World Bank2014-01-072014-01-072013-05https://hdl.handle.net/10986/16515The 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.en-USCC BY 3.0 IGOACCESS TO FINANCEACCESS TO MARKETSACCOUNTINGACCOUNTING STANDARDSADMINISTRATIVE REFORMSADVANCED ECONOMIESADVERSE IMPACTSAGRICULTUREASSET PRICEASSET PRICESAVERAGE DEBTBALANCE OF PAYMENTBALANCE OF PAYMENTSBALANCE SHEETSBANK ASSETBANK FINANCINGBANK LENDINGBANKING SECTORBASIS POINTSBONDSBORROWINGBORROWING COSTSBUDGETINGBUSINESS ACTIVITIESCAPITAL ACCOUNTCAPITAL FORMATIONCAPITAL INFLOWCAPITAL INFLOWSCAPITAL OUTFLOWSCASH REMITTANCESCASH TRANSFERCENTRAL BANKCENTRAL BANKSCHECKSCOLLATERALCOLLEGE DEGREESCOMMERCIAL BANKSCOMMODITY PRICESCOMPETITIVENESSCONSUMER EXPECTATIONSCONSUMER GOODSCONSUMPTION EXPENDITURECORPORATE DEBTSCORRUPTIONCREDIT CARDCREDIT CRUNCHESCREDIT MARKETSCREDIT RATINGCURRENT ACCOUNTDEBT RATIODEBT SERVICEDEBT STOCKDEFAULTSDEPOSITDEPOSIT ACCOUNTDEPOSITSDEVELOPING COUNTRIESDEVELOPMENT PROJECTSDIFFERENTIAL TAXATIONDISABLEDDISBURSEMENTSDISCOURAGED WORKERSDOMESTIC BORROWINGSDOMESTIC CREDITDOMESTIC INTEREST RATESDURABLEDURABLE EQUIPMENTECONOMIC ACTIVITIESECONOMIC GROWTHECONOMIC REFORMSECONOMIC RESEARCHEMPLOYERSEQUIPMENT PURCHASESEQUITY RATIOEXCHANGE COMMISSIONEXCHANGE RATEEXCISE TAXESEXPATRIATEEXPATRIATESEXPENDITUREEXPENDITURESEXPORT GROWTHEXPORTERSEXTERNAL DEBTFAMILIESFAMILY INCOMEFARMERFARMERSFINANCIAL ACCOUNTFINANCIAL ACCOUNTSFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL MANAGEMENTFINANCIAL MARKETFINANCIAL MARKET PARTICIPANTSFINANCIAL MARKETSFINANCIAL SECTORFINANCIAL STATEMENTSFISCAL POLICIESFISCAL POLICYFIXED CAPITALFOREIGN BANKSFOREIGN CAPITALFOREIGN CURRENCYFOREIGN CURRENCY DEBTFOREIGN DIRECT INVESTMENTFOREIGN DIRECT INVESTMENTSFOREIGN EXCHANGEFOREIGN FINANCINGFOREIGN INVESTORSFOREIGN PORTFOLIO INVESTMENTGDPGLOBAL ECONOMYGOVERNMENT DEBTGOVERNMENT DEFICITGOVERNMENT SPENDINGGROSS VALUEGROWTH PROJECTIONSGROWTH RATEHOST COUNTRIESHOUSEHOLD INVESTMENTHOUSEHOLDSINCOME TAXINDEXATIONINFLATIONINFLATION RATEINFORMAL WORKERSINFORMATION SYSTEMINPUT PRICESINSTITUTIONAL REFORMSINSURANCEINTELLECTUAL PROPERTYINTEREST BURDENINTEREST RATEINTEREST RATE DIFFERENTIALINTEREST RATE REGIMEINTEREST RATE VOLATILITYINTEREST RATESINTERNATIONAL INVESTMENTINTERNATIONAL STANDARDSINVENTORIESINVENTORYINVESTINGINVESTMENT CLIMATEINVESTMENT SPENDINGJOB CREATIONLABOR FORCE PARTICIPATIONLABOR FORCE SURVEYLABOR MARKETLEVYLIABILITYLIQUIDITYLOANLOAN PORTFOLIOLOW INTEREST RATELOW INTEREST RATESM3MARKET CAPITALIZATIONMARKET PRICESMATURITYMINIMUM WAGEMONETARY POLICYMONEY SUPPLYMORAL HAZARDSMORTGAGESNATIONAL INCOMENET EXPORTSNET WORTHNON-PERFORMING LOANSOPEN MARKETOPEN MARKET OPERATIONSPAYMENT SYSTEMPERSONAL INCOMEPHYSICAL CAPITALPLEDGESPOLITICAL STABILITYPORTFOLIOPORTFOLIO INFLOWSPRICE INCREASESPRIVATE BANKSPRIVATE INVESTMENTPROPERTY RIGHTSPROPERTY TAXPUBLIC FINANCEPUBLIC INVESTMENTPUBLIC SPENDINGREAL ESTATEREAL ESTATE LENDINGREAL ESTATE LOANSREAL PROPERTIESRECESSIONRED TAPEREGULATORY FRAMEWORKREMITTANCEREMITTANCESRESERVESRETURNRETURNSSALES GROWTHSECURE PROPERTY RIGHTSSECURITIESSHORT TERM INTEREST RATESMALLHOLDERSSOCIAL DEVELOPMENTSSTOCK EXCHANGESTOCK MARKETSTOCK MARKET INDEXSTOCK MARKETSSTOCKST-BILLT-BILL RATEST-BONDTAXTAX CODETAX COLLECTIONTAX EXPENDITURESTAX INCENTIVESTAX POLICYTAX RATESTAX REGIMETAX REVENUESTAX SYSTEMTERM DEPOSITTOTAL DEBTTRADE BALANCETRADE DEFICITTRADE FACILITATIONTRADE SECTORSTRANSPARENCYUNEMPLOYMENTUNEMPLOYMENT RATEURBAN AREASVALUE ADDEDVULNERABLE PEOPLEWAGESWITHDRAWALWorld Bank10.1596/16515