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1. Money, Banking and Financial Markets
-50000
0
50000
100000
150000
200000
250000
300000
350000
400000
450000
500000
0
2
4
6
8
10
12
14
16
18
20
1994
Interest Rates on Selected Bonds, 1994Interest rate (%)
Source: IFS
Money, Banking and Financial Markets
GDP, GNP and Net Income from Abroad of the Philippines1990-2009
1996 1998 2000 2002 2004
Interest Rates on Selected Bonds, 1994
Money, Banking and Financial Markets
GDP
Net Income from Abroad
GNP
GDP, GNP and Net Income from Abroad of the
Cañete, Precious Anne
2006
Interest Rates on Selected Bonds, 1994-2007
91-day T-bill
Government Bonds
Realin, Reuel
0.00
500.00
1,000.00
1,500.00
2,000.00
2,500.00
3,000.00
3,500.00
4,000.00
2003
Inde
x
0
20
40
60
80
100
120
1975
IndexDec 1980=100
Figure 3a: Effective Exchange Rate of the Philippine Peso Trading Partners US, Japan, EMU and UKSource: Bangko Sentral ng Pilipinas (BSP)http://www.bsp.gov.ph/dbank_reports/ExchangeRates_
2004 2005 2006 2007
Month/Year
PSE Composite Index(2003-2010)
1980 1985 1990 1995
a: Effective Exchange Rate of the Philippine Peso Against Major Trading Partners US, Japan, EMU and UK, 1980-2008Source: Bangko Sentral ng Pilipinas (BSP)http://www.bsp.gov.ph/dbank_reports/ExchangeRates_4_rpt.asp?frequency=Monthly&range_from=
2008 2009 2010
NeriNeri, Jhennie
2000 2005 2010
Against Major
_rpt.asp?frequency=Monthly&range_from=19
Gonzales, Arlene
0
10
20
30
40
50
60
1975 1980
Figure 3b: Philippine PesoSource: Bangko Sentral ng Pilipinas (BSP)http://www.bsp.gov.ph/dbank_reports/ExchangeRates_&range_to=2010&conversion=Average
Exchange RatePeso/US Dollar
-10
0
10
20
30
40
50
60
70
1999 2000 2001
Mon
ey G
rwot
h Ra
te (%
)
Money Growth M1 and M2 in the Philippines
1980 1985 1990 1995 2000
b: Philippine Peso-US Dollar Exchange Rate, 1980-2009Source: Bangko Sentral ng Pilipinas (BSP)http://www.bsp.gov.ph/dbank_reports/ExchangeRates_1_rpt.asp?frequency=Monthly&range_from=
&conversion=Average
2001 2002 2003 2004 2005 2006 2007 2008 2009
Money Growth M1 and M2 in the Philippines1999-2009
2005 2010 2015
2009
_rpt.asp?frequency=Monthly&range_from=1970
2009
Money Growth M1 and M2 in the Philippines
Broad Money (M2)
Narrow Money (M1)
Orbien, Lyra Benedicte
Gonzales, Arlene
0
20
40
60
80
100
120
140
160
1997
Inde
x =
2000
Consumer Price Index and Money
0
5
10
15
20
25
1997 1998
In p
erce
ntag
e
Annual Inflation Rate versus Money Growth
Source: ASEAN Finance and Macroeconomic Surveillance Unit (FMSU)ASEAN Member Countries' National Statistical Offices, Central Banks, and other
1999 2001 2003 2005
Consumer Price Index and Money Supply, 1993-2006
1999 2000 2001 2002 2003 2004 2005
YEAR
Annual Inflation Rate versus Money Growth Rate
Philippines, 1997-2009Source: ASEAN Finance and Macroeconomic Surveillance Unit (FMSU)
ASEAN Member Countries' National Statistical Offices, Central Banks, and other relevant agencies
Bangko Sentral ng Pilipina
Inflation Rate Money Growth (M2 Annual Rate)
ABELEDA,
Consumer Price Index and Money
CPI
Money SupplyGrowth rate
Busine, Clarabel
2005 2006 2007 2008 2009
Annual Inflation Rate versus Money Growth
Source: ASEAN Finance and Macroeconomic Surveillance Unit (FMSU)ASEAN Member Countries' National Statistical Offices, Central Banks, and other
Annual Rate)
ABELEDA, CHOLO and REYES,KEHRL
0
5
10
15
20
25
Money Growth (M2 Annual Rate) and Interest Rates (Government Bonds), 1997-2007
Government Bonds
M2 growth rate
Goto, SayuriSource: http://www.bsp.gov.ph/statistics
Annual Rate (%)
-6
-5
-4
-3
-2
-1
0
1998 2000 2002 2004 2006 2008 2010
Perc
