Report

Philippines Quarterly Update, June 2010 : The Recovery Continues Despite Global Financial Turbulence

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collection.link.85
https://openknowledge.worldbank.org/handle/10986/2193
collection.name.85
Economic Updates and Modeling
dc.contributor.author
World Bank
dc.date.accessioned
2017-08-14T19:38:29Z
dc.date.available
2017-08-14T19:38:29Z
dc.date.issued
2010-06
dc.date.lastModified
2021-04-23T14:04:42Z
dc.description.abstract
The Philippines economy posted robust growth in early 2010, in part due to large one-off factors. As did many countries in the region, the Philippines benefited from a strong rebound in global trade. Manufacturing and investment activity expanded briskly as a result. Private consumption continued to expand, as consumer confidence improved. Growth also benefited from election-related spending. Expansionary (and now pro-cyclical) fiscal policy continued to support growth. Despite a withdrawal of liquidity-enhancing measures and a stronger peso, a closing output gap meant that monetary policy remained accommodative. A World Bank study of Philippines migration pattern during the global recession reveals that deployment of overseas foreign workers (OFWs) actually accelerated during the crisis. Partly this reflected the fact that the top OFW destinations were not as affected as the rest of the world. The most affected OFWs were males, production workers (especially construction workers) and new hires. By contrast, females, services workers, seafarers and rehires proved resilient to the crisis or even benefited from it. Globally, less tolerance towards weak public finances is expected, raising the need to introduce a credible medium-term fiscal consolidation plan for the Philippines. Running a pro-cyclical fiscal policy with relatively high debt and limited fiscal space-as undertaken in the first-half of 2010-raises risks and should be reverted. Credibility towards such a goal could be achieved, for example, by designing a comprehensive multi-year reform package. As the output gap closes, the accommodative monetary policy introduced in 2008 would need to be gradually unwound, starting by reaching a broadly neutral stance in 2010. An increase in policy rates currently negative or slightly positive could achieve such a goal.
en
dc.identifier
http://documents.worldbank.org/curated/en/945561468094475893/Philippines-quarterly-update-the-recovery-continues-despite-global-financial-turbulence
dc.identifier.uri
http://hdl.handle.net/10986/27763
dc.language
English
dc.language.iso
en_US
dc.publisher
Washington, DC
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo
dc.subject
ACCOUNTING
dc.subject
ADVANCED ECONOMIES
dc.subject
AGRICULTURE
dc.subject
ANNUAL GROWTH
dc.subject
ASSET VALUES
dc.subject
BALANCE OF PAYMENTS
dc.subject
BALANCE OF TRADE
dc.subject
BANK CREDIT
dc.subject
BANK LENDING
dc.subject
BANKING SYSTEM
dc.subject
BASIS POINTS
dc.subject
BILL
dc.subject
BOND ISSUANCES
dc.subject
BUDGETING
dc.subject
BUFFER
dc.subject
CAPITAL FLOWS
dc.subject
CAPITAL INFLOWS
dc.subject
CASH TRANSFER
dc.subject
CENTRAL BANK
dc.subject
COMMODITY PRICES
dc.subject
COMPETITIVENESS
dc.subject
CONSOLIDATION
dc.subject
CONSUMER CONFIDENCE
dc.subject
CORE INFLATION
dc.subject
CREDIBILITY
dc.subject
CREDIT DEFAULT
dc.subject
CREDIT DEFAULT SWAPS
dc.subject
CREDIT GROWTH
dc.subject
CURRENT ACCOUNT
dc.subject
