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Philippine economic development, looking backwards and forward: an interpretative essay.

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.

Key Words: Philippines, economic development, economic history, political economy, institutions, COVID-19, ASEAN, comparative analysis

JEL codes: E02, I0, N15, O10, O43, O53, P52

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Home — Essay Samples — Sociology — Globalization — The Impact of Globalization on the Philippine Economy

The Impact of Globalization on The Philippine Economy

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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.

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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
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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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Navigating a Challenging Recovery in the Philippines (Philippines Economic Update June 2021)

STORY HIGHLIGHTS

• The resurgence of COVID 19 cases and the reimposition of stringent quarantine measures held back early signs of an economic rebound.
• The economy is expected to recover over the forecast horizon, but there are significant downside risks.
• The key policy challenges are to manage the pandemic, effectively deliver social protection, and mobilize private sector participation in the recovery.

Recent Economic and Policy Developments

• The economy remained in recession, contracting by 4.2% year-on-year in the first quarter of 2021. The growth contraction was fueled by weak domestic demand, driven by the combination of containment measures, weak confidence, and rising inflation.
• Meanwhile, tepid external demand was driven by the sharp contraction in services exports amid lingering restrictions and weak demand for international tourism while goods exports recovered.
• The public sector was the main driver of growth with an expansionary budget.
• The impact of the recession is broad-based, affecting all sectors, i.e. industry, construction, manufacturing, services, trade, transportation, accommodation and food services.
• The Central Bank of the Philippines (Bangko Sentral ng Pilipinas) maintained its key policy rate at 2.0% throughout the first four months of 2021 to support the economic recovery.
• The authorities also accelerated public spending. Stimulus spending and infrastructure investment drove public spending from 19.1% of GDP in the first quarter of 2020 to 23.4% of GDP in the same period in 2021.
• The unemployment rate decreased to 7.1% in March 2021 after remaining steady at 8.7-8.8% in the past five months.

Outlook and Risks

• The growth prospects hinge on the country’s ability to manage the COVID-19 health crisis.
• The economy is projected to expand at 4.7% in 2021, before accelerating to 5.9% in 2022 and 6.0% in 2023. The economic recovery will contribute to renewed progress in poverty reduction.
• A resurgence of infection due to the entry of new virus variants is the most significant risk, which may yet overwhelm the healthcare system.
• Ineffectively containing the virus or implementing the mass vaccination program may extend mobility restrictions, which could lead to further job and income losses, disrupt businesses, and delay economic recovery.
• External risks include a slower-than-expected global recovery, disruptions in international logistics and global value chains, and trade protectionism.

Policy Recommendations

• The key health policy response remains the management of the virus and roll out of the vaccination program.
• Effectively delivering social protection programs will help reduce the extent to which the crisis adversely affects long term human capital accumulation.
• Mobilizing greater private sector participation in public infrastructure projects will be important as the government faces limited fiscal space in the short term.
• Relaxing restrictions on FDI is expected to boost the economic recovery.

Special Focus on Subnational Finance

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.

• The Mandanas Ruling that will be implemented in 2022 is the first step towards strengthening decentralization and improving local service delivery.
• Large disparities in LGUs’ financial resources have led to persistent inequalities across LGUs.
• Implementation challenges can be addressed successfully through improved coordination and strategic planning and budgeting.
• Addressing the structural challenges of decentralization requires a long-term investment in designing institutional arrangements that will ensure the success of decentralization.
• Clearly define, communicate, and coordinate the re devolution of functions.
• Minimize inefficient allocation of LGU budgets by focusing on implementation ready programs and projects.
• Support capacity building in local government units.
• Reduce inequality by re devolving gradually and targeting national government support toward disadvantaged LGUs.
• Strengthen systems of monitoring and evaluation within government.
• Amend the Local Government Code to address fundamental challenges towards effective service delivery.
• Strengthen demand for transparency and accountability.

June 10, 2021 Report Launch Replay

• [FULL REPORT] Philippines Economic Update June 2021: Navigating a Challenging Recovery
• [PRESS RELEASE] Manila, June 10, 2021-Mandanas Ruling Provides Opportunities for Improving Service Delivery Through Enhanced Decentralization
• [SLIDE PRESENTATION] Mandanas Ruling: An Opportunity for Effective Decentralization
• [SLIDE PRESENTATION] Philippines Economic Update June 2021: Navigating a Challenging Recovery
• Get past issues of the Philippines Economic Update

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.

