phil economic update

7/28/2019 Phil Economic Update

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PHILIPPINE ECONOMIC UPDAT

Accelerang Reormto Sustain Growth

December 201

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PHILIPPINE ECONOMIC UPDATE - Db 2012

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PHILIPPINE ECONOMIC UPDATE

Accelerang Reormsto Sustain Growth

December 2012

World Bank Oce Manila

www.worldbank.org/ph

P R E M U


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Accelerang Reorms to Sustain Growth

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The Philippine Economic Update provides a bi-annual update on key economic and social

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Tb CPREfACE ..........................................................................................................................................

ExECUTIvE SUMMARy ...................................................................................................................

RECENT ECONOMIC AND POLICy DEvELOPMENTS ....................................................................... 1

Output, Demand and Employment ..................................................................................................... 1

External Accounts.............................................................................................................................. 4

Financial Markets............................................................................................................................... 8

Fiscal Policy ........................................................................................................................................ 10

Inflation and Monetary Policy .......................................................................................................... 11

PROSPECTS AND POLICy RECOMMENDATIONS ............................................................................ 13

Output, Demand, and Employment .................................................................................................... 13

External Accounts.............................................................................................................................. 14

Fiscal Policy ........................................................................................................................................ 16

Inflation and Monetary Policy .......................................................................................................... 19The Medium Term Reform Agenda..................................................................................................... 20

SPECIAL fOCUS .............................................................................................................................. 23

I. Sustaining Growth in the Philippine BPO Sector: Opportunities and Challenges ...................... 23

II. The Mindanao Power Crisis: Can Natural Gas Make a Difference? ............................................ 31

III. Open Government/Open Data ....................................................................................................... 34

DATA APPENDIx .............................................................................................................................. 42

SELECTED SPECIAL fOCUS SECTIONS fROM PREvIOUS ECONOMIC UPDATES............................. 44

SELECTED RECENT WORLD BANk PUBLICATIONS ON THE PHILIPPINES ....................................... 48

f

figure 1. The Philippine economy was one the fastest growing economies in East Asia ................ 8figure 2. Weakness in investment in durable equipment was offset by strong

growth in construction ..................................................................................................... 8figure 3. Growth was sustained by strong private consumption, public spending and

investment ..................................................................................................... 8figure 4. Growth in the services sector remained resilient while manufacturing and

agriculture also picked up ..................................................................................................... 8

figure 5. Net new job creation in July fell to its lowest level since 2007 ....................................... 9figure 6. Sectors characterized by high informality have shed jobs............................................... 9figure 7. Share of formal jobs in total employment increased ....................................................... 10figure 8. Unemployment remains high............................................................................................... 10figure 9. External balances remain healthy...................................................................................... 11figure 10. The G-3 is a key destination for Philippines exports ........................................................ 11figure 11. Diversification towards non-electronics helped offset weakness in

electronics ................................................................................................... 12figure 12. Japan has become an increasingly important destination for exports .......................... 12

fIGURE 1. THE PHILIPPINE ECONOMY WAS ONE OF THE FASTEST GROWING ECONOMIES IN EAST ASIA 2

fIGURE 2. WEAKNESS IN INVESTMENT IN DURABLE EQUIPMENT WAS OFFSET BY STRONG GROWTH

IN CONSTRUCTION 2

fIGURE 3. GROWTH WAS SUSTAINED BY STRONG PRIVATE CONSUMPTION, PUBLIC SPENDING

AND INVESTMENT 2

fIGURE 4. GROWTH IN THE SERVICES SECTOR REMAINED RESILIENT WHILE MANUFACTURING

AND AGRICULTURE ALSO PICKED UP 2

fIGURE 5. NET NEW JOB CREATION IN JULY FELL TO ITS LOWEST LEVEL SINCE 2007 3

fIGURE 6. SECTORS CHARACTERIZED BY HIGH INFORMALITY HAVE SHED JOBS 3

fIGURE 7. SHARE OF FORMAL JOBS IN TOTAL EMPLOYMENT INCREASED 4

fIGURE 8. UNEMPLOYMENT REMAINS HIGH 4

fIGURE 9. EXTERNAL BALANCES REMAIN HEALTHY 5

fIGURE 10. THE G-3 IS A KEY DESTINATION FOR PHILIPPINES EXPORTS 5

fIGURE 11. DIVERSIFICATION TOWARDS NON-ELECTRONICS HELPED OFFSET WEAKNESS IN ELECTRONICS 6


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fIGURE 12. JAPAN HAS BECOME AN INCREASINGLY IMPORTANT DESTINATION FOR EXPORTS 6

