philippine economic development essay

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Philippine economic development, looking backwards and forward: An interpretative essay

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The Philippine economy under the pandemic: From Asian tiger to sick man again?

Subscribe to the center for asia policy studies bulletin, ronald u. mendoza ronald u. mendoza dean and professor, ateneo school of government - ateneo de manila university.

August 2, 2021

In 2019, the Philippines was one of the fastest growing economies in the world. It finally shed its “sick man of Asia” reputation obtained during the economic collapse towards the end of the Ferdinand Marcos regime in the mid-1980s. After decades of painstaking reform — not to mention paying back debts incurred under the dictatorship — the country’s economic renaissance took root in the decade prior to the pandemic. Posting over 6 percent average annual growth between 2010 and 2019 (computed from the Philippine Statistics Authority data on GDP growth rates at constant 2018 prices), the Philippines was touted as the next Asian tiger economy .

That was prior to COVID-19.

The rude awakening from the pandemic was that a services- and remittances-led growth model doesn’t do too well in a global disease outbreak. The Philippines’ economic growth faltered in 2020 — entering negative territory for the first time since 1999 — and the country experienced one of the deepest contractions in the Association of Southeast Asian Nations (ASEAN) that year (Figure 1).

Figure 1: GDP growth for selected ASEAN countries

And while the government forecasts a slight rebound in 2021, some analysts are concerned over an uncertain and weak recovery, due to the country’s protracted lockdown and inability to shift to a more efficient containment strategy. The Philippines has relied instead on draconian mobility restrictions across large sections of the country’s key cities and growth hubs every time a COVID-19 surge threatens to overwhelm the country’s health system.

What went wrong?

How does one of the fastest growing economies in Asia falter? It would be too simplistic to blame this all on the pandemic.

First, the Philippines’ economic model itself appears more vulnerable to disease outbreak. It is built around the mobility of people, yet tourism, services, and remittances-fed growth are all vulnerable to pandemic-induced lockdowns and consumer confidence decline. International travel plunged, tourism came to a grinding halt, and domestic lockdowns and mobility restrictions crippled the retail sector, restaurants, and hospitality industry. Fortunately, the country’s business process outsourcing (BPO) sector is demonstrating some resilience — yet its main markets have been hit heavily by the pandemic, forcing the sector to rapidly upskill and adjust to emerging opportunities under the new normal.

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Second, pandemic handling was also problematic. Lockdown is useful if it buys a country time to strengthen health systems and test-trace-treat systems. These are the building blocks of more efficient containment of the disease. However, if a country fails to strengthen these systems, then it squanders the time that lockdown affords it. This seems to be the case for the Philippines, which made global headlines for implementing one of the world’s longest lockdowns during the pandemic, yet failed to flatten its COVID-19 curve.

At the time of writing, the Philippines is again headed for another hard lockdown and it is still trying to graduate to a more efficient containment strategy amidst rising concerns over the delta variant which has spread across Southeast Asia . It seems stuck with on-again, off-again lockdowns, which are severely damaging to the economy, and will likely create negative expectations for future COVID-19 surges (Figure 2).

Figure 2 clarifies how the Philippine government resorted to stricter lockdowns to temper each surge in COVID-19 in the country so far.

Figure 2: Community quarantine regimes during the COVID-19 pandemic, Philippine National Capital Region (NCR ), March 2020 to June 2021

If the delta variant and other possible variants are near-term threats, then the lack of efficient containment can be expected to force the country back to draconian mobility restrictions as a last resort. Meanwhile, only two months of social transfers ( ayuda ) were provided by the central government during 16 months of lockdown by mid-2021. All this puts more pressure on an already weary population reeling from deep recession, job displacement, and long-term risks on human development . Low social transfers support in the midst of joblessness and rising hunger is also likely to weaken compliance with mobility restriction policies.

Third, the Philippines suffered from delays in its vaccination rollout which was initially hobbled by implementation and supply issues, and later affected by lingering vaccine hesitancy . These are all likely to delay recovery in the Philippines.

By now there are many clear lessons both from the Philippine experience and from emerging international best practices. In order to mount a more successful economic recovery, the Philippines must address the following key policy issues:

Build a more efficient containment strategy particularly against the threat of possible new variants principally by strengthening the test-trace-treat system. Based on lessons from other countries, test-trace-treat systems usually also involve comprehensive mass-testing strategies to better inform both the public and private sectors on the true state of infections among the population. In addition, integrated mobility databases (not fragmented city-based ones) also capacitate more effective and timely tracing. This kind of detailed and timely data allows for government and the private sector to better coordinate on nuanced containment strategies that target areas and communities that need help due to outbreak risk. And unlike a generalized lockdown, this targeted and data-informed strategy could allow other parts of the economy to remain more open than otherwise.
Strengthen the sufficiency and transparency of direct social protection in order to give immediate relief to poor and low-income households already severely impacted by the mishandling of the pandemic. This requires a rebalancing of the budget in favor of education, health, and social protection spending, in lieu of an over-emphasis on build-build-build infrastructure projects. This is also an opportunity to enhance the social protection system to create a safety net and concurrent database that covers not just the poor but also the vulnerable low- and lower-middle- income population. The chief concern here would be to introduce social protection innovations that prevent middle income Filipinos from sliding into poverty during a pandemic or other crisis.
Ramp-up vaccination to cover at least 70 percent of the population as soon as possible, and enlist the further support of the private sector and civil society in order to keep improving vaccine rollout. An effective communications campaign needs to be launched to counteract vaccine hesitancy, building on trustworthy institutions (like academia, the Catholic Church, civil society and certain private sector partners) in order to better protect the population against the threat of delta or another variant affecting the Philippines. It will also help if parts of government could stop the politically-motivated fearmongering on vaccines, as had occurred with the dengue fever vaccine, Dengvaxia, which continues to sow doubts and fears among parts of the population .
Create a build-back-better strategy anchored on universal and inclusive healthcare. Among other things, such a strategy should a) acknowledge the critically important role of the private sector and civil society in pandemic response and healthcare sector cooperation, and b) underpin pandemic response around lasting investments in institutions and technology that enhance contact tracing (e-platforms), testing (labs), and universal healthcare with lower out-of-pocket costs and higher inclusivity. The latter requires a more inclusive, well-funded, and better-governed health insurance system.

