AMRO：2025年菲律宾年度磋商报告（英文版）（70页）.pdf

1、AMRO Country Report ACR/25-10 ASEAN+3 Macroeconomic Research Office(AMRO)November 2025 AMRO Annual Consultation Report The Philippines-2025 ANNUAL CONSULTATION REPORT The Philippines 2025 ASEAN+3 Macroeconomic Research Office(AMRO)Page 1 of 67 Acknowledgments 1.This Annual Consultation Report on the

2、 Philippines has been prepared in accordance with the functions of AMRO to monitor and assess the macroeconomic status and financial soundness of its members;identify relevant risks and vulnerabilities;report these to member authorities;and if requested,assist them in mitigating these risks through

3、the timely formulation of policy recommendations.This is being done in accordance with Article 3(a)and(b)of the AMRO Agreement.2.This Report is drafted on the basis of the Annual Consultation Visit of AMRO to the Philippines from September 2 to 19,2025(Article 5(b)of the AMRO Agreement).The AMRO Mis

4、sion team was headed by Dr.Jinho Choi,Deputy Group Head and Principal Economist.Members included Dr.Heung Chun(Andrew)Tsang,Desk Economist on the Philippines;Mr.Shunsuke Endo,Back-up Economist;Ms.Chunyu Yang,Fiscal Specialist;Mr.Chiang Yong(Edmond)Choo,Financial Market Specialist;Ms.Zhan(Bella)Guo,P

5、roperty Market Specialist;and Mr.Kuchsa Dy,Banking Sector Specialist.AMRO Director Mr.Yasuto Watanabe and Chief Economist Dr.Dong He also participated in key policy meetings with the authorities.This AMRO Annual Consultation Report on the Philippines for 2025 was peer-reviewed by a group of economis

6、ts from AMROs Country Surveillance,Financial Surveillance,and Fiscal Surveillance teams;endorsed by the Policy and Review Group;and approved by Dr.Dong He,AMRO Chief Economist.3.The analysis in this Report is based on information available up to November 7,2025.4.By making any designation of or refe