The IMF Country Reports Series covers economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with officials of the country, is published at the option of the member.
This report provides an assessment of the Observance of Standards and Codes on Fiscal Transparency Module for the Philippines. The Philippines meets the requirements of fiscal transparency in many important respects. Despite broad adherence to the transparency code, there are some key areas that require strengthening. Although the existing responsibilities, procedures, and reporting arrangements are well defined, more efforts are required to enforce them, to clearly define accountabilities, and to take firm and demonstrable corrective action when they are not met.