Policies for Prosperity
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Washington, DC: World Bank
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While the Philippines has been one of the most dynamic economies in the East Asia and Pacific (EAP) region, with gross national income (GNI) per capita more than tripling, and poverty declining sharply from 33.5 percent in 2000 to 18.1 percent in 2021, it still faces a complex range of structural challenges. These include limited market competition in several key sectors; underinvestment in infrastructure; regulatory restrictions that impede foreign direct investment; and low growth in the agriculture sector, heightened by vulnerability to natural disasters and institutional weaknesses. Three World Bank Group engagements - a jobs report, a development policy loan (DPL), and a rural development project - highlight the importance of transformational economic reforms to promote employment in middle-income countries.
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ECONOMIC GROWTH, NO POVERTY, INFRASTRUCTURE UNDERINVESTMENT, MARKET COMPETITION, ECONOMIC REFORMS