fIGURE 13. SLOWER IMPORT GROWTH RELATIVE TO EXPORTS HAS HELPED RESTRAIN THE TRADE DEFICIT 7

fIGURE 14. GROWTH IN REMITTANCES REMAINS STABLE, ALBEIT SLOWING 7

fIGURE 15. REMITTANCESS FROM EUROPE HAVE REBOUNDED DESPITE THE ONGOING DEBT CRISIS 7

fIGURE 16. CONTINUED INFLOWS LIKELY REFLECT THE DIVERSE JOBS HELD BY OFWS 7

fIGURE 17. AS GLOBAL FINANCIAL MARKET TENSIONS HAVE EASED, CAPITAL INFLOWS HAVE REBOUNDED 9

fIGURE 18. GIR CLIMBED TO NEW RECORDS SUPPORTED BY REMITTANCES AND NET PORTFOLIO INFLOWS 9

fIGURE 19. TREASURY YIELDS HAVE DECLINED SUBSTANTIALLY ACROSS THE TERM STRUCTURE 9

fIGURE 20. OVERSEAS INVESTORS HAVE HELPED PUSH THE PSEI TO NEW HIGHS 9

fIGURE 21. INFLATION REMAINS BENIGN AND IS AT THE LOWER END OF THE CENTRAL BANKS TARGET 11

fIGURE 22. SLOW ADJUSTMENTS IN FOOD, UTILITIES, FUEL AND TRANSPORT PRICES 11

fIGURE 23. A POSITIVE CONSUMER OUTLOOK SUGGESTS PRIVATE DEMAND SHOULD HOLD FIRM 14

fIGURE 24. BUSINESS SENTIMENT ALSO REMAINS POSITIVE WITH THE EXCEPTION OF EXPORTERS 14

fIGURE 25.PHILIPPINES: PUBLIC SECTOR DETERMINISTIC DEBT SUSTAINABILITY ANALYSIS

17

Tb

TABLE 1. SELECTED KEY POLICY RECOMMENDATIONS 21

TABLE 2. PHILIPPINES: SELECTED ECONOMIC INDICATORS, 2009-14 42

TABLE 3. PHILIPPINES NATIONAL GOVERNMENT CASH ACCOUNTS (GFS BASIS), 2008-12 43

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BOx 1. ASSESSING FISCAL SUSTAINABILITY FOR THE PHILIPPINE ECONOMY 17


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S f

S Gw P BPO S:I.

O CThe Philippine Business Process Outsourcing industry has enjoyed tremendous success over the

past decade, emerging as a global leader in voice-services and the second largest provider of

non-voice, more complex services. With revenues of over USD11 billion, and credited with nearly

2 million jobs (directly and indirectly), the sector has become a major driver of the economy.

However, there are both opportunies and challenges ahead. The global oshoring industry is

expected to roughly double in size to about USD260 billion by 2016 with the expansion in

knowledge and analycal services. This Special Focus takes a closer look at the factors that have

underpinned past success, and what it will take for the Philippines to sustain its lead in voice

services and capture a greater share of the knowledge and analycal services going forward. 31

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M R L A E I P C R A

Nb - I

service provider delivery publicly announced

6 3 3

1824

19 2132 32 35

3949

1525

7 716 14

1913 14

2009 2010 2011

25


36/60


28

Tb 1.1. Gb w P .

ountries L anguageGovernment

support

Labor pool InfrastructureEducational

system

Cost

Political and

economic

environment

Cultural

compatability

Global and

legal maturity

Data and IP

security and

rivac

Total score

India Very good Excellent Excellent Good Very good Very good Very good Very good Good Good 39

Mexico Good Very good Very good Good Good Very good Good Very good Good Very good 35

Chile Good Very good Good Very good Good Good Very good Good Good Fair 32

h Republic Good Good Good Good Very good Good Good Good Good Very good 32

alaysia Very good Very good Good Very good Good Good Good Good Good Fair 32

Poland Good Good Good Good Good Good Very good Very good Good Fair 31

China Fair Very good Good Very good Good Very good Very good Good Fair Poor 30

auritius Good Good Fair Good Good Very good Good Very good Good Fair 30

ilippines Very good Good Good Good Good Very good Fair Very good Fair Fair 30

Brazil Fair Good Good Good Fair Fair Excellent Very good Good Fair 29

Gartner rating (2010-11)

S: G G, G (2012)

Tb 1.2. G BPO P.

