess government revenue to debt reduction will only apply when the debt-to-GDP ratio exceeds 30 percent of GDP. At the same time, the Government has reiterated its commitment to reducing the exchange rate risks to its debt portfolio by targeting 40 percent of total debt over the medium term for the external portion of the portfolio. Interest rate risk will be reduced through continued efforts to extend the maturity of domestic debt.
Publication(World Bank, Washington, DC, 2010-01) World BankThis report presents the findings of the mission based on information available as on 28 January 2010. An executive summary and a summary of the indicative performance indicators are presented in section two. The country context and recent developments and reforms in the area of public financial management, which are important for the evaluation, are provided in section three. Section four explains each scoring in detail. Section six concludes and discusses potential next steps.