CURRENT ACCOUNT DEFICITS
dc.subject
CURRENT ACCOUNT SURPLUS
dc.subject
CURVE YIELD
dc.subject
CYCLICAL FACTORS
dc.subject
DAMAGES
dc.subject
DEBT CRISIS
dc.subject
DEBT DEFAULTS
dc.subject
DEBT LEVEL
dc.subject
DEBT LEVELS
dc.subject
DEBT RATIOS
dc.subject
DEBT STOCK
dc.subject
DEBT SUSTAINABILITY
dc.subject
DEBT-SERVICE
dc.subject
DEPRECIATION
dc.subject
DEVELOPING COUNTRIES
dc.subject
DISBURSEMENTS
dc.subject
DOMESTIC INTEREST RATES
dc.subject
DOMESTIC LIQUIDITY
dc.subject
DURABLE
dc.subject
DURABLE EQUIPMENT
dc.subject
ECONOMIC CONDITIONS
dc.subject
ECONOMIC DEVELOPMENT
dc.subject
ECONOMIC DEVELOPMENTS
dc.subject
ECONOMIC GROWTH
dc.subject
ECONOMIC SLOWDOWN
dc.subject
EFFECTIVE EXCHANGE RATE
dc.subject
EFFECTIVE EXCHANGE RATES
dc.subject
EMERGING MARKETS
dc.subject
EQUIPMENT
dc.subject
EURO ZONE
dc.subject
EUROPEAN MONETARY UNION
dc.subject
EXCHANGE RATE
dc.subject
EXCHANGE RATE SHOCKS
dc.subject
EXCHANGE RATES
dc.subject
EXIT STRATEGY
dc.subject
EXPENDITURE
dc.subject
EXPENDITURES
dc.subject
EXPORT GROWTH
dc.subject
EXPORTERS
dc.subject
EXPORTS
dc.subject
EXPOSURE
dc.subject
EXPOSURES
dc.subject
EXTERNAL BORROWINGS
dc.subject
EXTERNAL DEBT
dc.subject
EXTERNAL POSITION
dc.subject
EXTERNAL SHOCKS
dc.subject
FINANCIAL ASSET
dc.subject
FINANCIAL ASSETS
dc.subject
FINANCIAL CONSTRAINTS
dc.subject
FINANCIAL CRISIS
dc.subject
FINANCIAL MARKET
dc.subject
FINANCIAL MARKET PARTICIPANTS
dc.subject
FINANCIAL MARKETS
dc.subject
FINANCIAL STATEMENTS
dc.subject
FINANCIAL VULNERABILITY
dc.subject
FISCAL BALANCE
dc.subject
FISCAL BALANCES
dc.subject
FISCAL DEFICIT
dc.subject
FISCAL DEFICITS
dc.subject
FISCAL POLICIES
dc.subject
FISCAL POLICY
dc.subject
FISCAL POSITIONS
dc.subject
FOOD PRICES
dc.subject
FOREIGN ASSETS
dc.subject
FOREIGN CURRENCY
dc.subject
FOREIGN DEBT
dc.subject
FOREIGN DIRECT INVESTMENTS
dc.subject
FOREIGN EXCHANGE
dc.subject
FOREIGN EXCHANGE RISK
dc.subject
FOREIGN FINANCING
dc.subject
FORWARD CONTRACTS
dc.subject
GDP
dc.subject
GLOBAL BOND
dc.subject
GLOBAL BONDS
dc.subject
GLOBAL ECONOMY
dc.subject
GLOBAL MARKET
dc.subject
GLOBAL TRADE
dc.subject
GOVERNMENT DEFICITS
dc.subject
GOVERNMENT FINANCING
dc.subject
GOVERNMENT POLICY
dc.subject
GOVERNMENT REGULATION
dc.subject
GOVERNMENT SPENDING
dc.subject
GROWTH PERFORMANCE
dc.subject
GROWTH RATE
dc.subject
GROWTH RATES
dc.subject
HIGH INFLATION
dc.subject
HOLDING
dc.subject
HOLDINGS
dc.subject
HOUSEHOLD INCOMES
dc.subject
IMPORT
dc.subject
IMPORT DEMAND
dc.subject
IMPORTS
dc.subject
INFLATION
dc.subject
INFLATION EXPECTATIONS
dc.subject
INFLATION FORECAST
dc.subject
INFLATION RATE
dc.subject
INFLATION RISK
dc.subject
INFLATIONARY PRESSURES
dc.subject
INSURANCE
dc.subject
INTEREST PAYMENTS
dc.subject
INTERNATIONAL INVESTMENT
dc.subject
INTERNATIONAL RESERVES
dc.subject
INTERNATIONAL TRADE
dc.subject
INVENTORIES
dc.subject
INVENTORY
dc.subject
INVESTMENT ACTIVITY
dc.subject
INVESTMENT CLIMATE
dc.subject
INVESTMENT FLOWS
dc.subject
INVESTMENT STRATEGIES
dc.subject
ISSUANCE
dc.subject
JUDICIAL INDEPENDENCE
dc.subject
JUDICIAL SYSTEM
dc.subject
LABOR FORCE
dc.subject
LABOR MARKET
dc.subject
LACK OF CREDIT
dc.subject
LEGAL FRAMEWORK
dc.subject
LIQUIDITY
dc.subject
LIVING STANDARDS
dc.subject
LOCAL BANKS
dc.subject
LONG-TERM LOANS
dc.subject
LOSS OF COMPETITIVENESS
dc.subject
M2
dc.subject
MACROECONOMIC SHOCKS
dc.subject
MARK-TO-MARKET
dc.subject
MARKET EFFICIENCY
dc.subject
MARKET FORCES
dc.subject
MARKET LAWS