As much of ASEAN reels from the spread of the delta variant, it is critical that the Philippines takes these steps to help allay concerns over the country’s preparedness to handle new variants emerging, while also recalibrating expectations in favor of resuscitating its economy. Only then can the Philippines avoid becoming the sick man of Asia again, and return to the rapid and steady growth of the pre-pandemic decade.

The Philippines economy in 2024: Stronger for longer?

The Philippines ended 2023 on a high note, being the fastest growing economy across Southeast Asia with a growth rate of 5.6 percent—just shy of the government's target of 6.0 to 7.0 percent. 1 “National accounts,” Philippine Statistics Authority, January 31, 2024; "Philippine economic updates,” Bangko Sentral ng Pilipinas, November 16, 2023. Should projections hold, the Philippines is expected to, once again, show significant growth in 2024, demonstrating its resilience despite various global economic pressures (Exhibit 1). 2 “Economic forecast 2024,” International Monetary Fund, November 1, 2023; McKinsey analysis.

The growth in the Philippine economy in 2023 was driven by a resumption in commercial activities, public infrastructure spending, and growth in digital financial services. Most sectors grew, with transportation and storage (13 percent), construction (9 percent), and financial services (9 percent), performing the best (Exhibit 2). 3 “National accounts,” Philippine Statistics Authority, January 31, 2024. While the country's trade deficit narrowed in 2023, it remains elevated at $52 billion due to slowing global demand and geopolitical uncertainties. 4 “Highlights of the Philippine export and import statistics,” Philippine Statistics Authority, January 28, 2024. Looking ahead to 2024, the current economic forecast for the Philippines projects a GDP growth of between 5 and 6 percent.

Inflation rates are expected to temper between 3.2 and 3.6 percent in 2024 after ending 2023 at 6.0 percent, above the 2.0 to 4.0 percent target range set by the government. 5 “Nomura downgrades Philippine 2024 growth forecast,” Nomura, September 11, 2023; “IMF raises Philippine growth rate forecast,” International Monetary Fund, July 16, 2023.

For the purposes of this article, most of the statistics used for our analysis have come from a common thread of sources. These include the Central Bank of the Philippines (Bangko Sentral ng Pilipinas); the Department of Energy Philippines; the IT and Business Process Association of the Philippines (IBPAP); and the Philippines Statistics Authority.

The state of the Philippine economy across seven major sectors and themes

In the article, we explore the 2024 outlook for seven key sectors and themes, what may affect each of them in the coming year, and what could potentially unlock continued growth.

Financial services

The recovery of the financial services sector appears on track as year-on-year growth rates stabilize. 6 Philippines Statistics Authority, November 2023; McKinsey in partnership with Oxford Economics, November 2023. In 2024, this sector will likely continue to grow, though at a slower pace of about 5 percent.

Financial inclusion and digitalization are contributing to growth in this sector in 2024, even if new challenges emerge. Various factors are expected to impact this sector:

Inclusive finance: Bangko Sentral ng Pilipinas continues to invest in financial inclusion initiatives. For example, basic deposit accounts (BDAs) reached $22 million in 2023 and banking penetration improved, with the proportion of adults with formal bank accounts increasing from 29 percent in 2019 to 56 percent in 2021. 7 “Financial inclusion dashboard: First quarter 2023,” Bangko Sentral ng Pilipinas, February 6, 2024.
Digital adoption: Digital channels are expected to continue to grow, with data showing that 60 percent of adults who have a mobile phone and internet access have done a digital financial transaction. 8 “Financial inclusion dashboard: First quarter 2023,” Bangko Sentral ng Pilipinas, February 6, 2024. Businesses in this sector, however, will need to remain vigilant in navigating cybersecurity and fraud risks.
Unsecured lending growth: Growth in unsecured lending is expected to continue, but at a slower pace than the past two to three years. For example, unsecured retail lending for the banking system alone grew by 27 percent annually from 2020 to 2022. 9 “Loan accounts: As of first quarter 2023,” Bangko Sentral ng Pilipinas, February 6, 2024; "Global banking pools,” McKinsey, November 2023. Businesses in this field are, however, expected to recalibrate their risk profiling models as segments with high nonperforming loans emerge.
High interest rates: Key interest rates are expected to decline in the second half of 2024, creating more accommodating borrowing conditions that could boost wholesale and corporate loans.

Supportive frameworks have a pivotal role to play in unlocking growth in this sector to meet the ever-increasing demand from the financially underserved. For example, financial literacy programs and easier-to-access accounts—such as BDAs—are some measures that can help widen market access to financial services. Continued efforts are being made to build an open finance framework that could serve the needs of the unbanked population, as well as a unified credit scoring mechanism to increase the ability of historically under-financed segments, such as small and medium-sized enterprises (SMEs), to access formal credit. 10 “BSP launches credit scoring model,” Bangko Sentral ng Pilipinas, April 26, 2023.

Energy and Power

The outlook for the energy sector seems positive, with the potential to grow by 7 percent in 2024 as the country focuses on renewable energy generation. 11 McKinsey analysis based on input from industry experts. Currently, stakeholders are focused on increasing energy security, particularly on importing liquefied natural gas (LNG) to meet power plants’ requirements as production in one of the country’s main sources of natural gas, the Malampaya gas field, declines. 12 Myrna M. Velasco, “Malampaya gas field prod’n declines steeply in 2021,” Manila Bulletin , July 9, 2022. High global inflation and the fact that the Philippines is a net fuel importer are impacting electricity prices and the build-out of planned renewable energy projects. Recent regulatory moves to remove foreign ownership limits on exploration, development, and utilization of renewable energy resources could possibly accelerate growth in the country’s energy and power sector. 13 “RA 11659,” Department of Energy Philippines, June 8, 2023.

Gas, renewables, and transmission are potential growth drivers for the sector. Upgrading power grids so that they become more flexible and better able to cope with the intermittent electricity supply that comes with renewables will be critical as the sector pivots toward renewable energy. A recent coal moratorium may position natural gas as a transition fuel—this could stimulate exploration and production investments for new, indigenous natural gas fields, gas pipeline infrastructure, and LNG import terminal projects. 14 Philippine energy plan 2020–2040, Department of Energy Philippines, June 10, 2022; Power development plan 2020–2040 , Department of Energy Philippines, 2021. The increasing momentum of green energy auctions could facilitate the development of renewables at scale, as the country targets 35 percent share of renewables by 2030. 15 Power development plan 2020–2040 , 2022.

