The BSP's regulatory framework is broadly effective for the size and complexity of the Philippine banking system, but legislative gaps continue to hinder effective supervision of banks. The BSP has a well-resourced, experienced and highly committed staffing complement, but there is an ongoing...

This note summarizes the conclusions of the review of the insurance sector in the Philippines as part of the Financial Sector Assessment Program (FSAP). The main objectives of the assessment are to review the performance and structure of the insurance sector in the Philippines with respect to:...

This paper examines the Philippines’s 2004 Article IV Consultation and Post-Program Monitoring Discussions. GDP growth has exceeded expectations, but unemployment remains high. With exports staging a recovery and consumption boosted by overseas remittances and the election, GDP grew by 6.1...

This report reviews the Financial Sector Assessment Program of the Philippines on International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation. The report was prepared by a staff team of the International Monetary Fund and the World Bank as part...

This paper reviews the Financial System Stability Assessment Update on the Philippines. The assessment reveals that the banking sector has been strengthened considerably since the Asian crisis of the late 1990s and today appears generally resilient to a broad range of macroeconomic risks. The...

The Technical Assistance Report on the Philippines’ road map for a pro-growth and equitable tax system is examined. Tax revenue has declined over the last decade in the Philippines owing to generous and expanding tax incentives, tariff rate reduction, deteriorating tax compliance caused by...

This 2011 Article IV Consultation reports that the Philippines is being affected along with other countries in the region by the fragile global environment. The key challenge is to navigate through the period of global uncertainty to maintain macroeconomic stability while building the...

This Selected Issues paper reports that the Philippines is influenced by global developments through both trade and financial channels. Weaker global growth hurts demand for Philippine exports, which in turn affects consumption and investment. The financial system has only limited exposure to...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country

This Background Paper analyzes the Philippines's experience with capital inflows. It compares the episode of 1993–95 with the pre-debt crisis period, and makes the case that the recent inflows are in important respects more benevolent than in the past. The paper concludes that inflows are...