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Asia and Pacific > Philippines

You are looking at 1 - 10 of 45 items for :

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Cover Policy Papers
Fund Support for Debt- and Debt-Service-Reduction Operations
International Monetary Fund. Legal Dept., International Monetary Fund. Strategy, Policy, &, Review Department, and International Monetary Fund. Monetary and Capital Markets Department
The note concludes that the Fund could support a member’s use of buybacks, cash sweeteners, or collateral in the context of a Fund-supported program, provided that (i) debt restructurings using buybacks, cash sweeteners or collateral offer significant efficiency gains relative to debt restructurings that do not rely on such instruments, but are underpinned by a regular Fund-supported program; and (ii) an adequate cushion of non-multilateral debt remains after the operation. The conditions under which buybacks, cash sweeteners or collateral can be expected to deliver significant efficiency gains are narrow and specified in some detail.
Keywords:
PP; fund staff; DDSR Policy; Fund-financing of buyback; Fund-supported DDSROs; debtor country; Fund-financed DDSROs; cash payment; DDSRO operation; Debt relief; Debt restructuring; Debt reduction; Debt service; Currencies; Sub-Saharan Africa
Cover Regional Economic Outlook, October 2018, Asia Pacific
Regional Economic Outlook, October 2018, Asia Pacific
Asia at the Forefront: Growth Challenges for the Next Decade and Beyond
International Monetary Fund. Asia and Pacific Dept

Abstract

Growth in the first half of 2018 was softer than in 2017, especially in advanced economies. In contrast, growth remained robust in emerging market economies and broadly in line with expectations. After rising to 6.9 percent in 2017, growth in China continued to be strong into the first half of 2018 but has likely slowed since, given the latest high-frequency indicators, including weakening investment growth. In Japan, after exceeding potential for two years, growth dropped into negative territory in the first quarter of 2018 before rebounding sharply in the second quarter. In India, growth continues to recover steadily after the disruptions related to demonetization and the rollout of the goods and services tax in the last fiscal year.1 And in ASEAN-4 economies (Indonesia, Malaysia, the Philippines, Thailand), growth generally lost momentum in the first half of 2018, except in Thailand.

Keywords:
REO; IMF staff calculation; economy; trade; growth strategy; growth; growth slowdown; Asia's growth; growth engine; trade tension scenario; Productivity; Total factor productivity; Tariffs; Digitalization; Global financial crisis of 2008-2009; Asia and Pacific; Global
Cover The ASEAN Way
The ASEAN Way
Sustaining Growth and Stability
Ms. Ana Corbacho and Mr. Shanaka J Peiris

Abstract

The first part of the book examines the evolution of monetary policy and prudential frameworks of the ASEAN­5, with particular focus on changes since the Asian financial crisis and the more recent period of unconventional monetary policy in advanced economies. The second part of the book looks at policy responses to global financial spillovers. The third and last part of the book elaborates on the challenges ahead for monetary policy, financial stability frameworks, and the deepening of financial markets.