Growth in the healthcare industry may slow to 2.8 percent in 2024, while pharmaceuticals manufacturing is expected to rebound with 5.2 percent growth in 2024. 16 McKinsey analysis in partnership with Oxford Economics.

Healthcare demand could grow, although the quality of care may be strained as the health worker shortage is projected to increase over the next five years. 17 McKinsey analysis. The supply-and-demand gap in nursing alone is forecast to reach a shortage of approximately 90,000 nurses by 2028. 18 McKinsey analysis. Another compounding factor straining healthcare is the higher than anticipated benefit utilization and rising healthcare costs, which, while helping to meet people's healthcare budgets, may continue to drive down profitability for health insurers.

Meanwhile, pharmaceutical companies are feeling varying effects of people becoming increasingly health conscious. Consumers are using more over the counter (OTC) medication and placing more beneficial value on organic health products, such as vitamins and supplements made from natural ingredients, which could impact demand for prescription drugs. 19 “Consumer health in the Philippines 2023,” Euromonitor, October 2023.

Businesses operating in this field may end up benefiting from universal healthcare policies. If initiatives are implemented that integrate healthcare systems, rationalize copayments, attract and retain talent, and incentivize investments, they could potentially help to strengthen healthcare provision and quality.

Businesses may also need to navigate an increasingly complex landscape of diverse health needs, digitization, and price controls. Digital and data transformations are being seen to facilitate improvements in healthcare delivery and access, with leading digital health apps getting more than one million downloads. 20 Google Play Store, September 27, 2023. Digitization may create an opportunity to develop healthcare ecosystems that unify touchpoints along the patient journey and provide offline-to-online care, as well as potentially realizing cost efficiencies.

Consumer and retail

Growth in the retail and wholesale trade and consumer goods sectors is projected to remain stable in 2024, at 4 percent and 5 percent, respectively.

Inflation, however, continues to put consumers under pressure. While inflation rates may fall—predicted to reach 4 percent in 2024—commodity prices may still remain elevated in the near term, a top concern for Filipinos. 21 “IMF raises Philippine growth forecast,” July 26, 2023; “Nomura downgrades Philippines 2024 growth forecast,” September 11, 2023. In response to challenging economic conditions, 92 percent of consumers have changed their shopping behaviors, and approximately 50 percent indicate that they are switching brands or retail providers in seek of promotions and better prices. 22 “Philippines consumer pulse survey, 2023,” McKinsey, November 2023.

Online shopping has become entrenched in Filipino consumers, as they find that they get access to a wider range of products, can compare prices more easily, and can shop with more convenience. For example, a McKinsey Philippines consumer sentiment survey in 2023 found that 80 percent of respondents, on average, use online and omnichannel to purchase footwear, toys, baby supplies, apparel, and accessories. To capture the opportunity that this shift in Filipino consumer preferences brings and to unlock growth in this sector, retail organizations could turn to omnichannel strategies to seamlessly integrate online and offline channels. Businesses may need to explore investments that increase resilience across the supply chain, alongside researching and developing new products that serve emerging consumer preferences, such as that for natural ingredients and sustainable sources.

Manufacturing

Manufacturing is a key contributor to the Philippine economy, contributing approximately 19 percent of GDP in 2022, employing about 7 percent of the country’s labor force, and growing in line with GDP at approximately 6 percent between 2023 and 2024. 23 McKinsey analysis based on input from industry experts.

Some changes could be seen in 2024 that might affect the sector moving forward. The focus toward building resilient supply chains and increasing self-sufficiency is growing. The Philippines also is likely to benefit from increasing regional trade, as well as the emerging trend of nearshoring or onshoring as countries seek to make their supply chains more resilient. With semiconductors driving approximately 45 percent of Philippine exports, the transfer of knowledge and technology, as well as the development of STEM capabilities, could help attract investments into the sector and increase the relevance of the country as a manufacturing hub. 24 McKinsey analysis based on input from industry experts.

To secure growth, public and private sector support could bolster investments in R&D and upskill the labor force. In addition, strategies to attract investment may be integral to the further development of supply chain infrastructure and manufacturing bases. Government programs to enable digital transformation and R&D, along with a strategic approach to upskilling the labor force, could help boost industry innovation in line with Industry 4.0 demand. 25 Industry 4.0 is also referred to as the Fourth Industrial Revolution. Priority products to which manufacturing industries could pivot include more complex, higher value chain electronic components in the semiconductor segment; generic OTC drugs and nature-based pharmaceuticals in the pharmaceutical sector; and, for green industries, products such as EVs, batteries, solar panels, and biomass production.

Information technology business process outsourcing

The information technology business process outsourcing (IT-BPO) sector is on track to reach its long-term targets, with $38 billion in forecast revenues in 2024. 26 Khriscielle Yalao, “WHF flexibility key to achieving growth targets—IBPAP,” Manila Bulletin , January 23, 2024. Emerging innovations in service delivery and work models are being observed, which could drive further growth in the sector.

The industry continues to outperform headcount and revenue targets, shaping its position as a country leader for employment and services. 27 McKinsey analysis based in input from industry experts. Demand from global companies for offshoring is expected to increase, due to cost containment strategies and preference for Philippine IT-BPO providers. New work setups continue to emerge, ranging from remote-first to office-first, which could translate to potential net benefits. These include a 10 to 30 percent increase in employee retention; a three- to four-hour reduction in commute times; an increase in enabled talent of 350,000; and a potential reduction in greenhouse gas emissions of 1.4 to 1.5 million tons of CO 2 per year. 28 McKinsey analysis based in input from industry experts. It is becoming increasingly more important that the IT-BPO sector adapts to new technologies as businesses begin to harness automation and generative AI (gen AI) to unlock productivity.

Talent and technology are clear areas where growth in this sector can be unlocked. The growing complexity of offshoring requirements necessitates building a proper talent hub to help bridge employee gaps and better match local talent to employers’ needs. Businesses in the industry could explore developing facilities and digital infrastructure to enable industry expansion outside the metros, especially in future “digital cities” nationwide. Introducing new service areas could capture latent demand from existing clients with evolving needs as well as unserved clients. BPO centers could explore the potential of offering higher-value services by cultivating technology-focused capabilities, such as using gen AI to unlock revenue, deliver sales excellence, and reduce general administrative costs.

