The IMF concluded the conduct of Article IV Consultation Mission to the Philippines where virtual meetings were held from 12–16 September 2022, and in-person meetings from 20-22 September 2022.
The Consultation Mission culminated with the Concluding Principals’ Meeting (CPM) held virtually on 26 September 2022 and participated in by the heads of government agencies namely BSP Governor Felipe M. Medalla, National Economic and Development Authority Director General Arsenio M. Balisacan, Bureau of the Treasury National Treasurer Rosalia V. De Leon, Department of Finance Chief Economist Zeno Ronald R. Abenoja, and Department of Budget and Management Undersecretary Joselito R. Basilio, Jr.
From the IMF side, IMF Mission Chief Cheng Hoon Lim and her team, IMF Resident Representative to the Philippines Ragnar Gudmunddson, IMF South East Asia Voting Group (SEAVG) Executive Director Rosemary Lim and Asia Pacific Department (APD) Deputy Director Sanjaya Panth participated in the meeting.
The IMF mission team assessed recent economic and financial developments, as well as risks arising from evolving macro-financial landscape and outlined policy priorities to address various challenges confronting the economy.
They commended the monetary authorities on the prompt action to tackle inflation, and the fiscal authorities for the notable fiscal consolidation plan while prioritizing infrastructure spending.
The Team recognized that the Philippines has done well to emerge from the ongoing pandemic.
They identified the following to be the main challenges of the country: (i) calibrating the policy mix to put the recovery on a firmer footing; (ii) building fiscal buffers as insurance against significant downside risks; and (iii) raising the long-term growth and standard of living for all Filipinos.
The CPM was originally planned to be held in-person, but was held virtually in view of the work suspension due to weather condition.