The International Monetary Fund has warned the Philippine government that one of the risks the economy faces is a “domestic asset price bubble”, which could burst, weaken its financial sector, and slow down economic growth. The IMF made this assessment in its “Country Report No. 12/102”, or its staff report for the 2013 Article IV Consultation with the Philippine government.
By “assets”, the IMF staff was referring mainly to shares traded in the stock market and real estate. “The ensuing risk of asset price bubbles and/or too rapid appreciation could compromise growth’s sustainability and dent employment generation,” it warned.
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