P I M C E

C Investment-related

I

C 3.09

percent customs duty

on imported capital

C

up to 100

percent,

Varies

V- (VAT),

Import duty

-

equipment

O Talentdevelopment

T

T E

S D

A (TESDA)

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20-40

percent

T

to 8 percent

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subsidy

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cost-linked

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, VAT-

S,

; 50

on stamp duty

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telecom,

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and rental

discounts

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8

( 4

6

years)

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holiday in special

(SEZ)

only, plus 50 percent

2 5-

blocks subject to

reinvestment

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payment at 5

income

100 percent

5

A

B

Corporate

tax rate

cuts

S: BPAP (2012)

Count ries LanguageGovernment

supportLabor pool Infrastructure

Educational

systemCost

Political and

economic

environment

Cultural

compatability

Global and

legal maturity

Data and IP

security and

rivac

Total score

India Very good Excellent Excellent Good Very good Very good Very good Very good Good Good 39

Mexico Good Very good Very good Good Good Very good Good Very good Good Very good 35

Chile Good Very good Good Very good Good Good Very good Good Good Fair 32

Czech Republic Good Good Good Good Very good Good Good Good Good Very good 32

Malaysia Very good Very good Good Very good Good Good Good Good Good Fair 32

Poland Good Good Good Good Good Good Very good Very good Good Fair 31

China Fair Very good Good Very good Good Very good Very good Good Fair Poor 30

Mauritius Good Good Fair Good Good Very good Good Very good Good Fair 30

Philippines Very good Good Good Good Good Very good Fair Very good Fair Fair 30

Brazil Fair Good Good Good Fair Fair Excellent Very good Good Fair 29

Gartner rating (2010-11)

S: G G, G (2012)

26

Gartner rang (2010-11)Polical and

economic

environment

Data and IP

security and

privacyTotal scoreCostInfrastructureLabor poolLanguageCountries

Global and

legal maturity

Cultural

compatability

Educaonal

system

Government

support


37/60

29


C O

T b b7.

w . A

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,

. T (G 2012, L

2012, M . 2008).

kw BPO8.

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, USD125

USD255-260 2016. H, , - ( , , , ),

IT 80

2016 (F 1.4). T O R N

(ORN)36 ,

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, - ,

(F 1.5).

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35 C ( )

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38/60


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Sz w - b BPO w10.

P BPO w. That the Philippines

I 2010 -

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-

- (F 1.6).

f 1.4. Gb w ,

- .

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.

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300

250

200

150

100

50

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BPO-voice

IT/ESO*

Horizontal(Finance

and

accounng,

HR, KPO*,

Procurement), 28

Other

industry

specic,

43

2010

esmate

2016

projecon

28

300

250

200

150

100

50

0

BPO-non-voice

BPO-voice

IT/ESO*

Horizontal

(Finance

and

accounng,

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Procurement), 28

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43

2010

esmate

2016

projecon

USD P U S

E


39/60

31


BPO ,

.37

f 1.6. L b

.

Tb 1.3. k

P BPO .

Scalable educated

talent pool

5-8

A

A ,

Cost

compettveness

H

I 20-30

P

Infrastructure C

A

S N W

Government

support and

public private

partnership

I

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, 2016

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L

R S: BPAP (2012), N, W B: ESO Source: BPAP (2012)

A , -2011 12.

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40/60


32

2012) , 166 IT-BPO GIC

Philippines.38 I , P :

, L

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BPAP (2012) P IT-BPO I P 2012.://../

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P, A 2008, V: 22, I: 3

38 S 40 2-3

A,

, T O 2009.30


41/60

33


The Mindanao Power Crisis: Can Natural Gas Make a Dierence?II.

Historically, Mindanao has relied on hydropower to sasfy its power consumpon needs. But

with few aracve hydro plants le to be built, and modest potenal in smaller renewable

energy power plants, other opons, notably coal red power plants, are being considered. ThisSpecial Focus examines whether liqueed natural gas (LNG)-based plants are a viable and cost-

ecient alternave, and why an LNG terminal and associated power plants are not being acvely

developed.39

T M, 25 , 1.

w. T ,

,

, . P

, -

. H, M .