ent o
f G
DP
Figure 8: Government Budget Surplus or Deficit as a Percentage of Gross Domestic Product, 1999-2009Source: Bangko Sentral ng Pilipinashttp://www.bsp.gov.ph/statistics/spei_new/tab61n.htm Gonzales, Arelene
0
2
4
6
8
10
12
14
16
18
1982 1984 1986Mon
ey M
arke
t Ins
trum
ents
(in
Billi
on P
esos
)
Value of Money Market Instruments
0
1000
2000
3000
4000
5000
6000
1990 1991
Value of
In Million Pesos
2. The Financial System
1986 1988 1990 1992 1994 1996 1998
YEAR
Value of Money Market InstrumentsPhilippines, 1982-2007
source:IFS Philippines
ABELEDA, CHOLO and REYES,KEHRL
1992 1993 1994 1995 1996 1997 1998
Value of Capital Market Instruments in the Philippines1990-1999
2. The Financial System
1998 2000 2002 2004 2006
Value of Money Market Instruments2007
ABELEDA, CHOLO and REYES,KEHRL
1998 1999
investments
loans
bonds
Capital Market Instruments in the Philippines
Busine, Clarabel
Table 4 Principal Financial Intermediaries and Value of Their Assets
Value of Assets (Php Billions, End of Year) Type of Intermediary 1970 1980 1990 2000 2005 2006 (A) Depository Institutions (Banks) (1) Commercial Banks 1 14.1 144.5 539.7 3,013.6 3,986 4,392.6 (2)Thrift Banks Savings and Mortgage Banks 0.7 7.4 21.9 158.1 269.2 346.8 Private Development Banks 0.2 1.6 11.3 69 71.1 77.7 Stock Savings and Loan Associations 0.1 1.6 4.5 18.7 16.9 28.7 Micro Finance 0 0 0 0 0.6 0.6 (3) Rural Banks 0.7 5.6 13.9 67.4 120.3 139.3
(B) Non-Banks 2 0 59.3 190.5 751.1 1,155.4 1,271.5 TOTAL 15.8 220 781.8 4,077.9 5,619.5 6,257.2
Rafanan, Anna Victoria
NOTE: 1 – With Development Bank of the Philippines starting February 1996 and Al-Amanah Islamic Bank of the Philippines starting January 1997 (Consolidated with commercial banks since February 1996 for DBP and January 1997 for Al-Amanah Islamic Bank).
2 – Includes Investment Houses, Finance Companies, Investment Companies, Securities Dealers/Brokers, Pawnshops, Lending Investors, Non-Stock Savings & Loan Assn., Mutual Building and Loan Assn., Venture Capital Corp. and others; and Private and Government Insurance Companies including SSS and GSIS. Includes Credit Card Companies beginning September 2003.
Source:Total Resources of The Financial System: http://www.bsp.gov.ph/statistics/statistics_online.asp
Supervisory and Regulatory Agencies in the Philippine Financial System
Government-Owned/Controlled Banks and Financial Institutions
Regulatory Agency Function/ Objective
Bangko Sentral ng Pilipinas (BSP)
To maintain price stability and promote and maintain monetary stability and the convertibility of the Peso
Philippine Deposit Insurance Corporation (PDIC)
To provide insurance protection to bank depositors and act as an effective regulator of a bank
Securities and Exhange Commission
To strengthen the corporate and capital market infrastructure of the Philippines, and to maintain a regulatory system based on international best standards and practices, that promotes the interests of investors in a free, fair and competitive business environment.
Al-Amanah Islamic Investment Bank of the Philippines
Develop an institutional structure and mechanism by which Filipino Muslims can actively participate in the economic and financial life of the nation
Development Bank of the Philippines
To influence and accelerate sustainable economic growth, through the provision of resources.
Land Bank of the Philippines To provide 8ompensation to owners of private agricultural lands and credit assistance to small farmers and fisherfolk, be an official depository of government funds, and to spur countryside development.
