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Philippines: Selected Issues
Author:
International Monetary Fund. Asia and Pacific Dept
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2024: Issue 352
Language:
English
Publication Date:
19 Dec 2024
DOI:
https://doi.org/10.5089/9798400296369.002
ISBN:
9798400296369
ISSN:
1934-7685
Pages:
36
Keywords:
supply and demand inflation decomposition; supply and demand food inflation decomposition; inflation volatility; inflation expectation; services inflation decomposition; supply and demand goods inflation decomposition; Inflation; Total factor productivity; Human capital; Labor productivity; Global; Asia and Pacific
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This Selected Issues paper focuses on potential growth and demographic dividend in Philippines. Output and employment in the Philippines were severely impacted by the coronavirus disease 2019 pandemic. While the Philippines recovered strongly after the pandemic, there is some evidence of scarring in output, and labor productivity remains below pre-pandemic trends. A comparison between the Philippines and peer countries along structural areas key to supporting higher growth can inform reform efforts to support higher growth. Strengthening anti-corruption efforts, while enhancing the legal system, regulatory quality, and improving the rule of law would support business certainty. At a structural level, the Philippines is on the cusp of a demographic transition but must close important structural gaps to take advantage of this potential dividend and boost growth. Under current policy settings, potential growth projections are estimated to be between 6.0–6.3 percent in the medium term. An upside scenario, which assumes ambitious and well-sequenced structural reforms, shows that growth could reach 7.0–7.5 percent over a longer time horizon.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund