World Bank Group2015-01-072015-01-072011-09https://hdl.handle.net/10986/21130The Philippines Quarterly Update provides an update on key economic developments and policies over the past three months. It also presents findings from recent World Bank work on the Philippines. As of September 2011 due to sluggish exports and government spending, economic growth was lower than expected. The Philippine economy continued to decelerate during the first half of 2011 as investment and exports contracted. Private consumption growth remained robust, rising by 5.4 percent in the first half of 2011 and contributing 3.6 percentage points to GDP growth in Q2 2011. A contraction in construction spending slowed down growth of fixed capital formation. On the supply side, the resilient services sector was the main source of growth. The Philippines' external position and macroeconomic fundamentals remain strong. Monetary policy remains accommodating, while the fiscal deficit is likely to fall below target. After a strong rebound in 2010, economic growth in 2011 is likely to remain around 5 percent with downside risks. The challenge for policymakers is to ensure that the Philippines continues to improve its competitiveness, while cushioning the economy from adverse external shocks.CC BY 3.0 IGOACCOUNTABILITYACCOUNTINGACCOUNTS RECEIVABLESAGGREGATE DEMANDAGRICULTURAL COMMODITIESARBITRAGEBALANCE OF PAYMENTSBANK LENDINGBANKING SECTORBASIS POINTSBENEFICIARIESBONDBOND SPREADSBOND YIELDSBONDSBUDGET ALLOCATIONBUDGET CYCLEBUDGET DEFICITBUDGETINGCAPITAL ACCUMULATIONCAPITAL FORMATIONCAPITAL INFLOWSCAPITAL INVESTMENTCAPITAL OUTLAYSCAPITAL TRANSFERSCASH TRANSACTIONSCASH TRANSFERCDSCENTRAL BANKCIVIL SOCIETY ORGANIZATIONSCOMMODITY PRICESCONSUMER PRICE INDEXCONTRACTUAL OBLIGATIONSCREDIT DEFAULTCREDIT DEFAULT SWAPSCREDIT QUALITYCREDIT RATINGSCREDIT RISKCURRENT ACCOUNT SURPLUSDEBT BURDENDEBT CRISISDEBT MANAGEMENTDEBT OUTSTANDINGDEBT PAYMENTDEFAULT RATINGDEPOSITDEPOSITSDISBURSEMENTDOMESTIC BORROWINGDOMESTIC INVESTMENTDOMESTIC LIQUIDITYECONOMIC CONDITIONSECONOMIC DEVELOPMENTECONOMIC DEVELOPMENTSECONOMIC GROWTHECONOMIC UNCERTAINTIESEDUCATION SERVICESEMERGING ECONOMIESEMERGING MARKETSEQUIPMENTEQUITY CONSIDERATIONSEQUITY INDEXEQUITY MARKETSEXCHANGE RATEEXPENDITUREEXPENDITURE PROGRAMEXPENDITURESEXTERNAL DEBTEXTERNAL SHOCKSFINANCIAL ACCOUNTFINANCIAL ASSISTANCEFINANCIAL CONDITIONSFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL INTERMEDIATIONFINANCIAL MANAGEMENTFINANCIAL MANAGEMENT INFORMATIONFINANCIAL MANAGEMENT INFORMATION SYSTEMFINANCIAL MARKETFINANCIAL MARKET PARTICIPANTSFINANCIAL MARKETSFINANCIAL RESOURCESFINANCIAL SERVICE PROVIDERSFINANCIAL SHOCKSFINANCIAL VARIABLESFISCAL AUTONOMYFISCAL BALANCEFISCAL CONSOLIDATIONFISCAL DEFICITFISCAL DISCIPLINEFISCAL POLICYFISCAL POSITIONFIXED CAPITALFOREIGN BANKSFOREIGN CURRENCYFOREIGN DIRECT INVESTMENTSFOREIGN EXCHANGEFOREIGN EXCHANGE RESERVESFOREIGN EXCHANGE TRANSACTIONSFOREIGN FINANCIAL SERVICEFOREIGN FUNDSFOREIGN INVESTORSFOREIGN LOANSFOREIGN PORTFOLIO INVESTMENTSFOREIGN RESERVESFOREIGN TRADEGENERAL APPROPRIATIONSGLOBAL ECONOMYGLOBAL MARKETSGLOBAL TRADEGOVERNMENT BUDGETGOVERNMENT DEBTGOVERNMENT POLICYGOVERNMENT REVENUEGOVERNMENT SECURITIESGOVERNMENT SPENDINGGROWTH RATEHEALTH CAREHEALTH WORKERSHIGHER GOVERNMENT SPENDINGHOME MORTGAGEHOUSEHOLD INCOMEHUMAN CAPITALHUMAN RESOURCEINFLATIONINFLATIONARY PRESSURESINFORMATION SYSTEMINFRASTRUCTURE PROJECTSINSURANCEINTERNATIONAL FINANCEINTERNATIONAL MARKETSINVESTMENT CLIMATEINVESTMENT SPENDINGINVESTMENTS IN EQUITIESJUDICIAL SYSTEMLABOR MARKETLEASE AGREEMENTSLIABILITYLIQUIDITYLIQUIDITY MANAGEMENTLIVING STANDARDSLOCAL BANKSLOCAL CURRENCYLOCAL GOVERNMENTLONG-TERM LOANSLONG-TERM OBLIGATIONSMATURITYMICROENTERPRISESMONETARY POLICYMUTUAL FUNDNATIONAL BUDGETNATIONAL DEFENSENATIONAL EXPENDITURENATIONAL GOVERNMENTNATIONAL STATISTICSNATIONAL STATISTICS OFFICENEGATIVE SHOCKSNET CAPITALOIL PRICESOPEN ECONOMYPOLITICAL STABILITYPORTFOLIOPORTFOLIO INFLOWSPOVERTY REDUCTIONPRICE INDICESPRIVATE CONSUMPTIONPROGRAM IMPLEMENTATIONPROGRAMSPUBLIC EXPENDITUREPUBLIC EXPENDITURE EFFICIENCYPUBLIC EXPENDITURE REVIEWPUBLIC FINANCEPUBLIC FINANCESPUBLIC SPENDINGPUBLIC UTILITIESPUBLIC WORKSREMITTANCEREMITTANCESRESERVERESERVE REQUIREMENTRESERVE REQUIREMENTSRESOURCE MANAGEMENTRETURNRETURNSRISK AVERSIONRULE OF LAWSAFETY NETSHORT-TERM DEBTSOCIAL PROGRAMSSOCIAL SERVICESSOCIAL WELFARESOVEREIGN BONDSOVEREIGN DEBTSTOCK EXCHANGESTOCK MARKETTAXTAX ADMINISTRATIONTAX BASETAX COLLECTIONTAX COLLECTIONSTAX EFFORTTAX POLICIESTAX POLICYTAX SYSTEMTOTAL EXPENDITURESTOTAL SPENDINGTRADE BALANCETRADINGTRANCHETRANSPARENCYTREASURYTREASURY BILLTREASURY BILL RATESUNCERTAINTYWARRANTSYIELD CURVE10.1596/21130