Philippines Quarterly Update, September 2010 : Stepping Up Reforms to Sustain Growth

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作者：

World Bank

来源地址：

http://hdl.handle.net/10986/27764

关键词：

ACCESS TO CAPITAL;  ACCOUNTING;  ADVANCED ECONOMIES;  AGRICULTURAL COMMODITIES;  AGRICULTURAL OUTPUT;  AGRICULTURAL PRACTICES;  AGRICULTURE;  ASSET PRICE;  ASSET PRICES;  BALANCE OF PAYMENT;  BALANCE OF PAYMENTS;  BANK LENDING;  BANK POLICY;  BANKING SECTOR;  BANKING SYSTEM;  BASIS POINTS;  BENCHMARKS;  BENEFICIARIES;  BINDING CONSTRAINT;  BOND;  BOND PRICES;  BUDGETARY SUPPORT;  BUDGETING;  CAPITAL FLOWS;  CAPITAL INFLOWS;  CAPITAL INVESTMENT;  CAPITAL OUTLAYS;  CASH TRANSFER;  CDS;  CENTRAL BANK;  CENTRAL BANKS;  COMMODITY PRICES;  COMPARATIVE ADVANTAGES;  COMPETITIVENESS;  COMPLIANCE COSTS;  CONSUMER GOOD;  CONSUMER GOODS;  COORDINATION FAILURES;  CORRELATION ANALYSIS;  CREDIT DEFAULT;  CREDIT DEFAULT SWAPS;  CREDIT QUALITY;  CREDIT SPREADS;  CURRENT ACCOUNT SURPLUS;  DAMAGES;  DEBT CRISIS;  DEBT MATURITY;  DEBT SERVICE;  DEBT STOCK;  DEVELOPING COUNTRIES;  DEVELOPMENT ASSISTANCE;  DISBURSEMENTS;  DISCOUNT RATE;  DOMESTIC LIQUIDITY;  DOMESTIC MARKET;  DURABLE;  DURABLE EQUIPMENT;  ECONOMETRICS;  ECONOMIC BOOM;  ECONOMIC DEVELOPMENT;  ECONOMIC DEVELOPMENTS;  ECONOMIC SECTORS;  ELASTICITY;  EMERGING MARKET;  EMERGING MARKET COUNTRIES;  EMERGING MARKET EQUITY;  EMERGING MARKETS;  EQUITY INDEX;  EQUITY MARKET;  EQUITY MARKETS;  EQUITY RETURNS;  EXCHANGE RATE;  EXPENDITURE;  EXPENDITURES;  EXPORTER;  EXPORTERS;  EXPORTS;  EXTERNAL DEBT;  FEDERAL RESERVE;  FINANCIAL CONTAGION;  FINANCIAL CRISIS;  FINANCIAL MARKET;  FINANCIAL MARKET PARTICIPANTS;  FINANCIAL MARKETS;  FINANCIAL SHOCKS;  FINANCIAL VOLATILITY;  FISCAL AUTONOMY;  FISCAL CONSOLIDATION;  FISCAL DEFICIT;  FISCAL POLICY;  FIXED CAPITAL;  FIXED INCOME;  FLOATERS;  FOOD PRICES;  FOREIGN CURRENCY;  FOREIGN DIRECT INVESTMENT;  FOREIGN EXCHANGE;  FOREIGN EXCHANGE RESERVES;  FOREIGN INVESTMENTS;  FOREIGN INVESTOR;  FOREIGN INVESTORS;  GDP;  GLOBAL BONDS;  GLOBAL MARKETS;  GLOBAL TRADE;  GOVERNMENT BUDGET;  GOVERNMENT DEBT;  GOVERNMENT POLICY;  GROSS DOMESTIC PRODUCT;  GROSS NATIONAL SAVINGS;  GROWTH POTENTIAL;  GROWTH PROJECTIONS;  HOUSEHOLD INCOME;  INCOME INEQUALITY;  INEFFICIENCY;  INFLATION;  INFLATION EXPECTATIONS;  INFLATION RATE;  INSURANCE;  INSURANCE PREMIUM;  INTEREST PAYMENT;  INTEREST PAYMENTS;  INTERGOVERNMENTAL TRANSFERS;  INTERNATIONAL RESERVES;  INVESTING;  INVESTMENT CLIMATE;  INVESTMENT PROJECTS;  INVESTOR CONFIDENCE;  INVESTOR INTEREST;  ISSUANCE;  JOB CREATION;  JUDICIAL SYSTEM;  LABOR MARKET;  LABOR MARKETS;  LACK OF TRANSPARENCY;  LEGAL REFORMS;  LIQUIDITY;  LOCAL GOVERNMENT;  LONG-TERM DEBT;  LONG-TERM INTEREST;  MACROECONOMIC SHOCKS;  MANUFACTURING INDUSTRY;  MARKET ACCESS;  MARKET INDICES;  MARKET RETURNS;  MATURITIES;  MATURITY;  MONETARY POLICIES;  MONETARY POLICY;  MULTIPLIER EFFECTS;  NATIONAL SAVINGS;  NATURAL DISASTERS;  NEGATIVE EXTERNALITIES;  NEGATIVE SHOCKS;  NET EXPORTS;  OIL PRICES;  OUTSOURCING;  PENSION;  PER CAPITA INCOME;  POLITICAL UNCERTAINTY;  PORTFOLIO;  PORTFOLIO INFLOWS;  PORTFOLIO INVESTMENT;  PORTFOLIO INVESTMENTS;  PORTFOLIOS;  PRICE CHANGES;  PRICE INCREASES;  PRICE VOLATILITY;  PRODUCTION COSTS;  PUBLIC FINANCE;  PUBLIC FINANCES;  PUBLIC SECTOR DEBT;  RAPID ECONOMIC GROWTH;  REAL ESTATE INVESTMENT;  REAL GDP;  REAL INTEREST;  REAL INTEREST RATE;  REAL INTEREST RATES;  RECESSION;  REGIONAL TRADE;  REMITTANCE;  REMITTANCES;  RESERVE;  RISK EXPOSURE;  RISK PROFILE;  RURAL MARKET;  SAFETY NET;  SAMURAI BONDS;  SHORT TERM CAPITAL INFLOWS;  SHORT-TERM CAPITAL;  SHORT-TERM DEBT;  SHORT-TERM EXTERNAL DEBT;  SIDE EFFECTS;  SKILLED WORKERS;  SOVEREIGN DEBT;  SOVEREIGN DEBT MARKET;  SOVEREIGN DEFAULT;  SOVEREIGN RISK;  STABLE INTEREST RATES;  STOCK EXCHANGE;  STOCK MARKET;  STOCK MARKET INDEX;  STOCK MARKET VOLATILITY;  STOCKS;  TAX;  TAX COLLECTION;  TAX EXPENDITURES;  TAX POLICY;  TAX SYSTEM;  TAXATION;  TECHNICAL ASSISTANCE;  TIME CONSTRAINTS;  TOTAL REVENUE;  TRADE BALANCE;  TRADE DEFICIT;  TRADE LIBERALIZATION;  TRADE SECTORS;  TRANSPARENCY;  TREASURY;  UNEMPLOYMENT;  UNEMPLOYMENT RATE;  VERTICAL EQUITY;  WAGES;  WEALTH;  WITHDRAWAL;  YIELD CURVE;  Report;  Rapport;  Informe; 