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Economic Development and Governance

While the Philippines has emerged as one of the fastest growing economies in the region, many Filipinos are being left behind. USAID promotes inclusive economic growth and encourages investment by promoting reforms that create a favorable environment for private enterprise to thrive. This includes efforts to reduce regulatory bottlenecks and barriers to greater trade and investment; improve the environment for competition; enhance Philippine competitiveness; and support the digital transformation of the Philippine economy. USAID also partners with urban centers outside of Metro Manila to help them become engines of sustainable, resilient economic growth.

In addition, USAID collaborates closely with the Philippine government and civil society to uphold shared democratic values. Together, the U.S. and the Philippines work to strengthen local and participatory governance, reduce corruption, increase political participation, support the conduct of free and fair elections, enhance civic engagement and youth leadership, and expand access to justice. To promote peace and stability in Mindanao, USAID strengthens government institutions, supports policy development and reforms, and fosters engagement with civil society organizations to empower inclusive participation in the Bangsamoro transition. USAID also enhances the capacity of local organizations to provide assistance in the critical areas of trafficking in persons, food security, and disaster relief.

Accelerate Women's Entrepreneurship for Peace and Prosperity in Mindanao (ACCELERATE)

Despite the presence of conflict in BARMM, an increasing number of women are establishing successful businesses and micro-enterprises, particularly in agriculture, food production, textiles, brassware production, and other handicrafts. On top of the conflict, these businesses face challenges such as access to finance and markets, scaling-up, and networking. However, only a few policies or programs are designed to support women’s economic development in the Bangsamoro. ACCELERATE aims to help strengthen peace and stability in BARMM by accelerating women’s economic empowerment in the region. The project works to measure women’s economic participation and entrepreneurship in Bangsamoro; empower women to succeed in the workforce and women entrepreneurs to launch and grow businesses; support women entrepreneurs and business leaders to build connections and access new markets; and improve the enabling environment for women’s entrepreneurship and economic opportunities.

Better Access and Connectivity (BEACON)

Building the country’s information and communications technology (ICT) infrastructure is fundamental to improving its competitiveness for trade and investment, which would increase employment and income generation. Working with government and private sector partners, BEACON is improving the quality of ICT infrastructure; enhancing the enabling environment and regulatory governance for greater ICT investment; and strengthening cybersecurity protection. By addressing gaps in internet access and connectivity, BEACON hopes to reduce the cost of doing business, improve productivity of private enterprise, and increase the benefits of the digital economy. Improvements in digital infrastructure will also enable the efficient delivery of public services, connect the underserved and remote regions, and expand economic opportunity.

Cities for Enhanced Accountability, Governance, and Engagement (CHANGE)

CHANGE supports strengthened democratic governance in the Philippines by making local governance more responsive. Working with CDI partner cities, the project seeks to achieve more responsive local governance by strengthening the enabling environment for decentralization; enhancing service delivery capacity, legitimacy, transparency, and accountability; and empowering citizens by increasing their participation in and oversight of local governance processes.

Democratic Governance Support to the Bangsamoro Transition (FORWARD Bangsamoro)

In July 2018, the Philippine government ratified the Bangsamoro Organic Law, which established the BARMM. The six-year transition period is crucial to both the Bangsamoro and the Philippines to bolster local governance and nurture economic growth. USAID, in partnership with The Asia Foundation, works closely with key regional government institutions to improve their overall capacity; provide technical assistance on priority legislation and policy measures; and encourage community engagement with the BARMM and Bangsamoro Transition Authority. USAID assistance helps citizens of the Bangsamoro build a more effective and accountable government that is well-positioned to advance peace, security, and inclusive economic growth in the region.

