The International Monetary Fund (IMF) concluded the conduct of its Article IV Consultation Mission to the Philippines where in-person meetings were held from 21 September – 03 October 2023.
The Consultation Mission culminated with the Concluding Principals’ Meeting (CPM) held on 03 October 2023 and participated in by the heads of government agencies namely Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr., National Economic and Development Authority Director General Arsenio M. Balisacan, Department of Budget and Management Secretary Amenah F. Pangandaman, Bureau of the Treasury Officer-In-Charge/Treasurer Sharon P. Almanza, and Department of Finance Chief Economist Zeno Ronald R. Abenoja.
From the IMF side, outgoing IMF Mission Chief Shanaka Jayanath Peiris and his team, incoming IMF Mission Chief to the Philippines Elif Ceren Arbatli Saxegaard, IMF Resident Representative to the Philippines Ragnar Gudmunddson, IMF Southeast Asia Voting Group (SEAVG) Executive Director Yati Kurniati, and Senior Advisor Maria Teresa S. Dueñas participated in the meeting.
Based on the IMF mission team’s preliminary assessment, the Philippine economy has emerged strongly from the pandemic but has since confronted a confluence of global shocks.
Nevertheless, the Team views that economic growth may bounce back by the end of the year with support from catching up of public spending, expansion of infrastructure investments, and improvement in external demand, and that the economy may potentially post even faster growth in 2024.
The Team also commended the monetary authorities on the prompt action to mitigate inflationary pressures.
The Team’s key policy recommendations to address the risks to growth and inflation are aligned with the BSP’s monetary and financial policy responses that are already in place.