World Bank Group2017-05-222017-05-222011-12https://hdl.handle.net/10986/26692After a strong rebound in 2010, Philippine economic growth slowed by more than half to 3.6 percent in the first three quarters of 2011. Slower third quarter (Q3) growth of 3.2 percent was the result of significant contractions in exports and public investment. The contraction in exports largely reflected weaker demand in advanced economies while public investments continued to shrink in part because of measures to improve accountability of public spending. On the production side, industrial and agricultural activities were sluggish, leaving the services sector to buoy growth. To improve growth outcome in the remainder of the year, the government announced a PHP 72 billion (about 0.7 percent of GDP) disbursement acceleration plan to ensure that budgeted items are spent by year end. After a strong rebound in 2010, Philippine economic growth slowed by more than half to 3.6 percent in the first three quarters of 2011, bringing year to date growth below the government's revised target of 4.5 to 5.5 percent for 2011. Q3 growth of 3.2 percent was driven by private consumption and inventory build-up, which grew by 7.1 and 147.7 percent respectively. The country's slower expansion places it behind its neighbors with Indonesia, Vietnam, and Singapore growing above 6 percent, Malaysia at 5.8 percent, and Thailand, which was devastated by massive flooding in recent months, at 3.5 percent.en-USCC BY 3.0 IGOACCOUNTINGADVANCED COUNTRIESADVANCED ECONOMIESAGRICULTUREASSET PRICEASSET QUALITYBALANCE SHEETSBANK LENDINGBANK OFFICEBANKING SYSTEMBASE YEARBASIS POINTSBENCHMARKSBORROWING COSTBORROWING REQUIREMENTSBUDGET DEFICITBUDGETINGBUSINESS ENVIRONMENTCAPITAL ACCOUNTSCAPITAL ADEQUACYCAPITAL INFLOWSCAPITAL INVESTMENTCAPITAL OUTFLOWSCAPITAL OUTLAYCASH TRANSFERCENTRAL BANKCOMMODITYCOMMODITY PRICESCOMPARATIVE ADVANTAGECOMPETITIVENESSCONSUMERSCREDIT CARDCREDIT EXPANSIONCREDIT GROWTHCREDIT QUALITYCREDIT RATINGDEBT CRISISDEBT LEVELSDEBT MATURITYDEBT PAYMENTDEBT RATIODEBT STOCKDEFAULT RATINGDEPOSITDEPOSIT ACCOUNTDEVELOPING COUNTRIESDISBURSEMENTDOLLAR PRICEDOMESTIC ECONOMYDOMESTIC INTEREST RATESDOMESTIC LIQUIDITYDURABLEDURABLE EQUIPMENTECONOMIC GROWTHEMERGING MARKETSEQUITY MARKETEXCHANGE RATEEXCISE TAXESEXPANSIONARY POLICYEXPENDITUREEXPENDITURESEXPORT GROWTHEXPORT MARKETSEXPORT PERFORMANCEEXPORTEREXPORTSEXPOSUREEXTERNAL DEBTFINANCIAL MANAGEMENTFINANCIAL MARKETFINANCIAL MARKET PARTICIPANTSFINANCIAL SECTORFINANCIAL STABILITYFINANCIAL SYSTEMFISCAL CONSOLIDATIONFISCAL DEFICITFISCAL POLICYFIXED INVESTMENTFOOD PRICESFORECASTSFOREIGN BANKSFOREIGN CURRENCYFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFOREIGN EXCHANGE MARKETFOREIGN EXCHANGE TRANSACTIONSFOREIGN FIRMSFOREIGN INVESTORSFOREIGN PORTFOLIOFOREIGN PORTFOLIO INVESTMENTSGDPGLOBAL MARKETGLOBAL TRADEGOVERNMENT BONDSGOVERNMENT BUDGETGOVERNMENT DEBTGOVERNMENT SECURITIESGOVERNMENT SPENDINGGROSS VALUEGROWTH POTENTIALGROWTH RATEHOLDINGSHOUSEHOLD INCOMEHUMAN CAPITALHUMAN RESOURCEINCOME GROUPINCOME LEVELSINDEXATIONINELASTIC DEMANDINFLATIONINFLATION RATEINFLATIONARY PRESSURESINSURANCEINTEREST RATEINTERNATIONAL RESERVESINTERNATIONAL SETTLEMENTSINTERNATIONAL STANDARDINVENTORYINVESTMENT CLIMATEINVESTMENTS IN EQUITIESISSUANCEJOB CREATIONLABOR MARKETLEASE AGREEMENTSLENDING LIMITSLIABILITYLIQUIDITYLIQUIDITY MANAGEMENTLOCAL CURRENCYLOCAL GOVERNMENTLONG-TERM LOANSLOW INTEREST RATEMACROECONOMIC STABILITYMARKET LIQUIDITYMARKET PERFORMANCEMARKET RISKMARKET SHAREMATURITYMIDDLE INCOME COUNTRIESMOBILE PHONEMONETARY AUTHORITIESMONETARY FUNDMONETARY POLICYNEGATIVE EXTERNALITIESNET EXPORTSNON-PERFORMING LOANOPEN ECONOMYOUTPUTOUTSOURCINGPARTICULAR COUNTRYPER CAPITA INCOMEPOLITICAL STABILITYPORTFOLIOPORTFOLIO INFLOWSPRICE ELASTICITYPRICE ELASTICITY OF DEMANDPRICE INCREASESPRIVATE CREDITPROFIT MARGINPUBLIC FINANCESPUBLIC INVESTMENTPUBLIC SECTOR DEFICITSPUBLIC SPENDINGPUBLIC-PRIVATE PARTNERSHIPRAPID GROWTHREAL ESTATEREAL INTERESTREAL INTEREST RATESRECESSIONREFORM PROGRAMREGIONAL TRADEREGULATORY REQUIREMENTSREGULATORY SYSTEMREMITTANCERESERVERESERVE REQUIREMENTRESERVESRETURNRISK AVERSIONRISK PROFILERISK WEIGHTSAVINGSSHORT-TERM BORROWINGSHORT-TERM CAPITALSHORT-TERM DEBTSOCIAL DEVELOPMENTSSOCIAL PROTECTIONSOVEREIGN DEBTSTOCK EXCHANGESTOCK MARKETSTOCK MARKET INDEXSTOCKSSUPPLY SHOCKSSWAPT-BILLT-BILL RATETAXTAX INCENTIVESTAX POLICYTAX RATETAX REGIMETAX REVENUESTAX SYSTEMTAXATIONTRADE BALANCETRADE DEFICITTRADE REGIMETRADINGTRADITIONAL MARKETSTRANSPARENCYTREASURYTREASURY BONDTREASURY BOND AUCTIONSTROUGHUNEMPLOYMENTVOLATILITYWORLD DEVELOPMENT INDICATORSWTOReportWorld Bank10.1596/26692