Development Credit Authority Loan Portfolio Guarantee for 1st Valley Bank

The Development Credit Authority (DCA) Loan Portfolio Guarantee for 1VB is structured to encourage lending to domestic, commercial businesses, predominantly small- and medium-sized enterprises (SME), in Mindanao – including Marawi and surrounding areas. This portfolio guarantee supports inclusive growth and employment across priority agribusiness sectors, including agricultural supply chains and rural SMEs, while also promoting peace and stability in conflict-affected areas in Mindanao. Under this activity, DCA funds are used to provide up to 50 percent guarantee cover to potential net principal loss on qualified loans while 1VB uses its own funds to finance loans to qualifying borrowers in the target regions.

Enduring Peace in the Bangsamoro

Enduring Peace in the Bangsamoro improves participatory governance structures; develops community-owned peacebuilding mechanisms grounded in policy; and fosters trust, empathy, and mutual understanding among communities in Basilan, Maguindanao, and Cotabato City. Employing a People-to-People approach while maintaining sensitivity to local cultural contexts and ensuring Do No Harm principles are upheld, the project facilitates safe interactions – horizontally (personal and relational change) between individuals, identity, and sectoral groups and vertically (structural change) between communities and state institutions – to contribute to transparent and accountable governance and effective social cohesion so the peace process can deepen and flourish.

Greening Agri-Food Value Chains through Carbon-Based Inputs for Agriculture and Waste Recovery in Caraga Region, Mindanao (Greening CARAGA)

The Greening CARAGA project supports pollution reduction and resource-efficient processes in agri-food value chains in the region, contributing to a greener economy and poverty reduction in the Philippines. To reduce waste in agricultural value chains and create economic opportunities for vulnerable communities in CARAGA, the activity promotes the use of carbon-based inputs (CBI) such as biochars, biofertilizers, and biopesticides that are produced from agricultural waste like rice husks and other agricultural crops. The project also develops the supply chain and business model for CBI to expand the market and demand for CBIs as a viable and greener alternative to traditional fertilizer.

Initiative for Advancing Community Transformation (I-ACT)

Founded on the Philippines’ and the United States’ shared democratic values, including respect for human rights, USAID, TAF, and other partners support 115 local civil society organizations in using behavior science approaches for civic engagement. Collaborating with non-traditional democracy partners such as IT organizations and communications firms, I-ACT analyzed rights knowledge, attitudes, and behaviors to develop hope-based messages that can inspire digital communities to seek, affirm, and claim human rights. I-ACT is a partner of four major human rights coalitions in the Philippines: the Philippine Alliance for Human Rights Advocates, the Alternative Law Groups, Child Rights Network, and iDEFEND.

Initiative for Media Freedom

The Initiative for Media Freedom aims to support an independent and free press, counter disinformation, promote political inclusion, and enhance democratic governance in the Philippines. In partnership with respected and credible organizations from media, civil society, and academia, the Initiative for Media Freedom implements activities organized along three objectives to 1) improve the environment for a free press; 2) bolster capacity of media and other organizations to address disinformation; 3) strengthen self-regulation of the media sector.

Local Works – Assets, Agency, and Trust: Domestic Resource Mobilization as a Strategy for Promoting Locally-owned and Locally-led Development in the Philippines

Sustainable funding is one of the key challenges faced by non-government organizations around the world, including the Philippines. USAID works with GlobalGiving to support the financial sustainability of civil society organizations through resource mobilization with an emphasis on community philanthropy. This project also helps ensure that resources are used effectively and transparently for the benefit of organizations’ constituents.

Local Works – Facilitating Local Access to Water (FLoW)

Using locally-led community solutions, USAID and AKAP, with the support of the U.S.-based Local Systems Practice consortium, improves water access for the residents of Tublay Municipality. FLoW facilitates systems analysis and stakeholder mapping, including the processes, relationships and dynamics of all actors. It ensures sustainability by capitalizing on local partners’ ability to come up with solutions that address their own development challenges, as solutions emerge from collaborative engagements between and among communities, local officials, non-governmental organizations and the business sector. FLoW also provides models for collaborative implementation that can be replicated in sectors beyond water.

Local Works – Impact Pioneers: The Philippines’ First Impact Investment Network Activity

Impact Pioneers supports a local private company to establish the first impact investor network in the country, seeking to bridge the “missing middle” lack of early-stage risk capital for impact enterprises. The activity will bridge gaps in financing by creating a strong pool of impact investors and unlocking local catalytic capital. The network also aims to address the gender financing gap in the Philippines.

