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Philippines Economic Updates


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The Philippines Economic Update is biannual publication of the World Bank. It summarizes key economic and social developments, important policy changes, and the evolution of external/global conditions.

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June 2021 Navigating a Challenging Recovery

Weighed down by the COVID-19 pandemic, the Philippine economy is forecast to grow at 4.7 percent this year before accelerating to 5.9 percent in 2022 and 6.0 percent in 2023. Local governments have played a crucial role at the front lines of the COVID crisis. A current lack of resources prevents local government units (LGUs) from fulfilling their devolved mandates.

Full Report | Key Findings | Press Release: Ramping Up Vaccination, Improving Pandemic Response Can Strengthen Recovery

Report Launch Replay | Press Release: Mandanas Ruling Provides Opportunities for Improving Service Delivery Through Enhanced Decentralization

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December 2020: Building a Resilient Recovery

The multiple shocks that hit the Philippines – the COVID-19 health crisis, economic activities across the country frozen by quarantine measures, devastating typhoons in November, and the global recession – will likely shrink the economy by 8.1 percent in 2020, temporarily reversing gains made in poverty reduction in recent years. Sustained improvements in managing the pandemic and a possible rebound in the global economy, however, can help the country recover in 2021 and 2022.

Full Report | Press Release | Report Launch Replay

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June 2020: Braving the New Normal

Hammered by natural disasters and COVID-19, the Philippine economy is projected to contract by 1.9 percent in 2020. But there are good chances that the country can bounce back in the next two years.

Full Report | Press Release

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October 2019: Resuming Public Investment, Fast Tracking Implementation

High impact projects and critical reforms are key to regaining higher growth.

Press ReleaseReport Highlights | Full Report (pdf) 

 

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April 2019: Safeguarding Stability, Investing in the Filipino

Amidst lingering global and local uncertainties, the Philippine economy is poised to grow at 6.4 percent in 2019 and 6.5 percent in 2020 and 2021.

 

Highlights | Full Report (pdf)
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October 2018: Staying in the Course Amid Global Uncertainty

Amidst rising global uncertainty and inflationary pressures, the Philippine economy is poised to remain strong and is projected to grow at 6.5 percent in 2018, 6.7 percent in 2019, and 6.6 percent in 2020.

Full Report (pdf)

 

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April 2018: Investing in the Future

Investments in infrastructure and education, skills, and health, are not only key to sustaining high growth but will also ensure that poor and vulnerable families have access to better job opportunities. Delivering inclusive economic growth through good jobs remains the country’s most pressing challenge.

Highlights | Full Report (pdf)

 

 

October 2017- Preserving Consistency and Policy Commitment

Get Key Findings | Download report

Sections in this edition:

  • Part 1: Recent policy and economic developments – page 1
  • Part 2:  Outlook and Risks – page 32
  • Part 3: Unlocking Mindanao’s potential – page 47

 

April 2017- Advancing the Investment Agenda

Get Key Findings | Download report

Sections in this edition:

  • Recent Economic and Policy Developments – page 1
  • Outlook and Risks – page 21
  • Trade Competitiveness and Global Value Chains in the Philippines – page 28

 

October 2016- Outperforming the Region and Managing the Transition

Get Key Findings / Download report

Sections in this edition:

  • Recent Economic and Policy Developments – page 1
  • Outlook and Risks – page 17
  • Increasing Tax Revenues Efficiently and Equitably – page 28

 

April 2016- Moving Full Speed Ahead: Accelerating Reforms to Create More and Better Jobs

Get Key Findings / Download report

Sections in this edition

•    Recent Economic and Policy Developments - page 5
- Prospects and Risks - page 14
- Policies: A Retrospective and Forward Look on How to Create More and Better Jobs
•    Medium-Term Reform Agenda: Enhancing competition - page 29

 

October 2015- Making Growth Work for Small Businesses

Get Key Findings / Download report

Sections in this edition

•    Recent Economic and Policy Developments - page 1
- Prospects, Risks and Policies - page 14
•    Medium-Term Reform Agenda: Enhancing competition - page 29

Special Focus
 
1.    Real cost of starting and maintaining a business - page 45
2.    Export transaction costs in the Philippines – page 60

 

January 2015- Making Growth Work for The Poor

Get Key Findings / Download report

Sections in this edition

Recent Economic and Policy Developments - page 1

•    Prospects, Risks and Policies - page 10
•    Medium-Term Reform Agenda: Enhancing competition - page 20

Special Focus
 
1.    Congestion in Metro Manila and its impact on the economy - page 34
2.    Potential power shortages in Luzon and the way forward – page 40
3.    Reviving Philippine electronics exports – page 44
4.    Liberalizing rice policy in the Philippines – page 54
5.    Enhancing competition in the domestic shipping industry – page 63

 

August 2014- Investing in the Future

Get Key Findings / Download report (.pdf)

Sections in this edition

Recent Economic and Policy Developments - page 1

  • Prospects, Risks and Policies - page 10
  • Medium-Term Agenda: Tax Reform Package for more Inclusive Growth - page 14
Special Focus
 
