Fiscal policy of the Philippines Fiscal policy of the Philippines Fiscal policy refers to the "measures employed by governments to stabilize the economy, specifically by manipulating the levels and allocations of taxes and government expenditures. Fiscal measures are frequently used in tandem with monetary policy to achieve certain goals." In the Philippines, this is characterized by continuous and increasing levels of debt and budget deficits, though there have been improvements in the last few years. The Philippine government’s main source of revenue are taxes, with some non-tax revenue also being collected. To finance fiscal deficit and debt, the Philippines relies on both domestic and external
Fiscal transparency or of elements of budget transparency, are available from: In addition to the revision of the IMF Fiscal Transparency Code, the global financial crisis also prompted more widespread reflection on the effectiveness of the existing international arrangements to promote fiscal transparency and accountability. One outcome of this was the creation of the Global Initiative for Fiscal Transparency (GIFT) in 2011. GIFT is a multi-stakeholder action network that aims to “Advance and institutionalize global norms and significant, continuous improvements on fiscal transparency, engagement, and accountability in countries around the world.” GIFT’s Lead Stewards are the World Bank, the IMF, the International