Sustainability

The Philippines is considered to be the fourth most vulnerable country to climate change in the world as, due to its geographic location, the country has a higher risk of exposure to natural disasters, such as rising sea levels. 29 “The Philippines has been ranked the fourth most vulnerable country to climate change,” Global Climate Risk Index, January 2021. Approximately $3.2 billion, on average, in economic loss could occur annually because of natural disasters over the next five decades, translating to up to 7 to 8 percent of the country’s nominal GDP. 30 “The Philippines has been ranked the fourth most vulnerable country to climate change,” Global Climate Risk Index, January 2021.

The Philippines could capitalize on five green growth opportunities to operate in global value chains and catalyze growth for the nation:

Renewable energy: The country could aim to generate 50 percent of its energy from renewables by 2040, building on its high renewable energy potential and the declining cost of producing renewable energy.
Solar photovoltaic (PV) manufacturing: More than a twofold increase in annual output from 2023 to 2030 could be achieved, enabled by lower production costs.
Battery production: The Philippines could aim for a $1.5 billion domestic market by 2030, capitalizing on its vast nickel reserves (the second largest globally). 31 “MineSpans,” McKinsey, November 2023.
Electric mobility: Electric vehicles could account for 15 percent of the country’s vehicle sales by 2030 (from less than 1 percent currently), driven by incentives, local distribution, and charging infrastructure. 32 McKinsey analysis based on input from industry experts.
Nature-based solutions: The country’s largely untapped total abatement potential could reach up to 200 to 300 metric tons of CO 2 , enabled by its biodiversity and strong demand.

The Philippine economy: Three scenarios for growth

Having grown faster than other economies in Southeast Asia in 2023 to end the year with 5.6 percent growth, the Philippines can expect a similarly healthy growth outlook for 2024. Based on our analysis, there are three potential scenarios for the country’s growth. 33 McKinsey analysis in partnership with Oxford Economics.

Slower growth: The first scenario projects GDP growth of 4.8 percent if there are challenging conditions—such as declining trade and accelerated inflation—which could keep key policy rates high at about 6.5 percent and dampen private consumption, leading to slower long-term growth.

Soft landing: The second scenario projects GDP growth of 5.2 percent if inflation moderates and global conditions turn out to be largely favorable due to a stable investment environment and regional trade demand.

Accelerated growth: In the third scenario, GDP growth is projected to reach 6.1 percent if inflation slows and public policies accommodate aspects such as loosening key policy rates and offering incentive programs to boost productivity.

Focusing on factors that could unlock growth in its seven critical sectors and themes, while adapting to the macro-economic scenario that plays out, would allow the Philippines to materialize its growth potential in 2024 and take steps towards achieving longer-term, sustainable economic growth.

Jon Canto is a partner in McKinsey’s Manila office, where Frauke Renz is an associate partner, and Vicah Villanueva is a consultant.

The authors wish to thank Charlene Chua, Charlie del Rosario, Ryan delos Reyes, Debadrita Dhara, Evelyn C. Fong, Krzysztof Kwiatkowski, Frances Lee, Aaron Ong, and Liane Tan for their contributions to this article.

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Transforming the Philippine Economy: "Walking on Two Legs"

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This paper analyzes the long-term growth of the Philippine economy through the lens of structural transformation to clarify the root causes of the country's lagged growth performance in the regional context.

http://hdl.handle.net/11540/2047

With a strong recovery from the global crisis, the Philippines’ policy focus will shift again to a long-term development agenda. Despite favorable initial conditions, the Philippines’ long-term growth performance has been disappointing. Over the decades, the economy has suffered from high unemployment, slow poverty reduction, and stagnant investment.

Why could the Philippines not enjoy high growth as its neighbors? What are the main causes of its chronic problems of unemployment, poverty, and underinvestment? This paper argues that the Philippines’ poor growth performance is to be attributed to low productivity growth due to slow industrialization, especially in manufacturing. The chronic problems of high unemployment, slow poverty reduction, and low investment are reflections of slow industrialization. Initial success in electronics had enabled the economy to accumulate capabilities for productive diversification. However, incentives to utilize the accumulated capabilities have been weakened by persistent underprovision of basic infrastructure and weak business and investment climate.

The paper also analyzes the growing services sector, in particular the booming business process outsourcing industry, in terms of its impact on job creation. The key conclusion is that, instead of “leapfrogging” over industrialization, the Philippines needs to “walk on two legs,” to develop both industry and services, to generate job opportunities for the growing working-age population.

Introduction-The Philippines' Development Puzzle
Structural Transformation-Aggregate Productivity Growth
Structural Transformation-Evolution of the Product Space
Service-Led Growth-Is the BPO Industry the Savior?
Concluding Remarks
Selected References

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Over the past decade, the Philippine development story has attracted international attention as it transformed from being the “Sick Man of Asia” to “Asia’s Rising Tiger”. However, the country’s strong growth momentum was abruptly interrupted by the COVID-19 pandemic, which continues to cast a huge shadow over its development outlook. With the country now at the crossroads, this paper reflects on and draws lessons for economic development and policy by examining the country’s three main economic episodes over the post-independence era: (a) the period of moderately strong growth from 1946 to the late 1970s, (b) the tumultuous crisis years from the late 1970s to the early 1990s, and (c) the period from the early 1990s to the 2019 when it rejoined the dynamic East Asian mainstream. Through comparative analysis, the paper also seeks to understand the country’s development dynamics and political economy. We conclude by highlighting elements of a recovery and reform agenda in the post-pandemic era.

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Philippines Economic Update: Investing in the Future

STORY HIGHLIGHTS

In 2017, the Philippines was among the top three growth performers in the region.
The medium-term growth outlook for the Philippines remains positive but domestic risks are more prominent.
Higher real wages are essential to achieve shared prosperity and inclusive growth.

ECONOMIC AND POLICY DEVELOPMENTS

In 2017, the Philippines was among the top three growth performers in the region. Only Vietnam and China did better. The Philippine economy grew from 6.9 percent year-on-year in 2016 to 6.7 percent year-on-year in 2017. Growth was anchored in strong exports, while investment growth significantly slowed and consumption growth moderated. The Philippines’ annual exports rose sharply in 2017 and became the main engine of economic growth, while imports continued to grow by double-digits. Investment growth slowed in 2017, following two consecutive years of rapid expansion, and climbing inflation slowed real wage growth and contributed to a moderation in private consumption growth.

