Philippines: Recent Economic Developments

International Monetary Fund

No 1995/113, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper reviews economic developments in the Philippines during 1990–95. By 1994, all the elements for a strong recovery had finally fallen into place. Gross National Product (GNP) growth accelerated to 5 percent, fueled by a strong performance of investment and export-oriented manufacturing. Based on this favorable composition of growth, and a near 50 percent increase in remittances, the balance of payments improved. In stark contrast to the earlier recovery, the current account deficit narrowed by 1 percentage point to 4½ percent of GNP.

Keywords: ISCR; CR; U.S. dollar; balance of payments; debt service; monetary policy; private sector; trade deficit; foreign exchange; Public sector; Tariffs; Imports; Middle East; Eastern Europe (search for similar items in EconPapers)
Pages: 90
Date: 1995-12-01
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