78-73-1-PB - Philippine Macroeconomic Issues And Their...

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Philippine Macroeconomic Issues And Their Causes by Gerardo P. Sicat Table of Contents I. Introduction: Macroeconomic and structural problems . ........................................................ 1 II. The Rate of Economic Growth and Productivity. ................................................................... 2 III. Widening disparity between GDP and GNP. .......................................................................... 6 IV. Composition of aggregate output and demand . ...................................................................... 7 Aggregate demand. ............................................................................................................. 7 Aggregate supply of output .................................................................................................. 7 V. Saving-investment gap, or Why the low investment rate?. ..................................................... 9 VI. Fiscal deficit: taxes, expenditure and public debt. ................................................................ 11 Tax revenues. ..................................................................................................................... 12 Tax administration. ............................................................................................................ 14 Public expenditure efficiency. ............................................................................................ 15 Public enterprises and privatization. ................................................................................. 16 Financing the public debt . ................................................................................................. 17 VII. Trade, balance of payments, and external debt. .................................................................... 19 Exports and industrial performance. ................................................................................. 20 Trade and payments balance. ............................................................................................ 22 OFW remittances. .............................................................................................................. 23 VIII. Concluding remarks: direction without drift?. .................................................................. 24 Statistical Appendixes. ......................................................................................................... 26 I. Introduction: Macroeconomic and structural problems This paper reviews some macroeconomic issues relating to the current Philippine economy. To provide a proper understanding of these issues, their link will be associated with their structural underpinnings. Persistent macroeconomic problems often require a policy adjustment. Inevitably, the assessment of the problems boils down to an understanding of what gets done, what gets delayed or what is not possible to do under the circumstances. A further device in presenting the issues is through a comparison with
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This note was uploaded on 11/07/2011 for the course ECON 1129863 taught by Professor Stewart during the Spring '11 term at ENSEA.

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78-73-1-PB - Philippine Macroeconomic Issues And Their...

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