The Philippine authorities welcome the publication by the International Monetary Fund (IMF) of the Staff Report on the Philippines’ July 2004 Post-Program Monitoring Discussions along with the Public Information Notice (PIN) on the said discussions. The Staff Report presents an independent and comprehensive assessment by the IMF Mission of the country’s macroeconomic developments and policies following consultations and discussions with the Philippine authorities in July 2004. The PIN, in turn, presents a summary of the Funds’ assessment and policy discussions in the Executive Board held on 27 August 2004.
While the PIN has been issued in the past by the IMF following policy discussions in the Executive Board, this marks the first time that the Staff Report on the Philippines will be published. The publication of these documents is consistent with the efforts of both the Government and the IMF to promote greater transparency on the Fund’s assessment of the country’s macroeconomic developments, as well as the policy reform initiatives, and directions in various sectors of the Philippine economy, namely: monetary, banking, fiscal, energy, trade and industry, as well as the external sector. This also demonstrates the Government’s confidence in the country’s underlying economic fundamentals and strong commitment to pursue important fiscal and other policy reforms toward a sustainable economic growth over the medium-term.