The Philippines quarterly update provides an update on key economic developments and policies over the past three months. It also presents findings from recent World Bank work on the Philippines. It places them in a longer-term and global context, and assesses the implications of these developments and other changes in policy for the outlook for the Philippines.
Its coverage ranges from the macro-economy to financial markets to indicators of human welfare and development. It is intended for a wide audience, including policy makers, business leaders, financial market participants, and the community of analysts and professionals engaged in the Philippines. After a strong rebound in 2010, economic growth in 2011 is likely to remain around 5 percent with downside risks. In response to the slower growth and the weaker economic outlook in advanced economies, we revise our growth forecast downward from 5.0 percent to 4.5 percent for 2011 and from 5.4 percent to 5.0 percent for 2012.
The Philippines is enjoying relative political stability and its fiscal position has improved. Capital inflows are expected to continue, but Foreign Direct Investment (FDI) is projected to moderate as foreign investors have become more cautious in light of the recent financial turmoil. Consumption is expected to be buoyed by falling unemployment, the government's expansion of the conditional cash transfer program, and sustained remittance inflows. The current account surplus is projected to rise driven by
World Bank.Author:Yi,Soonhwa;Lachler,Ulrich;Rosario,Diana del.Document Date:2011/09/01.Document Type:Working Paper.Report Number:65750.Volume No: 1 of 1
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