M w b w.2. The

- Agus and Pulangi

700 () (

900). A , M

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,

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.

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40 M ( ,

- , PHP12 ). A

- 400

; ( )

- .

39 T S F A T, S E S W B

M G P S N 2012, M

E S. B W B P

.31


42/60


34

A - w , w w j 4.

b b . C . A 300

M USD660 . A -

. S

M? T , LNG. T

, .

R w b W B q b LNG-5.

w M . A M ,

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, Agus and Pulangiplants. In

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LNG . T

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w LNG- w M 450 w z w b z b 70

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32


43/60

35


f 2.1. M M G O Pj (Gw H [w])

S: W B

S LNG - , w LNG 8.

w b ? T G P,

D E (DOE), D F,

M D A,

. T

G

. T

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-

M

.

T b - q w b b 9.

b- LNG . T DOE

P M - LNG

. T , C O,

, , ,

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M

short electricity market, to its cheapest and most abundant.

33

0

5000

10000

15000

20000

25000

30000

35000

2013 2014 2015 2016 2017 2018 2019 2020

Generation(GWh)

Oil

Hydro

Gas

Coal

Geothermal


44/60


36

In this new era of Open Development we are seeing a fundamental shi in how governments

communicate with their stakeholders in civil society, academia, media and cizens to form

coalions around improved transparency, accountability and access to services. The Philippines

has the opportunity to lead the conversaon on this new paradigm of development through

increased availability of development data that was only previously available to selectgovernment ocials. This Special Focus addresses some of the opportunies and challenges

that the Philippines must consider towards realizing this vision to achieve inclusive growth.40

T P O G P

I M 2011 Aq P D P1.

(PDP)41 2011-2016 b S

C w f P. The development plan represents a vision anchored

, P

40 T S F H R, G G S W B

R B, L E P. I N 2012

G P O G P,

S 20, 2011

, -,

.41 P D P 2011-2016 N E D A ://

....34

III. O G/O D: Hw O DP G C P IT Cz P P?


45/60

37


kung walang corrupt, walang mahirap42

,

resources.

O 20 Sb 2011 P 2. z z P

D P O

G P (OGP) B, I, M, N, S A,

U K, U S. T , P

( , ,

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) ,

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.

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A P43 J 2012. T A P I P P

G E D, I S B P

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.

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.

T , O G 4.

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42 T kung walang corrupt, walang mahirap I , .43 ://..//.

35


46/60


38

O G D

T O G D w O D 5.

z , ,

-, . T ,

- (NGO) . S O D

F I (FOI) A

, ?

f 3.1. T Pw O D: M P E C (2011) b

-- P.

S: W B S: W B

G w P 6.

,

. S , ,

, NGO

. H,

, . W

Sulu Sea Sulu Sea

Luzon StraitLuzon Strait

Number of Primary Schools

0 - 260

261 - 520

521 - 780

781 - 1040

1041 - 1300

Pupil -Teacher Rao

0 - 28

28.1 - 30

30.1 - 35

35.1 - 40

40.1 - 84

36


47/60

39


,

. H,

,

(F 3.1).

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b b z-

. T

. S

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data.gov and data.gov.uk,

, K44 and Moldova45

(F 3.2).

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w w b O D . T D B

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E O D I A: ://..//75642393/O-D-

K-L-V.45 R, H. et al. (2012). T J O G O D M. A ://.

.//99595560/T-J--O-G--O-D-M.

37

44 R, H. et al. (2011). O D K A C S U D, P O

E O D I A: ://..//75642393/O-D-

K-L-V.45 R, H. et al. (2012). T J O G O D M. A ://.

.//99595560/T-J--O-G--O-D-M.


48/60


40

. I , D B M Budget ng

Bayan (B N) ,

C P,

(F 3.3).

f 3.2. U S k O D b , w .

S: O G P U S (.) K (..)

f 3.3. B N: A z b, b w

z fb.

38


49/60

41


Hw, b bw 11.

. F , P N H T

S (NHTS)

. S

.

T P H O D Pb

O G D b 12.

-

: (1) , (2)

, (3) , (4)

bureaucracy.

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G D , ,

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M w, P f I A 2012 14.

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b H. S 4 H B

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O G D

.

