This paper describes a small quarterly macroeconometric model of the Philippine economy. The model consists of sectors of private consumption, investment, government, trade, production, prices, money, and labor. The equilibrium-correction form is used for all the behavioral equations. The...

Macroeconomic performance has been relatively strong, and the large fiscal adjustment and the VAT reform represent significant progress in strengthening the fiscal position. Progress with reforms sets the stage for resolving longstanding economic problems. Tax collections have grown strongly....