This web page presents information about the work of the IMF in the Philippines, including the activities of the IMF Resident Representative Office. Additional information can be found on the Philippines and IMF country page, including IMF reports and Executive Board documents that deal with the Philippines.

The Philippines and the IMF Country Page

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At a Glance

At a Glance : Philippines's Relations with the IMF

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IMF's Work on the Philippines

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October 31, 2024

Asia and Pacific: Resilient Growth but Higher Risks

Short-term prospects for Asia and the Pacific have improved slightly compared to the IMF’s April forecasts, even though growth is still expected to moderate in 2024 and 2025. The regional growth projection for 2024 has been marked up to 4.6 percent from 4.5 percent in April, largely reflecting the over-performance in the first half of the year, and the region is forecast to contribute roughly 60 percent to global growth in 2024. In 2025, more accommodative monetary conditions are expected to support activity, resulting in a slight upward growth revision to 4.4 percent from 4.3 percent in April. Inflation has retreated in much of the region. At the same time, risks have increased, reflecting rising geopolitical tensions, uncertainty about the strength of global demand, and potential for financial volatility. Demographic change will act increasingly as a brake on activity, though structural shifts into high-productivity sectors such as tradable services hold promise to sustain robust growth.
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