Sustained economic growth is likely to continue to contribute to poverty reduction. Under the assumption that the responsiveness of the poverty rate to economic growth follows historical trends, the poverty rate, based on the lower middle-income poverty line of US$3.20/day, is projected to decline from 27.0 percent in 2015 to 22.9 percent and 21.7 percent in 2018 and 2019, respectively, as economic growth remains robust. These projections would imply a continuing trend of one million Filipinos being lifted out of poverty each year. Factors that have been driving poverty reduction in the Philippines include the movement of employment out of agriculture, a sustained inflow of remittances, and the government’s conditional cash-transfer program.

PROSPECTS AND RISKS

The country’s medium-term growth outlook remains positive. The Philippine economy is projected to continue on its expansionary path and grow at an annual rate of 6.7 percent in both 2018 and 2019. In 2020, growth is expected to level at 6.6 percent. The economy is currently growing at its potential, making productive investment in physical and human capital essential so that the economy can continue to grow along its current growth trajectory. Investment growth hinges on the government’s ability to effectively and timely implement its ambitious public investment program. Moreover, the government needs to clarify the role of the private sector in its investment program.

Domestic risks are becoming more prominent. Inflationary pressure is expected to intensify in 2018 due to both domestic and external factors. The Philippine economy is also at risk of overheating. The implementation of the public infrastructure program is vital to the country’s growth outlook, as private investment is expected to weaken. Prudent fiscal management and the implementation of the government’s tax reform agenda could help secure the country’s fiscal sustainability. External risks remain present, especially a faster-than-expected policy normalization in advanced economies that could trigger financial volatility and increase capital outflows from the Philippines. Renewed protectionist sentiments in several advanced economies will also elevate policy uncertainty, which may disrupt trade and investments.

Higher real wages are essential to achieve shared prosperity and inclusive growth. In recent years, the Philippine economy has made great strides in delivering inclusive growth, evidenced by the declining poverty rates and a falling Gini coefficient. Unemployment has reached historic low rates, but underemployment remains high, near its 18-20 percent decade-long average. More importantly, unlike its high-performing East Asian neighbors with booming manufacturing sectors that provide large numbers of labor-intensive jobs, a majority of Filipino workers that transition out of agriculture generally end up in low-end service jobs. Thus, while employment increased between 2006 and 2015, mean wages remained stagnant, with only a four percent increase in real terms over the same period. Low job quality and slow growth of real wages are the missing links to higher shared prosperity.

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Press Release: Philippines: Investments in Infrastructure and Human Capital Key to Sustaining Inclusive Growth

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The Philippine Economy: Development, Policies, and Challenges

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1 An Introduction to the Key Issues

Published: March 2003
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Provides an overview of the book. It illustrates how the chapters are organized to cover the four major facets of the Philippine economy and development policy – the political economy setting, macro and international dimensions, the sectors, and finally social and distributional issues. It features a broad comparative survey of the country's development and highlights the major episodes that have affected this development record. It concludes by explaining the development record and most importantly, the issues and challenges that the country faces.

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Review of the Philippine Economic Situation and Analysis of the State of the Nation in 2021

ASOG WORKING PAPER 21-022

36 Pages Posted: 10 Aug 2021

Philip Arnold Tuaño, PhD

Ateneo de Manila University - Economics Department; Ateneo de Manila University - Ateneo School of Government

Date Written: July 14, 2021

At the start of its term, the Duterte administration reaped the benefits of the Philippines’ momentum of economic growth and poverty reduction; the country’s GDP continued to expand at above six percent during the 2016 to 2019 period while poverty incidence significantly declined to 16 percent in 2018. The government’s economic strategy was founded on the expansion of the national infrastructure program popularly known as the Build-Build-Build, funded by additional public revenues brought about by the Tax Reforms for Acceleration and Inclusion which it planned to further accelerate the country’s growth path. However, the COVID-19 pandemic shock in 2020 has dented this trajectory and impaired the short-run prospects of the country; at the same time, the lack of a robust fiscal response to the social and economic impacts of the pandemic may have further diminished the ability of the country to immediately continue its pre-pandemic growth trajectory. This paper illustrates the current economic situation in the country and lays down key recommendations for the final year of the Duterte administration.

Keywords: Philippines, Economy, Duterte

Suggested Citation: Suggested Citation

Philip Tuano (Contact Author)

Ateneo de manila university - economics department ( email ).

Quezon City Philippines

Ateneo de Manila University - Ateneo School of Government ( email )

ASOG – Ateneo de Manila University Loyola Heights Quezon City, Metro Manila 1108 Philippines

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Essay on Economic Issues In The Philippines

Students are often asked to write an essay on Economic Issues In The Philippines in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Economic Issues In The Philippines

The Philippines suffers from high poverty rates. Many people lack basic needs like food, shelter, and clothing. This is because jobs are scarce and many are low paying. The government is trying to create more jobs and improve living conditions, but progress is slow.

Unemployment

Unemployment is another big issue. There aren’t enough jobs for everyone. This leads to people not having money to buy things they need. The government is working on this problem by trying to attract more businesses to the Philippines.

Education in the Philippines is not always good quality. Many schools lack resources like books and computers. This makes it hard for students to learn and succeed. The government knows this is a problem and is working to improve schools.

Infrastructure

The Philippines needs better infrastructure, like roads and buildings. Poor infrastructure can make it hard for businesses to operate and for people to get to work. The government is investing in infrastructure to try to fix this problem.

250 Words Essay on Economic Issues In The Philippines

Introduction.

The Philippines, a Southeast Asian country, faces numerous economic problems. These issues include poverty, unemployment, and corruption. Let’s explore these issues in detail.

Poverty is a significant problem in the Philippines. Despite the country’s economic growth, many people still live in harsh conditions. They struggle to afford basic needs like food, shelter, and education. The government is trying to reduce poverty, but progress is slow.

Another big issue is unemployment. Many Filipinos do not have jobs, especially young people. This problem is due to a lack of job opportunities and skills mismatch. A lot of people have skills that do not match the jobs available.

Corruption is also a major issue in the Philippines. It affects the economy because money that should be used for public services ends up in the wrong hands. This problem hinders economic development and increases poverty.

To sum up, the Philippines faces several economic issues. These problems include poverty, unemployment, and corruption. Solving these issues is not easy, but with the right policies and actions, the country can improve its economy.

500 Words Essay on Economic Issues In The Philippines

The economy of the philippines, issue 1: poverty.

One of the main economic problems in the Philippines is poverty. Despite economic growth, a big part of the population still lives in poverty. This means many people don’t have enough money for basic needs like food, shelter, and education. Poverty is more common in rural areas where farming is the main source of income.