Source: Philippine banking almanac III : ready for the 21st century pp. 113-140, www.sec.gov.ph, www.devbankphil.com.ph, www.landbank.com
Feliciano, Kendra Clare
3. Money
Table 1 Measures of the Monetary Aggregates
Value as of Dec. 2009 (Php millions) M1 = Currency Outside Depository Corporations (Currency in Circulation) 458,149.00 + Transferable Deposits (Demand Deposits) 763,713.00 Total M1 1,221,862.00 M2 = M1 1,221,862.00 + Savings Deposits 1,621,887.00 + Time Deposits 1,043,379.00 Total M2 3,887,128.00 Source: Depository Corporations Survey: http://www.bsp.gov.ph/statistics/sdds/dcs.htm Rafanan, Anna Victoria
-10
0
10
20
30
40
50
1996 1998 2000 2002 2004 2006 2008 2010
Ann
ual G
roth
Rat
e (%
)
Figure 1: Growth Rates of the M1, M2 and M3 Aggregates 1997-2009Sources: Philippine National Statistics Coordinaton Board (NSBC)http://www.nscb.gov.ph/
M1
M2
M3
Abeleda, Cholo, Gonzales, Arlene & Reyes, Kehrl
4. Interest Rates
0
2
4
6
8
10
12
14
2001 2002 2003 2005 2006 2007 2009
Inte
res
Rat
e (%
)
91-day Treasury Bill Rates2001-2009
Source: http://www.bsp.gov.ph/statistics/sdds/tbillsdds.htm Maulanin, Xervin
5. Understanding the Behavior of Interest Rates
0
5
10
15
20
25
30
Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10
Expected Inflation and Interest Rates (91-day T-bill) Monthly Jan 2004 -Jan 2010
Interest Rate on a 91-day Tbill Core Inflation (Expected) Headline Inflation (Expected)
Rate (%)
Sources: http://census.gov.ph/data/sectordata/2010/cp100217r.htmhttp://www.bsp.gov.ph/statistics/sdds/tbillsdds.htmIFS Realin, Reuel
0
5
10
15
20
25
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
(% a
nnua
l gro
wth
rat
e)
Money Growth and Interest Rates, 1999-2009
T- Bill Rates Money Supply(Growth in %)
Mariano, Patricia Luz
6. Risk and Term
0
1
2
3
4
5
6
7
1982 1985
Bond
s (in
Bill
ion
Peso
s)
0
2
4
6
8
10
12
14
16
18
1998 2000
Interest Rate (%)
Figure 4: Movements over Time of Interest Rates on Phil. Government BondsSource: Bureau of the Treasuryhttp://www.treasury.gov.ph/
6. Risk and Term Structure of Interest Rates
1988 1991 1994 1997
YEAR
Value of BondsPhilippines, 1982-2007
source:IFS Philippines
2000 2002 2004 2006 2008 2010
Interest Rate (%)
Figure 4: Movements over Time of Interest Rates on Phil. Government BondsSource: Bureau of the Treasuryhttp://www.treasury.gov.ph/
Structure of Interest Rates
2000 2003 2006
2007
REYES,KEHRL
2010
Figure 4: Movements over Time of Interest Rates on Phil.
91-day t-bills
5-yr t-bonds
10-yr t-bonds
20-yr t-bonds
Gonzales, Arlene
0
2
4
6
8
10
12
14
16
18
20
1994 1995 1996
Gov
ernm
ent B
ond
Yiel
d (p
erce
nt p
er A
nuum
)
GOVERNMENT BOND YIELD, 1994
1996 1997 1998 1999 2000 2001 2002 2003
YEAR
GOVERNMENT BOND YIELD, 1994source:IFS Philippines
2003 2004 2005 2006 2007
GOVERNMENT BOND YIELD, 1994-2007
REYES,KEHRL
7. The Management of Financial Institutions
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
1982Dep
osit
Mon
ey B
anks
(in M
illio
n U
S D
olla
rs)
Balance Sheet of All Deposit Banks in the
Deposit Money Banks: Assets
-8000
-6000
-4000
-2000
0
2000
4000
6000
8000
1982
Bala
nce
Shee
t Pro
fit/D
efic
it (i
n Bi
llion
US
Dol
lars
)
Balance Sheet Profit/Deficit in All Deposit Banks
. The Management of Financial Institutions
1987 1992 1997YEAR
Balance Sheet of All Deposit Banks in the Philippines, 1982-2007
source:IFS Philippines
Deposit Money Banks: Assets Deposit Money Banks: Liabs.
