Philippines: Report for the July 2004 Post-Program Monitoring Discussions

Author: International Monetary Fund

Volume/Issue: Volume 2004 Issue 317

Publication date: October 2004

ISBN: 9781451831320

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Exports and Imports , Inflation , Economics- Macroeconomics , Public Finance , Taxation - General , ISCR , CR , government , policy , rate , authorities definition , economy , Policy adjustment , policy blueprint , GDP outturn , inflation outlook , Public sector , Tariffs , Value-added tax , Global , Middle East , Asia and Pacific , Eastern Europe

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Nepal

Grenada

Republic of Congo : 2001 Article IV

Summary

This paper focuses on 2004 Post Program Monitoring Discussions for the Philippines. The authorities are formulating a significant package of tax measures. IMF staff argued that the bulk of the additional revenues should be saved, thereby front-loading the medium-term deficit reduction effort. Such a strategy would boost market confidence and exploit the likely greater potential to enact tax measures at the beginning of the new administration’s term. The authorities are now also considering the power sector reforms.