China's Slowdown and Rebalancing: How the Philippines can still benefit - page 25
 
 
 
March 2014- Pursuing economic growth through sustainable reconstruction and job generation
 
 
Sections in this edition
  • Recent Economic and Policy Developments – page 10
  • Prospects , Risks and Policies – page 27
  • Building Back Better after Typhoon Yolanda – page 37
  • Medium term agenda: Working together to address the jobs challenge – page 47
Special Focus
  • 1: Philippine tourism industry challenge – page 7
  • 2: Impact Evaluation of the Kalahi – CIDSS – page 77
 
 
May 2013- Accelerating Reforms to meet the Jobs Challenge
 
 
Sections in this edition
  • Recent Economic and Policy Developments – Page 6
  • Prospects and Policies – Page 21
Special Focus
  • 1:  Measuring changes in inventory and statistical discrepancy in the national income accounts – page 30
  • 2:  The Philippine Real Estate Market: A cause for concern? An update – page 33
  • 3:  The Comprehensive Tax Reform Program of 1986 and related tax administrative reforms – page 41
  • 4:  Impact Evaluation of the conditional cash transfer program – page 43
  • 5:  Procurement modernization strategy: an update – page 49
 
 
December 2012- Accelerating Reforms to Sustain Growth
 
 
Sections in this edition
  • Recent Economic and Policy Developments – p. 1
  • Prospects and Policy Recommendations – p. 13
Special Focus
 
      Sustaining Growth in the Philippine BPO sector: Opportunities and Challenges – page 23
 
 
 
July 2012- Investing in Inclusive Growth Amid Global Uncertainty
 
 
Sections in this edition
  • Recent Economic and Policy Developments – p. 1
  • Prospects – p. 12
Special Focus
     
        Access to Basic Financial Services in the Philippines – p. 19
 
 
 
March 2012- From Stability to Prosperity for all
 
 
Sections in this edition
  • Recent Economic and Policy Developments – p. 1
  • Prospects and Policy Recommendations – p. 13
Special Focus
  • 1: Financing the Economic Cost of Disasters in the Philippines – p. 23
  • 2: Cycles of Conflict and Displacement in Mindanao - - p 30
  • 3: The Philippine Real Estate Market: A cause for concern? – page. 37
  • 4: Stepping Up Disbursements by Improving Absorptive capacity in Agencies – p. 43
 
 
December 2011- Sustaining Growth in Uncertain Times
 
 
Sections in this edition
  • Recent Economic and Policy Developments – p. 1
  • Prospects and Policy Recommendations – p. 11
Special Focus
  • 1: Raising Excise Taxes on Tobacco and Alcohol Products – p. 15
  • 2: Philippine Exports: Where do they stand? – p. 24
 
 
September 2011- Solid Macroeconomic Fundamentals Cushion External Turmoil
 
 
 
Sections in this edition
  • Recent Economic and Policy Developments - p. 1
  • Prospects - p. 9
Special Focus
  • 1: External Spillovers to Philippine Growth - p. 13
  • 2: The 2012 Proposed National Budget - p. 17
 
 
June 2011- Generating more inclusive growth
 
 
 
Sections in this edition
  • Recent Economic and Policy developments – p 1
  • Prospects – p. 9
Special Focus
       Poverty, the services sector and the 2011 national accounts revisions – p. 19
 
 
 
January 2011- Robust growth, stubborn poverty
 
 
 
Sections in this edition
 
  • Recent Economic and Policy Developments – p. 1
  • Prospects – p. 9
Special Focus
       
        Food prices, fiscal risks and exports of services – p. 14
 
 
 
September 2010- Stepping up Reforms to Sustain Growth
 
 
Sections in this edition
  • Recent Economic and Policy Developments – p. 1
  • Prospects – p. 12
Special Focus
     
        The national government budget, employment, financial shocks and constraints to growth in Mindanao – p. 15
 
 
 
June 2010- The Recovery Continues despite Global Financial Turbulence
 
 
Sections in this edition
 
  • Recent Economic and Policy Developments – p. 1
  • Prospects – p. 8
Special Focus
  • Selected special focus from recent quarterly updates – p. 26
 
 
February 2010- Laying out the exit strategies
 
 
Sections in this edition
  • Recent Economic and Policy Developments – p. 1
  • Prospects – p. 17
 
 
November 2009- Towards an Inclusive Recovery
 
 
Sections in this edition
  • Recent Economic Developments – p. 4
  • Prospects – p. 12
 
 
July 2009- Sailing Through Stormy Waters
 
 
 
Sections in this edition
  • Recent Economic Developments – p. 3
  • Polices – p. 11
  • Prospects – p. 16
 
 
April 2009- Philippines Quarterly Economic Update
 
 
Sections in this edition
       Recent Economic and Policy Developments – P. 3
 
 
 
November 2008- Philippines Quarterly Economic Update
 
 
 
Sections in this edition
 

          Recent Economic and Policy Developments – P. 3

 

Special Focus

  • 1: The new purchasing power parities and poverty in the Philippines – page. 30
  • 2: Inflation and the Poor page – p. 34
 
 





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David Llorito
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