International Monetary Fund Concludes the 2021 Virtual Article IV Consultation Mission to the Philippines

The IMF conducted its annual country surveillance, a process known as an Article IV consultation, on the Philippines from May 21 – June 11, 2021 through a virtual mode.

The consultation culminated with the Concluding Principals’ Meeting (CPM) held on June 11.  During the mission, the IMF team engaged with BSP and other government officials to assess recent economic and financial developments and discuss the country’s economic and financial policies.

The CPM was participated in by the Heads of government agencies including BSP Governor Benjamin E. Diokno, Department of Budget and Management Secretary Wendel E. Avisado, Department of Finance Undersecretary Gil S. Beltran, Bureau of the Treasury National Treasurer Rosalia V. De Leon, and National Economic and Development Authority Assistant Secretary Carlos Bernardo O. Abad Santos. Participants from the IMF side include Mission Chief Thomas Helbling and his Team, IMF Resident Representative to the Philippines Yongzheng Yang and Executive Director Rosemary Lim of the Southeast Asia Constituency of the IMF Executive Board.

The IMF Team presented their preliminary findings on the recent economic and financial developments in the country, risks to the economic outlook in view of the ongoing COVID-19 pandemic, and possible policy responses.

The Philippine authorities thanked the IMF team for the close collaboration and candid and insightful discussions.