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