IMF Staff Country Reports

Philippines: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Philippines

December 15, 2023

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Format: Chicago

Philippines: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Philippines, (USA: International Monetary Fund, 2023) accessed December 19, 2024

Summary

After a strong recovery from the pandemic in 2022, growth moderated in the first half of 2023 due to external headwinds, fiscal underspending, and normalization of pent-up demand. Inflation decelerated from the peak in early 2023 supported by domestic policy tightening despite a recent uptick related to resurgent commodity prices. Growth is projected to rebound in the second half of 2023 and 2024 while inflation is expected to gradually approach the target. Risks to the growth outlook are tilted to the downside, mainly stemming from persistently high inflation, globally and locally, and a highly uncertain global economic and geopolitical environment. Upside risks to the inflation outlook include higher commodity prices and potential second-round effects.

Subject: Economic and financial statistics, Expenditure, External sector statistics, Inflation, International organization, Monetary policy, Prices, Public debt, Revenue administration

Keywords: Asia and Pacific, Catch-up expenditure plan, External sector statistics, Global, IMF staff representative, Inflation, Inflation expectation, Staff appraisal, Staff projection

Publication Details

  • Pages:

    85

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2023/414

  • Stock No:

    1PHLEA2023002

  • ISBN:

    9798400260551

  • ISSN:

    1934-7685

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