Issue 2: Unemployment

Unemployment is another big problem. This means there are people who want to work but can’t find jobs. The COVID-19 pandemic made this worse, as many businesses had to close. The government is trying to create more jobs, but it’s a slow process.

Issue 3: Inequality

Issue 4: natural disasters.

The Philippines is often hit by natural disasters like typhoons, earthquakes, and volcanic eruptions. These disasters damage homes, roads, and businesses, which hurts the economy. The government has to spend a lot of money to repair the damage and help people recover.

Issue 5: Dependence on Overseas Workers

A lot of Filipinos work in other countries and send money back home. This money is a big part of the country’s income. But it also means the country depends a lot on other countries’ economies. If these countries face economic problems, it can hurt the Philippines too.

Ways to Improve

In conclusion, while the Philippines has made progress, it still faces many economic challenges. By focusing on reducing poverty, creating jobs, reducing inequality, and improving resilience to natural disasters, the country can continue to grow and improve the lives of its people.

That’s it! I hope the essay helped you.

If you’re looking for more, here are essays on other interesting topics:

Happy studying!

A Critique Paper on The Philippine Development Plan

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LOU MARXIS GALLEVO

Miguel Antonio Barretto Garcia

This essay attempts to challenge conventional perspectives in crafting Philippine development policies. The Philippines has been enmeshed in a development paradox where the country has promising potential to develop given its pool of human and natural resources but has failed to take off and develop due to persistent systemic problems in the country’s political and economic institutions. The essay explored various dimensions in development economics, political economy, Philippine history, and Philippine culture in order to shed some light behind the country’s development puzzle. From these reflections, we argue that development policy can only be relevant and effective if we genuinely include Filipino behavior and institutions into the analytical framework. But to do that, we need serious rethinking in our core economic principles, public policy prescriptions, and development strategies. The fast-emerging perspective in new institutional economics is seen as a suggested framework in fine tuning our policies to fit Filipino institutional and behavioral contexts.

Ruperto Majuca

The Philippines continues to demonstrate a development puzzle. Despite abundant natural and human resources, its development record pales in comparison with its neighbors in East Asia. This study presents a SWOT analysis to explain the economic development of the Philippines. To overcome the threats and weaknesses, the Philippines should aspire for BRISK development: balanced, rapid, inclusive, sustainable and capital-intensive economic growth. Policy recommendations include standard reforms related to expanding fiscal space and improving infrastructure. However, Philippine history requires that special attention be given to strengthening institutions and weakening the grip of oligarchs. The rapid rise of China and India and the establishment of the ASEAN Economic Community provide an opportunity to attract more foreign direct investment, diversify the productions base, and expand the role of small and medium sized enterprises.

Xander Djin Torralba

Decades have passed since the Philippines achieved independence against the evident tyrannical rule of foreign invaders. Thanks to the collective effort of countless Filipino revolutionists and activists since the reign of the Spaniards, the Philippines could once again emerge as one of the most prosperous country in Southeast Asia due to its rich number of natural resources– or so we thought. Despite all of our sacrifices, the Philippines that was introduced into the 21st century was filled with discontent and crises which then resulted into the nation we have today where poverty and corruption persists. What happened to the country that showed great promise to which its people so believed in?

IDRC reports, Feb. 1, 2005

Michelle Hibler

Trish Castro

Karla Jan Lacuesta

Our country, the Philippines, is famous for its beautiful places, different festivals, its tropical climate, and the hospitality and resiliency of her people. However, behind her physical attractiveness lies an unfortunate reality that will only be realized once a Filipino, or even a foreigner, encounters it with either personal interaction, reading articles, and watching videos featuring the misfortunes of the marginalized Filipinos and our mother country herself.

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Fernando Aldaba

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Recently announced growth figures look impressive, but they conceal the structural issues holding back the Philippine economy.

The Philippine Economy: Glass Half Empty or Glass Half Full?

Recent reports indicate good reasons to be optimistic about the future of the Philippine economy. The Philippine Development Plan 2023-2028 assumes an annual growth rate of 6.5 to 8 percent for 2024-2028. The country registered growth of more than 6 percent for a few years prior to the COVID-19 pandemic, which many think can be repeated and sustained. The country has a promising tourism sector, and many on-going infrastructure projects, including the renovation of Manila’s international airport. Wages are increasing, unemployment and underemployment are down, the dependency ratio is expected to continue declining until 2035, and the middle class is growing. For a country that struggled for decades, all this is good news.

Yet, projections about the Philippine economy are overly optimistic. The country will certainly continue growing, and the overall situation will improve, though much more slowly than many think. Optimistic projections about developing countries tend to be based on simple extrapolations that hardly ever materialize. In the case of the Philippines, overoptimism also seems to ignore a number of important structural issues that need to be addressed if the country is to maintain a high growth rate and catch up with its neighbors.

The Philippines is still a lower middle-income country with a Gross National Income (GNI) per capita just above $4,000. It is about to attain upper middle-income status. The ratio of Philippine to U.S. income per capita has remained flat at about 5 percent since 1970 (see Figure 1). The same ratio with respect to its regional neighbors Indonesia, Malaysia, Thailand, and China, shows a downward trend. All these nations have a higher per capita income than the Philippines today (see Figure 2). The case of Vietnam is particularly telling: in the early 1990s, Philippine income per capita was about eight times that of Vietnam. Today, it is lower (see Figure 3).

Likewise, recent work by the Oxford economist Lant Pritchett showed that in 2018, the Philippines’ per capita income was below that of the world’s leading economies in 1918 .

All this means that past growth rates were low. The Philippines has to grow a lot and for a long time if it wants to increase significantly its income per capita and catch up with its neighbors. Yet, we cannot expect the country to attain an annual growth rate of 7 percent during the coming decades. We know that since the 1950s, average world growth has been 2 percent with a standard deviation of 2 percent. Therefore, a growth rate of 6 percent or above would be an extraordinary tail event.

We also know that accelerations to spectacularly rapid, extended periods of growth are rare. Episodes of super-rapid growth (above 6 percent) tend to be extremely short-lived. Only China, followed by South Korea and Taiwan, have been able to attain this rate of growth and maintain it for two decades or longer. Most developing countries tend to see “boom and bust” growth – that is, periods of growth acceleration followed by periods of deceleration. Moreover, the fundamental characteristic about the growth rates of many countries over the medium run is non-persistent growth with episodes of boom, stagnation, and bust, that is, economic volatility. Circumstances or policies that produce 10 years of rapid economic growth can be easily reversed, often leaving countries no better off than they were prior to the expansion.