Keywords:
BOOK; monetary policy; exchange rate; economy; inflation expectation; transmission mechanism; monetary policy framework; ASEAN economy; Association of Southeast Asian Nations-5; inflation-targeting regime; Macroprudential policy; Financial sector stability; Inflation; Foreign exchange intervention; Global; Asia and Pacific; North America; Southeast Asia; Europe; countercyclical monetary policy; Global financial crisis of 2008-2009; Caribbean
Cover IMF Working Papers
Commodity Price Shocks and Financial Sector Fragility
Mr. Tidiane Kinda, Mr. Montfort Mlachila, and Rasmané Ouedraogo
This paper investigates the impact of commodity price shocks on financial sector fragility. Using a large sample of 71 commodity exporters among emerging and developing economies, it shows that negative shocks to commodity prices tend to weaken the financial sector, with larger shocks having more pronounced impacts. More specifically, negative commodity price shocks are associated with higher non-performing loans, bank costs and banking crises, while they reduce bank profits, liquidity, and provisions to nonperforming loans. These adverse effects tend to occur in countries with poor quality of governance, weak fiscal space, as well as those that do not have a sovereign wealth fund, do not implement macro-prudential policies and do not have a diversified export base. These findings are robust to a battery of robustness checks.
Keywords:
WP; price shock; return on equity; banking crisis; real interest rate; Commodity price shocks; financial sector fragility; commodity exporter; commodity exports price shock; commodity producer; B. price shock; commodity subcategory; commodity price indices; terms of trade; commodity price shocks increase; commodity price downturn; oil price shock; long-lasting adverse commodity price shock; Nonperforming loans; Financial sector; Commodity prices; Banking crises; Sub-Saharan Africa; Asia and Pacific; Middle East; North Africa; oil price collapse; shocks measure; using price; Caribbean
Cover IMF Working Papers
The Big Split: Why Did Output Trajectories in the ASEAN-4 Diverge after the Global Financial Crisis?
Agnes Isnawangsih, Mr. Vladimir Klyuev, and Ms. Longmei Zhang
The global financial crisis originated in advanced economies, but had a major impact on emerging markets. The impact, however, was not uniform. Even in a relatively homogenous group of countries such as ASEAN-4 (Indonesia, Malaysia, the Philippines and Thailand), there were considerable differences both in terms of instantaneous impact of the crisis and in terms of output performance relative to trend. There are several main reasons for the divergence. First, trade shocks had a larger impact on more open economies (Malaysia and Thailand). Second, countercyclical fiscal stimulus in Indonesia and the Philippines was larger and was sustained longer. Third, idiosyncratic factors pushed output up in Indonesia and down in Thailand. Such factors include investment-friendly structural reforms and fortuitously timed election spending in Indonesia, as well as political instability and natural disasters in Thailand.
Keywords:
WP; Indonesia; Thailand; Philippines; IMF staff calculation; Malaysia; Global Financial Crisis; ASEAN; Countercyclical Policies; output gap; demand shock; Indonesia ma; potential GDP; Exports; Global financial crisis of 2008-2009; Fiscal stimulus; Capital outflows; Depreciation; Global; Asia and Pacific
Cover IMF Staff Country Reports
Philippines: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This article is an empirical analysis on tax collections in the Philippines. The tax system is characterized by a rule of tax incentives provided by 13 investment agencies. Tax collections showed regular growth. The GDP ratio increased from 12.1 percent (2009) to 12.8 percent (2012), but the revenue-to-GDP ratio was low to fill large gaps for education, health, and infrastructure; therefore the authorities encompassed the sin taxes (alcohol and tobacco excises). The most important source of income for the Philippines is the labor export. This large-scale labor emigration fetches a sufficient amount of annual inflows of more than 9 percent of GDP.
Keywords:
ISCR; CR; Philippines; remittance; VAT; excise; remittance inflow; Bangko Sentral ng Pilipinas; excise tax tax collection; worker household; elasticity estimate; Tax collection; Corporate income tax; Value-added tax; Personal income tax; Remittances; Global
Cover IMF Working Papers
Global Financial Crisis, Financial Contagion, and Emerging Markets
Gülçin Özkan and Ms. Filiz D Unsal
The recent global financial crisis was the first in recent history that was triggered by problems in the financial system of the mature economies. Existing work on financial crisis in emerging market countries, however, almost exclusively focus on the role of financial frictions in the domestic economy. In contrast, we propose a two-country DSGE model to investigate the transmission of a global financial crisis that originates from financial frictions in the rest of the world. We find that the scale of financial spillovers from the global to the domestic economy and trade openness are key determinants of the severity of the financial crisis for the domestic economy. Our results also suggest that the welfare ranking of alternative monetary policy regimes is determined by the degree of financial contagion, the degree of trade openness as well as the scale of foreign currency denominated debt in the domestic economy.
Keywords:
WP; financial crisis; exchange rate; sudden stops; emerging markets; domestic economy; monetary policy; foreign economy; interest rate; economic activity; home economy variable; foreign currency; current account; business cycle; Conventional peg; Self-employment; Exchange rate arrangements; Financial contagion; Global
Cover IMF Working Papers
The Determinants of Economic Growth in the Philippines: A New Look
Ms. Willa Boots J. Tolo
This paper uses a panel of 23 emerging markets for the period 1965?2008 to study the determinants of per capita GDP growth in the Philippines. The Philippines is an outlier in terms of agricultural exports, investment, research and development, population growth, and political uncertainty. Panel regressions reveal that these factors, along with the deficit, inflation, trade openness, the current account balance and the frequency of crisis episodes are siginificant determinants of growth. A growth index confirms that these determinants also capture the absolute and relative performance of each country over time and suggests that the Philippines has lacked a sustained period of relatively strong economic reforms.
Keywords:
WP; emerging market; GDP; Philippines; real GDP; growth rate; relative index; growth divergence; emerging markets; emerging market group; trade freedom index; emerging market norm; emerging market average; GDP growth; fast-growing emerging markets; Emerging and frontier financial markets; Current account balance; Agricultural exports; Gross fixed investment; East Asia; Asia and Pacific
Cover IMF Working Papers