1987 1992 1997
YEAR
Balance Sheet Profit/Deficit in All Deposit BanksPhilippines, 1982-2007
source:IFS Philippines
. The Management of Financial Institutions
2002 2007
Balance Sheet of All Deposit Banks in the
Deposit Money Banks: Liabs.
REYES,KEHRL
2002 2007
Balance Sheet Profit/Deficit in All Deposit Banks2007
REYES,KEHRL
8. The Banking Industry: Structure and Competition
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
1970 1975
In B
illio
ns P
esos
Bank Share of Total Nonfiinancial Borrowing,
. The Banking Industry: Structure and Competition
1980 1985 1990 1995 2000 2005
Bank Share of Total Nonfiinancial Borrowing, 1970-2007
Commercial Banks, 23
Thrift Banks, 84
Rural Banks, 711
Credit Unions, 44
Quasi-Banks, 12
Licensed Banks in the Philippines(2009)
. The Banking Industry: Structure and Competition
2005
Bank Share of Total Nonfiinancial Borrowing,
Thrifts
Commercial Banks
Mariano, Patricia Luz
Commercial
Licensed Banks in the
REYES,KEHRL
Top Ten Commercial Banks in the Philippines As of December 31, 2008 In terms of ASSETS
1. Banco de Oro (BDO) – Php 808.0 billion 2. Metrobank - Php 758.5 billion 3. Bank of the Philippine Islands (BPI) – Php 658.4 billion 4. Landbank of the Philippines (LBP) – Php 434.0 billion 5. Development Bank of the Philippines (DBP) – Pho 290.9 billion 6. Philippine National Bank (PNB) – Php 276.8 billion 7. Rizal Commercial Banking Corp. (RCBC) – Php 270.2 billion 8. Unionbank of the Philippines (UBP) – Php 208.2 billion 9. Chinabank – Php 207.3 billion
10. Citibank – Php 187.8 billion
In terms of DEPOSITS
1. BDO - Php 634.3 billion 2. Metrobank - Php 585.8 billion 3. BPI - Php 541.2 billion 4. Landbank - Php 333.6 billion 5. PNB - Php 201.2 billion 6. RCBC - Php 196.4 billion 7. Chinabank - Php 173.9 billion 8. Unionbank - Php 162.0 billion 9. Allied Bank – Php 139.8 billion
10. Citibank - Php 121.6 billion
Figures taken from published financial statements of each bank.
http://www.pinoymoneytalk.com/largest-banks-philippines/ Mariano, Patricia Luz
Table 3: Top 10 Largest Banks in the World, (Forbes 2009)
Bank Country Assets (Billion $) 1. HSBC Holdings United Kingdom 2,520.45 2. Banco Santander Spain 1,318.86 3. ICBC China 1,188.08 4. JPMorgan Chase United States 2,175.05 5. Mitsubishi UFJ Financial Japan 1,931.17 6. CCB-China Construction Bank China 903.35 7. BNP Paribas France 2,888.73 8. Bank of China China 817.84 9. Crédit Agricole France 2,064.17 10. Intesa Sanpaolo Italy 835.15 Total 16,642.85 Source: http://www.forbes.com/lists/2009/18/global-09_The-Global-2000_IndName.html Realin, Reuel
9. An Economic Analysis of Banking Regulation
Major Banking Legislation in the Philippines from 1948 to 2002
The Central Bank Act of 1948 (RA 265) Creation of the Central Bank of the Philippines (CBP)
1963 Charter of the Philippine Deposit Insurance Corporation (RA 3591) Creation of the Philippine Deposit Insurance Corporation (PDIC)
Presidential Dercee No. 1801 (1981) Establishing the CBP as the central monetary authority
Rural Banks Act of 1992 (RA 7353) Creation, organization and operation of rural banks 1987 Philippine Constitution and the New Central Bank Act of 1993 (RA 7653) Establishment of the Bangko Sentral ng Pilipinas (BSP)
Thrift Banks Act of 1995 (RA 7906) Regulation of the organization and operations of thrift banks Revised Non-Stock Savings and Loan Association Act of 1997 (RA 8367) Regulation of the organization and operation of non-stock savings and loan associations