dc.subject
MARKET REFORMS
dc.subject
MATURITY
dc.subject
MONETARY AUTHORITIES
dc.subject
MONETARY CONDITIONS
dc.subject
MONETARY FUND
dc.subject
MONETARY POLICY
dc.subject
NATURAL DISASTERS
dc.subject
NATURAL RESOURCES
dc.subject
NEGATIVE SHOCKS
dc.subject
NET EXPORTS
dc.subject
OIL PRICE
dc.subject
OIL PRICES
dc.subject
OUTPUT GAP
dc.subject
POPULATION GROWTH
dc.subject
PORTFOLIO
dc.subject
PORTFOLIO INVESTMENTS
dc.subject
POVERTY REDUCTION
dc.subject
PRICE INCREASES
dc.subject
PRICE INDEX
dc.subject
PRICE INFLATION
dc.subject
PRIVATE CONSUMPTION
dc.subject
PRIVATE SECTOR CREDIT
dc.subject
PUBLIC DEBT
dc.subject
PUBLIC DEBT STOCK
dc.subject
PUBLIC EXTERNAL DEBT
dc.subject
PUBLIC FINANCES
dc.subject
PUBLIC FUNDS
dc.subject
PUBLIC SECTOR DEBT
dc.subject
RAPID GROWTH
dc.subject
RATE OF GROWTH
dc.subject
REAL EFFECTIVE EXCHANGE RATE
dc.subject
RECESSION
dc.subject
REGULATORY REFORM
dc.subject
REMITTANCE
dc.subject
REMITTANCES
dc.subject
RESERVES
dc.subject
RETURN
dc.subject
RISK AVERSION
dc.subject
SAFETY NET
dc.subject
SECURITIES
dc.subject
SHORT-TERM EXTERNAL DEBT
dc.subject
SHORT-TERM VOLATILITY
dc.subject
SLOWDOWN
dc.subject
SOVEREIGN DEBT
dc.subject
SOVEREIGN DEBT RESTRUCTURING
dc.subject
SOVEREIGN DEBTS
dc.subject
SOVEREIGN YIELD
dc.subject
SPOT MARKET
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STABLE INFLATION
dc.subject
STOCK EXCHANGE
dc.subject
STOCK MARKET
dc.subject
STOCK MARKET INDEX
dc.subject
STOCKS
dc.subject
STRUCTURAL REFORMS
dc.subject
SUPPLY SIDE
dc.subject
TAX
dc.subject
TOTAL EXTERNAL DEBT
dc.subject
TOTAL REVENUE
dc.subject
TRADE BALANCE
dc.subject
TRADE DATA
dc.subject
TRADE DEFICIT
dc.subject
TRADING
dc.subject
TRADING PARTNERS
dc.subject
TRANSPARENCY
dc.subject
TREASURY
dc.subject
TREASURY BONDS
dc.subject
UNCERTAINTY
dc.subject
UNEMPLOYMENT
dc.subject
UNEMPLOYMENT RATE
dc.subject
VALUATION
dc.subject
WARRANTS
dc.subject
WEAK BANKING SYSTEM
dc.subject
WEIGHTS
dc.subject
WITHDRAWAL
dc.subject
WORLD TRADE
dc.subject
YIELD CURVE
dc.title
Philippines Quarterly Update, June 2010
en
dc.title.subtitle
The Recovery Continues Despite Global Financial Turbulence
en
dc.type
Report
en
okr.date.disclosure
2010-10-21
okr.doctype
Economic & Sector Work :: Economic Updates and Modeling
okr.doctype
Economic & Sector Work
okr.docurl
http://documents.worldbank.org/curated/en/945561468094475893/Philippines-quarterly-update-the-recovery-continues-despite-global-financial-turbulence
okr.googlescholar.linkpresent
yes
okr.identifier.externaldocumentum
000334955_20101021043744
okr.identifier.internaldocumentum
12887921
okr.identifier.report
57422
okr.imported
true
okr.language.supported
en
okr.pdfurl
http://documents.worldbank.org/curated/en/945561468094475893/pdf/574220WP0P118410Quarterly0June02010.pdf
en
okr.region.administrative
East Asia and Pacific
okr.region.country
Philippines
okr.sector
Public Administration, Law, and Justice
okr.topic
Finance and Financial Sector Development :: Access to Finance
okr.topic
Finance and Financial Sector Development :: Currencies and Exchange Rates
okr.topic
Macroeconomics and Economic Growth :: Economic Forecasting
okr.topic
Macroeconomics and Economic Growth :: Economic Growth
okr.topic
Macroeconomics and Economic Growth :: Fiscal & Monetary Policy
okr.topic
Poverty Reduction :: Employment and Shared Growth
okr.unit
Knowledge and Information Servs. (IMTKI)

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