Philippines: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Philippines

September 4, 2015

Preview Citation

Format: Chicago

Philippines: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Philippines, (USA: International Monetary Fund, 2015) accessed November 21, 2024

Summary

This 2015 Article IV Consultation highlights that the Philippine economy continues to expand strongly in line with potential growth. Real GDP grew by 6.1 percent in 2014, driven by household consumption, private construction, and exports of goods and services. Economic growth slowed in the first quarter of 2015, owing mainly to temporary factors, including the effects of dry weather on agricultural production, weak global demand for exports, and slow budget execution. The outlook for the Philippine economy remains favorable despite uneven and generally weaker global growth prospects. Real GDP is projected to grow by 6.2 percent in 2015, as lower commodity prices lift household consumption and improved budget execution raises public spending.

Subject: Credit, Expenditure, Money, Public debt, Public financial management (PFM), Public investment and public-private partnerships (PPP), Public investment spending

Keywords: Asia and Pacific, Authority, Break, Checkless disbursement scheme, CR, Credit, Economy, Global, Government initiative, IMF staff projection, ISCR, Output gap, Philippines, Public investment and public-private partnerships (PPP), Public investment spending, Short-term debt, US$ billion

Publication Details

Pages:

75
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2015/246
Stock No:

1PHLEA2015002
ISBN:

9781513591728
ISSN:

1934-7685

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