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The Philippines has been one of the most dynamic economies in the East Asia and Pacific region. With increasing urbanization, a growing middle class, and a large and young population, the Philippines’ economic dynamism is rooted in strong consumer demand supported by a vibrant labor market and robust remittances. The private sector remains buoyant, with positive performance from the services sector including business process outsourcing, wholesale and retail trade, real estate, and tourism. Poverty rate declined from 23.5 percent in 2015 to 18.1 percent in 2021 despite the shocks endured through the COVID-19 pandemic and other global headwinds such as high global commodity prices and tight global financial conditions. The Philippine government pursues larger investments in both human and physical capital to boost growth over the medium and long term.

The Philippines has been growing in recent years accelerating from 5.6 percent in 2021 to 7.6 percent in 2022. With continued recovery and reform efforts, the country is getting back on track on its way from a lower middle-income country with a gross national income per capita of US$3,640 in 2021 to an upper middle-income country (per capita income range of US$4,256-US$13,205) in the short term.

Last Updated: May 03, 2023

reduction in pollution noted in Laguna Lake in January 2011 due to community-driven solid and wastewater management projects and increased compliance of firms with environmental regulations


Philippines: Commitments by Fiscal Year (in millions of dollars)*

*Amounts include IBRD and IDA commitments
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Country Office Contacts

26th Floor, One Global Place 5th Ave. corner 25th St. Bonifacio Global City, Taguig City Philippines 1634
Tel: +632-8465-2500
Fax: +632-8465-2505
Washington DC
1818 H Street, NW, Washington DC 20433
Tel: +1-202-473-4709