The General Banking Law of 2000 (RA 8791) Regulation of the organization and operations of banks, quasi-bansk and trust entities
The Special Purpose Vehicle (SPV) Act of 2002 (RA 9182) Granting tax exemptions and fee privileges to special purpose vehicles which acquire or invest in non-performing assets, setting the regulatory framework
Source: http://www.chanrobles.com/philippinebankinglaws.htm Goto, Sayuri & Latauan, Edcar
10. The De
0
0.3
0.6
0.9
1.2
1.5
1.8
2.1
2.4
2.7
3
3.3
1959 1960 1961
Money Multiplier and Currency Ratio
0
100
200
300
400
500
600
700
800
900
1000
1986 1989
M1
Mon
ey S
uppl
y (B
illio
ns o
f Pes
os)
Money Supply (M
Source: IFS July 2009 - Philippines
The Determinants of the Money Supply
1961 1962 1963 1964 1965 1966 1967 1968
Money Multiplier and Currency Ratioin the Philippines, 1959-1968
1989 1992 1995 1998 2001
Year
Money Supply (M1), 1986-2007
Philippines
terminants of the Money Supply
1968
Money Multiplier and Currency Ratio1968
Money Multiplier
c ratio
2004 2007
2007
M1
Masangcay, Chiara
Masangcay, Chiara
0
300
600
900
1200
1500
1800
2100
2400
2700
3000
1959
in b
illio
n Pe
sos
Monetary Base in the Philippines
1961 1963 1965 1967
Year
Monetary Base in the Philippines1959-1968
Monetary Base in the Philippines
monetary base
11. Central Banks, Monetary Policy Goals,
Strategy and Tactics
0
1
2
3
4
5
6
7
8
9
10
1995 1997 1999 2001 2003 2005 2007 2009
INFL
ATI
ON
Inflation Rates and Inflation Targets for the Philippines, 1995 - 2010
Inflation
Lower Bound Target Range
Target Midpoint
Upper Bound Target Range
The adoption of inflation targeting framework of monetary policy was on January 2002Sources: http://www.bsp.gov.ph/monetary/targeting.asp
http://www.bworldonline.com/Research/populareconomics.php?id=0116NSO
0.0
5.0
10.0
15.0
20.0
25.0
30.0
1982 1987 1992 1997 2002 2007
Philippine Interbank Call Loan Rate,1982-2009
Eustaquio, Amado
Mariano, Patricia Luz
Source: http://econdb.pids.gov.ph
0
10
20
30
40
50
60
US DOLLAR
2004
01020304050607080
EURO
2004
0
10
20
30
40
50
60
1957 1961 1965
2000
12. Foreign Exchange Market
Exchange Rates Peso Prices of Selected Currencies
2000-2009
US DOLLAR
2004 20080
5
10
15
20
SAUDI RIAL
EURO
2004 20080
0.1
0.2
0.3
0.4
0.5
0.6
JAPANESE YEN
1965 1969 1973 1977 1981 1985 1989 1993
Purchasing Power of Peso (PPP)1957-2009
. Foreign Exchange Market
Peso Prices of Selected Currencies
Carpio, Dinkie Lyssa
SAUDI RIAL
2004 2008
JAPANESE YEN
2004 2008
PPP, 0.64
1993 1997 2001 2005 2009
Purchasing Power of Peso (PPP)
Cañete, Precious Anne
0.00
10.00
20.00
30.00
40.00
50.00
60.00
1980 1986
PH
P p
er U
S d
olla
rPurchasing Power Parity
Sources: http://intl.econ.cuhk.edu.hk/exchange_rate_regime/index
0
5
10
15
20
25
30
35
1980
INom
inal
Inte
rest
Rat
es (%
)
Sources http://www.bsp.gov.ph
1986 1991 1997 2002
Purchasing Power Parity - Philippines/United States1980-2008
Sources: http://intl.econ.cuhk.edu.hk/exchange_rate_regime/indexhttp://www.imf.org
1983 1986 1989 1992 1995 1998 2001 2004
Value of Peso and Interest Rates, 1980
Sources http://www.bsp.gov.phOrbien, Lyra Benedicte
2008
Philippines/United States
Sources: http://intl.econ.cuhk.edu.hk/exchange_rate_regime/index
Exchange Rate(PHP/USD)
PPP conversion rate(PHP/USD)
0
20
40
60
80
100
120
2004 2007
Effe
ctiv
e Ex
chan
ge R
ate
1980-2008
Orbien, Lyra Benedicte
Maulanin, Xervin
13
Current Account, Net
Capital and Financial Account, Net
Net Unclassified Items
Overall BOP Position
-8000
-6000
-4000
