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EVALUATION Last Year 2012, the Philippine economy experienced various challenges and risks. Foremost among the threats was the fragile global economic environment caused by the sovereign debt crises in the Eurozone and the US debt and fiscal cliff problems. Moreover, the continued unrest in the Middle East, particularly Syria’s bloody civil war, threatened to affect remittances sent by overseas Filipinos from these areas. Despite all these, the Philippine economy was strong in 2012 and many were
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  EVALUATIONLast Year 2012, the Philippine economy experienced various challenges and risks. Foremost among thethreats was the fragile global economic environment caused by the sovereign debt crises in theEurozone and the US debt and fiscal cliff problems. Moreover, the continued unrest in the Middle East, particularly Syria’s bloody civil war, threatened to affect remittan ces sent by overseas Filipinos fromthese areas. Despite all these, the Philippine economy was strong in 2012 and many were pleasantlysurprised when the 1Q12 GDP recorded growth of 6.4%. This momentum was maintained throughout the year, with 3Q12 GDP growth at 7.1%. In addition, the country’s credit rating was upgraded in 2012.Standard & Poor’s and Moody’s both raised the country’s rating to just one notch below investment grade. These upgrades are positive signs that an investment grade may be achievable before the currentadministration ends its term. The backdrop of a healthy domestic economy and encouraging investorenvironment buoyed the property market in 2012.  Philippine economic update: accelerating reforms tosustain growth (English) ABSTRACT   The Philippine economy has emerged as one of the fastest growing economies in East Asia,with growth accelerating to 7.1 percent in the third quarter. The acceleration of domesticdemand since the first quarter of 2012 reflects the country's strong macroeconomicfundamentals, stronger government finances, and high confidence in the Aquino government'scommitment to reform. Sound macroeconomic fundamentals, as seen in low inflation, and largecurrent account surpluses and foreign exchange reserves, have continued to shield theeconomy from external headwinds, while a more diversified export basket allowed total exportsto grow, despite the decline in electronics exports. Overall, the economy is expected to expandby over six percent this year, up from 3.9 percent last year. However, more structural reformsare needed to create more and better jobs, as the overall labor market outcome has been lessresponsive to the higher economic growth. The economy needs to shift from consumptiontowards investment, both public and private. The special focus sections of this updatedemonstrate that the implementation of such reforms can have high payoffs in terms of jobs andinclusive growth. Finally, by scaling-up and broadening several open government/open datainitiatives in the country, the strengthening of inclusive institutions would be greatly enhanced, inline with the core principles of this government.   CITATION World Bank. 2012. Philippine economic update: accelerating reforms to sustain growth . Washington DC: World Bank.http://documents.worldbank.org/curated/en/2012/12/17207306/philippine-economic-update-accelerating-reforms-sustain-growth   References: Agence France Presse (2012 December 20) “S&P raises Philippines outlook to positive”. http://business.inquirer.net/98969/sp-raises-philippines-outlook-to-positive.Asian Development Bank. (2012 August). Asian Development Outlook 2013:Bangko Sentral ng Pilipinas. (2013, January 17). Bank Lending Continues to Grow in November.http://www.bsp.gov.ph/publications/media.asp?id=3089 ____________________. (2013, January 17). Foreign Portfolio Investments Yield Net Inflows in 2012.http://www.bsp.gov.ph/publications/media.asp?id=3090&yr=2013 ____________________. (2013, January 15). Remittances Sustain Growth in November 2012.http://www.bsp.gov.ph/publications/media.asp?id=3085&yr=2013 ____________________. (2013, January 07). End-2012 GIR Level Rises to US$84.2 Billion.http://www.bsp.gov.ph/publications/media.asp?id=3079&yr=2013 ____________________. (2013, January 04). 2012 Average Inflation is Within Government Targethttp://www.bsp.gov.ph/publications/media.asp?id=3078&yr=2013Bocchi, Alessandro M. (2009). Rising growth, declining investment: the puzzle of the Philippines. World Bank.Bureau of Agricultural Statistics. Performance of the Philippine Agriculture.http://www.bas.gov.ph/?ids=agriperformanceBureau of the Treasury. ( ). National Government Cash Operations Report.http://treasury.gov.ph/statdata/monthly/mo_corsum.pdf  ____________________. National Government Outstanding Debt.http://treasury.gov.ph/statdata/yearly/yr_outstandingdebt.pdf Department of Budget and Management. Infrastructure spending up by 57%, MOOE by 49.7%.http://www.dbm.gov.ph/?p=5266International Monetary Fund. (2013, January 23). World Economic Outlook Update.International Monetary Fund (2013 January 23) Statement at the Conclusion of the 2013 Article IV ConsultationMission to the Philippines.National Statistical Coordination Board. (2013). National Accounts of the Philippines.National Statistics Office. (various years). Labor Force Survey.Philippine Stock Exchange.(2013, January 04). PSE caps 2012 with record-breaking performance.http://pse.com.ph/stockMarket/pressRoom-pressReleases.html?id=PSE_PRRLS20130000005Social Weather Station. (2013 January 18) Fourth Quarter Social Weather Survey: Families rating themselves asMahirap or Poor rose to 54% . sws.org.ph ____________________. (2013 January 10) Fourth Quarter Social Weather Survey: Hunger down to 16.3 percentof families; Moderate Hunger at 12.7%, Severe Hunger at 3.6%. sws.org.phTransparency International (2012 Dec 09). Understanding the Philippines CPI 2012 Score and Rank.http://www.transparency-ph.org/2012/12/understanding -the-philippines-cpi-2012-score-rank/United Nations Conference on Trade and Development (2013, January 23). Global Investment Trends Monitor.http://unctad.org/en/PublicationsLibrary/webdiaeia2013d1_en.pdf Usui, Norio (2012, April). Taking the Right Road to Inclusive Growth: Industrial Upgrading and Diversification in thePhilippines. Asian Development Bank.World Bank (2012 December). Philippines Quarterly Update. Accelerating reforms to sustain growth. __________________. (2013 January). Global Economic Prospects: Assuring Growth Over the Medium Term.  Economic growth accelerated to 7.1% in the 3rd quarter of 2012, but accelerating the implementation of reformsnecessary to translate higher growth into jobs.  
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