SECTION. 4. Access to Informaon. Every person who is a Filipino cizen has a right to and shall,

on request, be given access to any record under the control of a government agency. Government

agencies shall make available to the public for scruny, copying and reproducon in the manner

provided by this Act, all informaon pertaining to ocial acts, transacons or decisions, as well

as government research data used as a basis for policy development, subject to the excepons

enumerated under secon 6 of this Act, regardless of their physical form or format in which they

are contained and by whom they were made.

Freedom of Informaon Bill (2012) submied to the Commiee on Public Informaon of the

House of Representaves

39

SECTION. 4. Access to Informaon. Every person who is a Filipino cizen has a right to and shall,

on request, be given access to any record under the control of a government agency. Government

agencies shall make available to the public for scruny, copying and reproducon in the manner

provided by this Act, all informaon pertaining to ocial acts, transacons or decisions, as well

as government research data used as a basis for policy development, subject to the excepons

enumerated under secon 6 of this Act, regardless of their physical form or format in which they

are contained and by whom they were made.

Freedom of Informaon Bill (2012) submied to the Commiee on Public Informaon of the

House of Representaves


50/60


42

O G D f

T ICT P z w 15.

. A 99

P . T F ,

. T P E

A P

(SMS) (F 3.4). A 2008, 68

76 .46

G w ICT b , 16.

P w b

w b b z . ICT

-

, , . T -

,

-,

. B , ICT

.

f 3.4. Mb Sb ( 100 P) P 1990 2012

S: W B 2012

T w B P O (BPO) w P 17.

b w . I , P BPO

46 I T U (ITU) 2008

MobileSubscriptons(per100People)

Philippines W E A & P ( )

199

0

199

1

199

2

199

3

199

4

199

5

199

6

1997

1998

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

2007

200

8

200

9

201

0

201

1

201

2

100

80

60

40

20

0

Y

40

MobileSubscriptons(per100People)

Philippines W E A & P ( )

1990

1991

1992

1993

199

4

199

5

199

6

1997

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

2007

200

8

200

9

201

0

201

1

201

2

100

80

60

40

20

0

Y


51/60

43


. C

P,

IT

standards.

T b b b b 18.

w z w w b

. T ,

,

, -

O G D.

I, P , w 19.

w b w

. F,

, .

M,

, ,

ICT P.

C: Rz v O G O D

I w O D w w20.

w , , z

. The Philippines is best

O

G , ICT ,

, , .

41


52/60


44

D A

Tb 2. P: S E I, 2009-14

2009 2010 2011 2012 2013 2014

Prel. Act.

Growth and inflation

Gross domestic product (% change) 1.1 7.6 3.9 6.0 6.2 6.4

Inflation (period average) 3.2 3.8 4.8 3.5 4.0 4.0

Savings and investment

Gross national savings 22.1 24.8 24.9 25.2 25.5 26.3

Gross domestic investment 16.6 20.5 21.8 22.0 22.5 23.6

Public sectorNational government balance (GFS basis)

1/-3.9 -3.6 -2.1 -2.4 -2.3 -2.1

National government balance (Govt Definition) -3.7 -3.5 -2.0 -2.3 -2.1 -2.0

Total revenue (Govt Definition) 14.0 13.4 14.0 14.0 14.6 14.9

Tax revenue 12.2 12.1 12.3 12.8 13.4 13.7

Total spending (Govt Definition) 17.7 16.9 16.1 16.3 16.7 16.9

National government debt 54.8 52.4 50.9 49.0 48.0 46.7

Balance of payments

Merchandise exports (% change) -22.1 34.8 -6.8 7.0 6.0 6.0

Merchandise imports (% change) -24.0 31.5 2.6 4.0 6.7 7.2

Remittances (% change of US$ remittance) 5.6 8.2 7.2 5.0 4.0 4.0

Current account balance 5.6 4.2 3.1 3.2 2.9 2.7

Foreign direct investment (billions of dollars) 1.6 1.2 1.3 1.5 2.0 2.5

Portfolio Investment (bill ions of dollars) -0.6 4.0 5.5 3.5 4.0 4.2

International reserves

Gross official reserves2/

(billions of dollars) 44.2 62.4 75.3 83.2 83.4 83.6

Gross official reserves (months of imports) 8.7 9.6 11.1 11.8 11.2 10.6

External debt3/

37.3 36.3 34.8 33.0 31.8 30.8

Actual Projection

(in percent of GDP, unless otherwise indicated)

S: G P , W B

1/ T CB-BOL G F

S M (GFSM).

