BIS Review 95/2009  3  to India through both the trade and finance channels, the latter was by far more significant in terms of the intensity of impact. Notwithstanding reams being written about resolving the present crisis and preventing another like this, global imbalances are not on the radar screen of policy debate. This is both perplexing and disturbing.
The fourth quarter growth is primarily driven by the catch-up spending of the government and robust household consumption. On the production side, GDP growth was supported by a resilient services sector. This underscores the Philippines’ place as one of the most resilient and fastest growing economies in the region. Positive forecasts for the domestic economy continue to remain firm over the medium term.