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The Philippine EconomyDevelopment, Policies, and Challenges$
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Arsenio M. Balisacan and Hal Hill

Print publication date: 2003

Print ISBN-13: 9780195158984

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0195158989.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 25 June 2021

Public Finance

Public Finance

(p.106) 4 Public Finance
The Philippine Economy

Gerardo P. Sicat

Rahimaisa D. Abdula

Oxford University Press

Reviews the Philippine public finance experience over two decades from 1980 to 2000. It notes that in some years, the government's dominant fiscal problems were caused, at least initially, by external economic shocks, with domestic adjustments to them – including political upheavals – resulting in a unique trajectory of development experience. Its review of public finance history covers operational deficits and fiscal stabilization, public expenditure, revenue mobilization, and “hidden” deficits from quasi‐fiscal activities. The study first asserts that the country's fiscal strategy has been influenced for the most part by the need to rein in domestic expenditure to match the level of available fiscal resources. Next, it argues that the growth in public expenditure has largely been constrained by the scarcity of fiscal resources. Finally, it shows that the strengthening tax administration remains a sticking point, as nontax revenues are only temporary measures to bridge the expenditure gap.

Keywords:   financial institution, fiscal deficit, fiscal impulse, fiscal stabilization, national budget, public debt, public expenditure, state enterprises, tax revenues

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