2/ I 3/ T W B . T : ) G D

H O/B A P, -

/ , ) L- -

BSP P , ) L-

.

42


53/60

45


Tb 3. P N G C A (GfS B), 2008-12

Jan-Oct Year Jan-Oct Budget WB proj.

Revenue and grant 15.2 14.0 13.4 11.5 14.0 11.7 14.2 14.0

Tax revenue 13.6 12.2 12.1 10.1 12.3 10.4 13.1 12.8

Net income and profits 6.2 5.2 5.4 4.8 5.9 4.8 5.9 6.1

Excise tax 0.8 0.7 0.7 0.6 0.7 0.5 0.6 0.9

Sales taxes and li censes 2.3 2.7 2.4 1.9 2.4 2.2 2.7 2.5

Others 0.8 0.6 0.7 0.6 0.7 0.6 0.6 0.8

Coll ection from Customs 3.4 3.1 2.9 2.2 2.7 2.2 3.3 2.5

Nontax revenue1/

1.6 1.7 1.3 1.4 1.6 1.3 1.1 1.2

Grant 0.0 0.00 0.0 0.0 0.0 0.0 0.0 0.0

Total expenditure2/

16.7 17.9 17.0 12.4 16.1 12.9 16.9 16.4

Current expenditures 13.6 14.3 13.8 10.4 13.3 10.5 13.4 13.2

Personnel services 4.9 5.2 5.2 4.0 5.1 4.0 5.4 5.2

MOOE 1.8 2.1 2.0 1.4 2.1 1.8 2.4 2.4

Allotment to LGUs 2.2 2.5 2.4 2.0 2.4 1.7 2.0 2.0

Subsidies 0.2 0.2 0.2 0.2 0.5 0.2 0.2 0.3

Tax expenditures 0.8 0.6 0.5 0.2 0.3 0.2 0.3 0.3

Interest payment 3.7 3.7 3.4 2.5 3.0 2.6 3.1 3.0

Capital outlays 2.9 3.4 3.1 1.8 2.6 2.1 3.3 2.7

Net lending 0.2 0.2 0.1 0.2 0.2 0.3 0.2 0.5

Balance (GFS definition) -1.5 -3.9 -3.6 -0.9 -2.1 -1.2 -2.7 -2.4

Balance (GOP definition) -0.9 -3.7 -3.5 -0.8 -2.0 -1.1 -2.6 -2.3

Primary Balance (GFS) 2.2 -0.3 -0.2 1.6 0.8 1.4 0.4 0.6

Memorandum items

Privatization receipts (PHP bill ions) 31.3 1.4 0.9 0.7 0.9 0.5 2.0 2.0

CB-BOL interest payments (% of GDP) 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1

Nominal GDP (PHP trillion)3/

7.7 8.0 9.0 9.7 9.7 10.7 11.0 10.7

(in percent of GDP, unless otherwise s tated)

2008 2009 2010 2011 2012

S: D F, B T, D B M

1/ T . T GFSM.

2/ D D B M. A (LGU)

LGU. T .

3/ N GDP W B .

43


54/60


46

Selected Special focus secons rom Previous Economic Updates

J 2012: f Sb P A

A B F S P.F , ,

. F

, -

. H, P,

, : F

. I ,

P

E A P , . I F

, , ,

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I G MS 2010, P

54 .

B H C E. T P ,

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. T K-12

. T

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,

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,

.

M 2012: f Sb P A

F E C D P: C O. TheP - . I

. T , ,

. A 1,000

GDP . T

. T 10

. R

44


55/60

47


GDP . R

, -

- . M, P

. I ,

, ,

.

C C D M.T

A R M M (ARMM)

. T

W B-W F P (WB-WFP) V C D

C M: C R D. T

, , ,

. T

.

T P R E M: A C C? The real estate market plays a unique role in

. B-

. R

. I P,

. G ,

.

T P BPO

. B .

O, ,

, , .

S U D I A C A. W , 2011, P . I O 2011,

A PHP72 D A P (DAP). T DAP

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2011,

. A -

,

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R E T T A P. T

1997. A , 1997 2009,

GDP 0.6 1.2 GDP. Q

, P S E A.

R ) , )

GDP , )

. A

45


56/60


48

1.3 GDP . T

.