-2000
0
2000
4000
6000
8000
10000
12000
in m
illio
ns o
f US
dolla
rsBalance of Payments of the Philippines
Source: BSP
13. International Financial System
1990 1991 1992 1993 1994 1995
-2567 -869 -858 -3016 -2950 -3297
1776 1878 1850 2820 4547 3393
Net Unclassified Items -320 462 -157 -514 -49 454
-93 2103 1492 -166 1802 631
Balance of Payments of the Philippines1990-1999
. International Financial System
1995 1996 1997 1998 1999
3297 -3953 -4351 1546 6548
3393 11075 6593 187 -2325
454 -3010 -5245 -470 -664
631 4107 -3363 1359 3839
Balance of Payments of the Philippines
Cañete, Precious Anne
14. Demand for Money
0
2
4
6
8
10
12
14
16
1982 1985 1988 1991 1994 1997 2000 2003 2006
M1
M2
Velocity of M1 and M2 in the Philippines1982-2007
Busine, Clarabel
Velocity
15. An Aggregate Demand and Supply Analysis
Table 4 Unemployment and Inflation During the Negative Supply Shock Periods, 1973-1975 and 1978-1980 (Philippine Data)
Year Unemployment Inflation Year Unemployment Inflation
Rate (%) (Year to Year) (%) Rate (%) (Year to Year) (%) 1973 4.9 15.7 1978 4.9 7.1 1974 4 31.9 1979 no data 17.4 1975 3.9 4.6 1980 7.9 17.5
Sources: National Statistics Office: http://www.census.gov.ph/data/sectordata/tscpimon.html Venida, Victor S.“Employment, Productivity and the Informal Sector in the Philippines, 1974-1988: An Input-
Output Analysis.” http://www.iioa.org/pdf/12th%20conf/nydrfr98.pdf Rafanan, Anna Victoria
Table 5 Unemployment and Inflation in the Philippines during the Favorable Supply Shock Period in US
(1995-1999)
year unemployment rate %
inflation (year to year) % 1995 9.5
6.7
1996 8.6
7.5 1997 8.7
5.6
1998 10.1
9.3 1999 9.8
5.9
Eustaquio, Amado
0
5
10
15
20
25
1990 1993 1996 1999 2002 2005 2008
Unemployment Rate
Inflation Rate
Unemployment Rate and Inflation Rate in the Philippines1990-2008
Rate (%)
Cañete, Precious Anne &Goto, Sayuri
Table 6 Unemployment and Inflation in the Philippines during the Negative Demand Shock Period in US
(extended from 2000-2009)
year unemployment rate %
inflation (year to year) % 2000 11.2
6.8
2001 11.1
5.0 2002 10.3
6.0
2003 10.6
3.1 2004 11.0
3.1
2005 11.3
5.5 2006 8.1
7.6
2007 7.8
6.2 2008 7.4
2.8
2009 7.7
9.3 Eustaquio, Amado
16. The Transmission Mechanisms of Monetary Policy
-4-3-2-10123456789
10
2000 2001 2002 2003 2004 2005 2006 2007 2008
Real
Nominal
Real and Nominal Interest Rates on 91-Day T-bills in the Philippines2000-2008
Rate (%)
Bantigue, Agnes May
17. Examining Money and Inflation
0
20
40
60
80
100
1200
100,000
200,000
300,000
400,000
500,000
600,000
700,000
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
GDP Deflator and Money SupplyPhilippines, 1993-2005
Money Supply
GDP Deflator (2005 = 100)
Pesos
Feliciano, Kendra Clare
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Inflation
Money Growth 2 years ago
Inflation and Money GrowthPhilippines, 1996-2007
Rate (%)
Bantigue, Agnes May
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
2002 2003 2004 2005 2006 2007 2008 2009 2010
DEBT-GDP RatioPhilippines, 2003-2010
DEBT-GDP
Bantigue, Agnes May
0
2
4
6
8
10
12
14
16
1995 1996 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Une
mpl
oym
ent R
ate
(%)
Unemployment RatePhilippines, 1995-2009
Maulanin, Xervin
General List of Sources:
• Asian Development Bank • ASEAN – Finance and Macroeconomic Surveillance Unit • Bangko Sentral ng Pilipinas • International Finance Statistics • National Statistical Coordination Board • National Statistics Office • World Bank