History shows that today’s high-income economies underwent a process of economic transformation, where workers left agriculture and found jobs in activities of higher productivity and that paid higher wages, especially in manufacturing. The manufacturing sector itself underwent transformation in the direction of producing more complex products in clusters like automobiles, electronics, pharmaceuticals, or chemicals. South Korea’s policymakers and companies understood this well. They also understood that they had to export. This served a double purpose. First, it subjected the companies to competition. Second, it helped relax the balance-of-payments constraint.

In the case of the Philippines, employment in manufacturing has never represented more than 12 percent of total employment, well below that share in countries that have progressed to high income status, in which at least 20 percent of workers were employed in the manufacturing sector; in many, it was above 30 percent. Instead of pursuing industrialization, the Philippines went into services of low productivity. Today, about 22 percent of its workers are employed in retail and wholesale trade, a service sector of very low productivity and wages.

Moreover, about 23 percent of its workers are employed in agriculture, and another 9 percent in construction, both also low-productivity activities. This employment structure lies behind the country’s low wages and income per capita. On top of it, the country does not have top exporting companies that compete in the world economy. 80 percent of Philippine workers earn at most 15,000 pesos a month (less than $300 a month), and about 2 million Filipino workers are abroad sending vital remittances.

Additionally, a number of inherited policies have hampered the Philippines’ economic transformation. Among those are post-colonial policies that rewarded the export of unprocessed agricultural products as opposed to value-added manufactured goods. For example, the Bell Trade Act of 1946, stipulated that war reparation payments would be tied to U.S. preferential access to Philippine markets. Under the terms of the Act, the U.S. imported from the Philippines raw agricultural products such as sugar and pineapples, and then exported finished food products and other goods to the Philippines with low tariffs.

The Act also established that the Philippines currency had to be pegged to the U.S. dollar, with any changes having to be pre-approved by the U.S. president. This caused the overvaluation of the peso and made Philippine exports less competitive and dashed the possibility of creating a robust manufacturing sector.

To make matters worse, American businesses had priority in accessing foreign reserves. This eventually stoked anti-colonial sentiment and resulted in an amendment of the Bell Trade Act under the Laurel-Langley Agreement in 1955. This memory left its mark on the 1987 constitution, drafted after the ouster of President Ferdinand Marcos Sr., which included the “Filipino First and Filipino Only” clause (which dates back to the 1950s with President Garcia). This gives Filipinos preferential treatment in the national economy over foreigners. The unintended consequence was to limit the sectors available to foreign investors, and the local capture of business ventures by a few uncompetitive oligarchs. This constitutional provision remains in place today.

Under these circumstances, industrialization became a chimera. Today, most Philippine manufacturing companies are small, and the large conglomerates are mostly involved in non-tradable activities such as real estate or banking. There is nothing wrong with these activities except that no single Filipino conglomerate is a significant competitor in world markets. Using the De La Salle econometric model of the Philippine economy, we have shown that the Philippines will not attain the 2028 income per capita target set out in the Philippine Development Plan. It will also fail to attain the poverty incidence rate targeted. We have simulated the effect of a significant increase in the share of employment in manufacturing (however unlikely). This is the only way to become an upper middle-income economy and show significant progress, much faster than it will otherwise happen.

In his latest State of the Nation Address on July 22, President Ferdinand Marcos Jr. painted a rosy picture of the Philippine economy. While we believe that the Philippines will continue progressing and improving, we also believe that it will grow at a slower pace than that claimed by the administration. The lack of focus on what really matters (industrialization, firms, exports) will continue taking the country down the same MOTS (“More of the Same”) path it has traversed for decades and that has delivered so little. A country that never industrialized, that needs to import products that a “normal” country should manufacture (virtually everything you see around you), whose companies hardly export and hence do not compete in the world economy, and where half of its workers are engaged in activities of very low productivity, cannot seriously think that its future lies in Artificial Intelligence. Yet, that’s what seems to transpire from speeches by members of the administration. A sense of reality would do wonders.

To sum things up, no doubt the Philippines will continue growing (though it will be hit by periodic crises), but unless its policymakers understand that the country’s firms need to manufacture complex products and export to compete in the world economy, Filipino incomes will continue increasing at a snail’s pace. Constitutional policies that shield conglomerates from competition need to be revised. Sectors that innovate must be open to foreign investment.

Additionally, the government needs to become a forceful driver of the economic transformation that the country needs, and lead a thorough industrialization drive. Filipino firms need to manufacture and compete in the world economy by producing high-quality products, not simple agriculture and basic manufactures. This is what will make wages rise. The Philippines certainly needs infrastructure. Yet, an airport or two will not be a game changer.

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9th APEC Food Security Ministerial Meeting