P E: W D T S? D , P

GDP. E

(.., C

US) . T

, , . T

, P (..,

), . I

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ASEAN-5 P

U S E Z. S E A

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. T E A

W.

T 2012 P N G B. T 2012 -

, . T

. T A 2012,

. T -

, , . S ()

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Poverty and Inequality in the Philippines. T 2009

(FIES) ,

P. T FIES ,

2006 2009 , , . H,

2009

46


57/60

49


, . T, ,

, P . S,

,

. F 2006 2009,

, ,

. A , 10 17

poverty incidence.

T S S P. T

P. T

GDP . H,

. U

- :

;

;

invest and innovate.

47


58/60


50

S W B b P( , : ://../BRHFJLLQD 0)

No. Document Name Date Document Type

1 Impacts of a n early s tage education i ntervention on s tudents' learni ng

achi evement: evidence from the Phil ippi nes (Englis h)

10/1/2012 Policy Research Working

Paper2 School quality, labor markets and human capital investments: long-term

impacts of an early stage education intervention in the Philippines (English)


Paper

3 Climate change adaptation in coastal communities: a documentation of project

experience (Englis h)

9/28/2012 Working Paper

4 Heal th equi ty and financial protection datasheet: Phi lippi nes (Engli sh) 8/1/2012 Bri ef

5 Conditional cash transfers and school enrollment: impact of the conditional

cash transfer program in the Philippines (English)

7/1/2012 Brief

6 Philippine quarterly update: investing in inclusive growth amid global

uncertainty (English)


7 Philippines - HIV/AIDS education in health professionals training in the

Philippines

6 /2 3/2 01 2 Other Hea lth Study

8 Design and i mplementation features of the national household targeting system

in the Philippines

6/1/2012 Brief

9 Violent conflicts and displacement in Central Mindanao: challenges to recovery

and development (Vol. 2 of 2): Key findings


10 Distortions in the international migrant labor market:evidence from Filipino

migration a nd wage responses to destina tion country economic s hocks


Paper

11 Who benefits from social assistance in the Philippines? Evidence from the

latest national household surveys

3/1/2012 Brief

12 Phil ippines quarterly update: from stabil ity to prosperity for al l 3/1/2012 Working Paper

13 Doing business in a more transparent world 2012 - economic profile:

Philippines - comparing regulation for domestic firms in 183 economies


14 Phi li ppi nes quarterl y upda te: s us ta ini ng growth i n uncertai n ti mes 12/1/2011 Worki ng Paper

15 Making everyone count: Gender-sensi tive Monitoring and Eval uation i n a

Community-Driven Development Project - the cas e of the Phil ippi nes KALAHI-

CIDSS


16 Quarterly economic update: solid macroeconomic fundamentals cushionexternal turmoil


17 Ripe for a big bang? Assessing the political feasibil ity of legisl ative reforms in

the Philippines' local government code


Paper

18 The Economic Returns of Sanitation Interventions in the Philippines 8/1/2011 UNDP-Water & Sanitation

Program

19 Philippines - Discussion notes: challenges and options for 2010 and beyond 6/9/2011 Other Financial

Accountability Study

20 Phil ippi nes - Publi c expenditure review: strengthening publi c fina nce for more

inclusive growth

6 /1 /2 011 Publ ic Expendi ture

Review

21 Phi li ppi nes - Reproduc ti ve hea lth a t a gl anc e 6 /1 /2 011 Bri ef

22 Philippines quarterly update: generating more inclusive growth 6/1/2011 Working Paper

23 The poli tics of power: the poli tica l economy of rent-seeking i n electric util ities

in the Philippines


Paper

24 Overview of the Philippines' Conditional Cash Transfer Program: the Pantawid

Pamilyang Pili pino Program (Pantawid Pamilya)

5/1/2011 Brief

25 Phi li ppi nes - Power di str ibuti on i n Ol onga po ci ty 4 /1 /2 011 Bri ef

26 Building governance and anti-corruption in the Philippines' conditional cash

transfer program

3/1/2011 Brief

27 The Search for Durable Solutions: armed conflic t and forced displacement in

Mindanao, Phili ppines


28 The search for durable solutions: armed conflict and forced displacement in

Mindanao, Phili ppines


29 Doing business in the Philippines 2011: comparing busi ness regulation in 25

cities and 183 economies


30 Philippine health sector review: challenges and future directions 1/1/2011 Working Paper

48


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Copies o The Philippine Economic Update:

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phil economic update

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