Philippines: Staff Report for the 2005 Article IV Consultation and Post-Program Monitoring Discussions

Author: International Monetary Fund

Volume/Issue: Volume 2006 Issue 092

Publication date: March 2006

ISBN: 9781451831368

$20.00

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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 , GDP , VAT reform package , deficit , reform , government , reform package , privatization receipt , authorities definition , US$ billion , nonfinancial public sector revenue net , Public sector , Value-added tax , Privatization , Global

Also of interest

Peru

Nepal

Grenada

Republic of Congo : 2001 Article IV

Summary

The staff report for the 2005 Article IV Consultation on the Philippines highlights managing short-term vulnerabilities and higher investment and growth. Power generation tariffs have been raised to substantially cut the losses of the National Power Corporation (NPC). A risk to the near-term outlook for the Philippine economy is that political events, such as possible constitutional change, serve to sideline economic reforms. Executive Directors agreed that rebalancing the composition of public expenditure, with reduced current outlays providing space for capital and social spending, should form an integral part of the fiscal consolidation.