We, the Asia-Pacific Economic Cooperation (APEC) Ministers responsible for Food Security, met in Trujillo, Peru, on 18 August 2024, chaired by Mr. Angel Manuel Manero Campos, Minister of Agrarian Development and Irrigation of Peru, reiterate our commitment to the APEC Food Security Roadmap Towards 2030, focusing on strengthening regional food security and contributing to achieving open, fair, transparent, productive, sustainable, resilient, innovative, and inclusive agri-food systems. In this regard, we recall that in 2023 the APEC Leaders recognized that there is no “one-size-fits-all” approach to agricultural sustainability.
APEC economies welcomed the participation of representatives from the Association of Southeast Asian Nations (ASEAN) and the Pacific Economic Cooperation Council (PECC). We likewise appreciate the role of APEC Business Advisory Council (ABAC) as Vice Chair of the Policy Partnership on Food Security (PPFS) which enables, encourages, and fosters dialogue between the public and private sectors.
In line with the APEC 2024 theme “Empower. Include. Grow.”, discussions at the PPFS during Peru's host year focused on the priority “Sustainable growth for resilient development”. This priority reinforces the commitment of the 21 member economies to the Putrajaya Vision 2040, including through the implementation of the Aotearoa Plan of Action. Thus, we continue to promote these efforts and those aimed to ensuring lasting food security and improving nutrition for all.
Acknowledging the increasing food insecurity and malnutrition challenges globally, we recall The State of Food Security and Nutrition in the World 2024 Report, which found that between 713 and 757 million people, or around one in eleven, may have faced hunger in 2023, and that global prevalence of undernourishment has persisted at nearly the same level for three consecutive years. Therefore, we reaffirm our intention to support and improve access to safe, nutritious, and sufficient food to ensure food security in the region, while also addressing environmental challenges, including climate change, and promoting biodiversity conservation as well as the sustainable use and management of natural resources.
Consequently, we support and encourage research and innovation to improve food security and nutrition, increase efficient agricultural productivity, and exchange of context-specific best practices and exploration of cooperative opportunities among APEC economies, broader regional collaboration, and engagement with international organizations, civil society, and the private sector.
We support the context-specific development and utilization of digital and innovative technologies, such as smart farming, agricultural biotechnology, data analytics, Artificial Intelligence, the Internet of Things, e-certificates, and food packaging to reinforce food security. The utilization of appropriate technologies should enable producers to better meet consumers’ needs, increase efficiency, productivity and profitability, prevent and reduce food loss and waste (FLW), and enhance resilience throughout the agri-food systems. To this end, we encourage policies and measures that promote investments in research, innovation, and capacity-building, using scientific approaches considering risk-related factors, as appropriate.
We recognize the vast natural resources available in the APEC region and reaffirm the importance of their sustainable use. We encourage APEC economies to ensure strategic policies and approaches, aimed at improving their agri-food systems to adapt to and mitigate the effects of climate change, preventing and reducing the impacts of natural disasters, conserving biodiversity, considering relevant data and information, as well as traditional and Indigenous knowledges, as appropriate, to achieve food security in the APEC region.
In that sense, we recall the Principles for Achieving Food Security Through Sustainable Agri-food Systems in the APEC Region, which promote sustainable, inclusive, reliable, and resilient agri-food systems supporting food security, environmental conservation, maintenance of livelihoods and resulting in socioeconomic benefits for current and future generations. To achieve this, our agri-food systems need to be productive and make the best use of the existing resources in each of our economies.
We recognize the essential role of fisheries and aquaculture in contributing to sustainable economic growth, ensuring global food security, and addressing climate change. We also continue to support the implementation of the APEC Roadmaps on Combatting Illegal, Unreported, and Unregulated (IUU) Fishing; Marine Debris; and Small-Scale Fisheries and Aquaculture to ensure the secure and sustainable contribution of the fisheries and aquaculture sectors to global food security.
We recognize the vital contribution of trade to achieving food security by ensuring food availability, accessibility, utilization, and stability across the APEC region. We encourage economies to continue their efforts to implement the rules-based, non-discriminatory, open, fair, inclusive, equitable, and transparent multilateral trading system, with the World Trade Organization (WTO) at its core. This includes promoting sustainable and inclusive growth, ensuring predictable markets, removing unnecessary barriers to trade to ensure WTO compliant policies and measures, that agricultural goods and services flow as smoothly and predictably as possible and minimizing market distortions to facilitate agri-food trade, including inputs, that boost regional food security and nutrition in line with WTO agreements. We also emphasize the importance of trade facilitation in our efforts to integrate micro, small and medium enterprises (MSME) into the global agri-food trade system, including through technical assistance and capacity building. Regarding the outcomes of the 13 th WTO Ministerial Conference on agricultural reform, we remain committed to engaging constructively in pursuing significant reforms as an important pathway to advancing global food security.
We stress the critical role of investment in infrastructure that can sustainably facilitate food access, distribution, and availability. We encourage a business environment for investment in transport, connectivity, logistics, food packaging and other enabling services to improve farming and market linkages, especially in remote and rural areas within the APEC region. In this regard, we encourage economies to consider policies and approaches that will foster the development of quality infrastructure to build sustainable and resilient agri-food systems that will ensure the achievement of food security in the region.
We encourage economies to continue to adopt inclusive policies and approaches that integrate food producers, including small-scale producers, into domestic and global food supply and value chains; recognizing that technical assistance and capacity building are important to help them meet international standards and apply context-appropriate innovative techniques and technologies to improve productivity and competitiveness. We are committed to promoting economic inclusion and growth, focusing on the development and empowerment of micro, small and medium enterprises (MSMEs), women and other groups with untapped economic potential, such as Indigenous Peoples, as appropriate, people with disabilities, and those from remote and rural communities including, where relevant, their organizations. We also support the role of youth in the agri-food system and encourage the sharing of knowledge and experiences to make recommendations on how APEC members can unlock the economic potential of people within the APEC region.
We promote and support the private sector’s role in PPFS, including through ABAC, and emphasize the importance of collaboration between the public and private sectors in addressing current and future challenges, with a particular focus on strengthening food security across the region.
As FLW remains a priority regional issue with considerable economic, social, and environmental costs that increase food insecurity, we encourage multisectoral efforts to prevent and reduce FLW through comprehensive policies and initiatives across the agri-food system. We therefore welcome the Principles for Preventing and Reducing Food Loss and Waste in the APEC Region for their potential contribution to the implementation of current and future APEC projects addressing FLW. On the same page, we recall the achievements of the 2014 APEC Action Plan for Reducing Food Loss and Waste and encourage economies to continue implementing APEC projects focused on FLW prevention and reduction.
We note the work on food security, food safety, FLW prevention and reduction, and other outcomes from the 9 th APEC Food Security Ministerial Meeting, the meetings of the Policy Partnership on Food Security, the Agricultural Technical Cooperation Working Group, the High‐Level Policy Dialogue on Agricultural Biotechnology, the Ocean and Fisheries Working Group, and the Food Safety Cooperation Forum.
We thank Peru for its cordial hospitality and for hosting a successful 2024 APEC Ministerial Meeting on Food Security. We also welcome the Republic of Korea to host the 2025 APEC Ministerial Meeting on Food Security.

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UNDP Philippines Thematic Focus Briefer on CIRCULAR ECONOMY

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August 15, 2024

The new UNDP Country Programme Document (CPD 2024 - 2028) for the Philippines focuses on three key areas of intervention: inclusion and resilience building; sustainable economic development; and climate action and disaster risk resilience.

Download the thematic focus briefs to learn more about the work of UNDP in the Philippines.

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(PDF) The Philippine Economy: Development, Policies, and Challenges
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Philippine economic development, looking backwards and forward: An
With the country now at the crossroads, this paper reflects on and draws lessons for economic development and policy by examining the country's three main economic episodes over the post-independence era: (a) the period of moderately strong growth from 1946 to the late 1970s, (b) the tumultuous crisis years from the late 1970s to the early ...
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