年份：

2010

出版地：

Washington,USA

语种：

English

摘要：

The Philippine economy recovered strongly from the global recession owing to a combination of transitory and permanent, as well as global and idiosyncratic factors. Similar to its regional peers, the recovery was partly driven by the rebound in global trade and domestic consumption linked to sharp increases in consumer confidence. In the Philippines, growth was also spurred by two domestic and temporary factors-continued fiscal policy easing and election-related spending-and a structural one, namely the acceleration in global outsourcing which benefited the country's business process outsourcing sector and associated sectors such as construction. The economy is projected to grow by 6.2 percent in 2010 and by 5 percent in 2011, with large but broadly balanced risks. While inflation expectations are under control, the prospects of large short-term capital inflows partly linked to renewed quantitative easing by key G7 central banks are complicating monetary policy at a time when the economy no longer needs accommodative monetary policy. The first budget of the Aquino government could be a turning point for the Philippines in the public finance area. The 2011 budget changes current dynamics in two critical areas: the (structural and cyclical) fiscal policy stance and the quality of public finances. This "reform budget" renews the fiscal consolidation effort-albeit modestly and contains significant reform measures aimed at improving spending efficiency, transparency and accountability of the budget. For the 2011 budget to indeed turn the country away from a weak fiscal position, inconsistent spending efficiency, and significant gaps in public expenditure and financial accountability, efforts initiated in this budget will have to both be sustained over time and expanded. Strengthening revenue mobilization-through a modern tax system with efficiency and equity at its core-would enable future budgets to scale up spending needed to generate inclusive growth.