Localworks – Rural-Urban Market Link: Establishing a Mechanism to Promote Inclusive Livelihood for the Marginalized Poor Activity (RUML)

RUML strengthens market linkages between rural producers and urban consumers to help increase farmer income and agricultural productivity while contributing to a more steady supply of safe, nutritious, and affordable food for urban communities. Project activities include establishing a functional market mechanism called People’s Business Center (PBC); providing steady supply of safe and nutritious agricultural products from small-scale rural producers who are expected to obtain fairer prices due to price incentive scheme of the PBC; establishing different market segments that interact effectively with the organized rural suppliers, and in the process generating livelihood opportunities within the value chain; and developing an integrated digital platform to facilitate data management necessary in the different stages of the value chain operations.

Logistics Services in Mindanao (LOGISTICS 2)

LOGISTICS 2 provides security risk management and transportation services and other administrative support services for short-term visits by USAID personnel and other U.S. government officials and visitors in Mindanao. The support services include conducting situational analysis; appraising USAID staff on security-related concerns in areas in Mindanao with U.S. government programming; and providing administrative support to USAID staff on organizing meetings, workshops, and high-level events.

Philippines Performance Audit Partnership (PPAP)

Performance audits are effective tools for assessing the intended development results of public investments. USAID partners with the Center for Audit Excellent of the U.S. Government Accountability Office (GAO), a world leader in performance audit, to bolster the capacity of the Philippine Commission on Audit (COA). GAO experts upskills COA auditors in GAO-style performance audit and advises COA leadership in implementing organizational changes to institutionalize the audit model.

Political Participation for Greater Electoral Integrity (PARTICIPATE)

PARTICIPATE builds capacity for civil society oversight of elections, supports the improvement of voter registration and turn-out—particularly among youth, and enhances voter education and access to reliable information over digital and social media. Critically, PARTICIPATE also engages civil society and government and political leaders in support of the historic first election taking place under the newly formed Bangsamoro Autonomous Region of Muslim Mindanao (BARMM). Additionally, PARTICIPATE supports political and electoral policy reform in campaign and political finance, voter education and registration, and automation technology adoption, among others.

Regulatory Reform Support Program for National Development (RESPOND)

The Philippines faces critical challenges to attracting and facilitating trade and investment, including the quality of utilities and infrastructure, high entry barriers for new economic players, and complex processes to start and operate businesses. RESPOND improves regulatory quality to enhance competitiveness, and ultimately contributes to higher levels of investment and trade, inclusive growth, and self-reliance. RESPOND pursues interventions that enhance market competition and strengthen regulatory capacity and governance. To advance market competition, RESPOND supports reforms that reduce barriers to entry and reduce regulatory burdens and transaction costs for business. To strengthen the capacity of public officials to develop and implement quality regulations, RESPOND extends technical assistance that strengthens regulatory oversight, transparency, and accountability mechanisms. As a cross-cutting objective, RESPOND expands citizen engagement and the participation of civil society organizations to advocate for fair and open regulations and a better business environment.

Strengthening Private Enterprise for the Digital Economy (SPEED)

SPEED advances the participation of Philippines small and medium enterprises (SMEs) in the digital economy. The project collaborates with the government and private sector, including chamber and industry associations, to mobilize and maximize available resources in the digital economy for enterprise-led economic growth. SPEED supports initiatives that promote the use of digital technologies to accelerate competitiveness, drive innovation, fuel job opportunities, and enhance the market reach of enterprises. SPEED has four objectives: improve SME capacity and access to e-commerce platforms; expand and increase the use of e-payment systems and other financial technology innovations; improve the integration of e-commerce platforms with logistical supply chains; and increase consumer awareness and protection.

Strengthening Local Systems and Partnerships for More Effective and Sustainable Counter-Trafficking in Persons in the Philippines (Strength CTIP-P)

The Philippines maintained the Tier 1 ranking in the 2023 U.S. Department of State Trafficking in Persons Report, having fully met the minimum standards for the elimination of trafficking and for demonstrating serious continued and sustained efforts in combating trafficking in persons. However, gaps in prosecuting traffickers and ensuring the availability of specialized protection and providing assistance and reintegration services to victim-survivors remained an issue. Strength CTIP-P strengthens the local system that prevents and responds to trafficking in persons and consequently reduces vulnerability at the community level. The project partners with the national Inter-Agency Council Against Trafficking (IACAT) and its member government agencies, its counterpart councils at the local level, civil sector organizations, and the private sector. The project ensures a holistic approach by applying the four pillars of the U.S. government counter-trafficking strategy - prevention, protection, prosecution, and partnership.

Trade Capacity Building and Technical Assistance III (Interagency Agreement)

This project supports the U.S. Federal Trade Commission’s partnership with the Philippine government to promote and enforce competition law and policy. FTC assists in building the capacity of the Philippine Competition Commission (PCC), particularly with respect to regulations on mergers and acquisition and antitrust. FTC trains PCC staff on drafting and implementing regulations, conducting investigations, setting up review and notification processes, and building up cases. It supports the Philippine Department of Justice and the courts on competition law by training prosecutors and judges on jurisprudence on competition law.

Transforming Rural Agricultural Norms for a Sustainable Mindanao (TRANSFORM)

TRANSFORM supports rural communities in Mindanao to become resilient with sustainable livelihoods and enhanced ecosystems. The project builds partnerships among national and local governments, farmer communities, peoples’ organizations, non-governmental organizations, and the private sector to advance agroforestry, reforestation, and forest and biodiversity conservation activities toward carbon certification. TRANSFORM also supports reforestation and forest conservation activities that benefit sustained community livelihoods and conservation. In addition, it helps build the capacity of institutions to support environmental reforestation and forest protection.

Urban Connect

Urban Connect supports secondary cities to become better governed and resilient growth hubs in order to disperse economic opportunity and improve quality of life outside of Metro Manila and other high-density areas. To advance local economic development, the project improves the local regulatory environment for private investment and enterprise growth and strengthens inter-local government units coordination and connectivity. To improve public service delivery, Urban Connect strengthens public financial management; advances e-government solutions; and improves delivery of health and education services. The project also engages the private sector, promotes resilience, and ensures gender and social inclusion.

Youth Leadership for Democracy (YouthLed)

Despite the acknowledged role of the youth and their potential contribution to good governance, they are under-represented in civic engagement and electoral exercises, where almost a third of registered youth voters failed to participate in the recent elections. There is little, if any, evidence that civic education in the Philippines has a concrete impact on youth political participation. Nevertheless, youth have tremendous potential to significantly influence democratic governance in the Philippines. A partnership with The Asia Foundation, YouthLed supports the growth of empowered, autonomous youth constituencies around issues that youth see as priorities, while amplifying the voices of young women and men in local and national political arenas. This issue-based approach will anchor leadership development, coalition-building, and civic education and engagement activities in contexts that are relevant to youth while supporting their meaningful participation in democratic governance and local and national elections.

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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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Role of the Government in the Economy: Challenges and Opportunities of the Philippine Government

12 Pages Posted: 24 May 2023

Edzel Dumael

DEPED-ALAWIHAO HIGH SCHOOL

Alex Toraldo

World Citi Colleges-Quezon City

Florinda Vigonte

World Citi Colleges - Quezon City - Graduate School Department

Marmelo V. Abante

Date Written: May 18, 2023

This research aims to identify the challenges and opportunities of the Philippine government's role in the economy. The study draws on a range of sources that discuss the role of government in market economies, fiscal policy, financial markets, environmental protection, innovation, transportation, education, and international trade. The paper also examines specific Philippine economic development issues, such as fiscal policy, climate change, and globalization. The research findings suggest that the Philippine government faces challenges in implementing economic policies, regulating markets, promoting economic growth, and protecting the environment. Opportunities for growth include leveraging the sharing economy, advancing digital technologies, and implementing industrial policies that emphasize innovation and human capital development. The study concludes that to achieve sustainable economic growth, the Philippine government must develop policies that are inclusive, forward-thinking, and responsive to the needs of its citizens.

Keywords: Climate Change, Competition, Entrepreneurship, Externalities, Globalization, Government, Government Intervention, Innovation, Legal and Social Structure, Market Failure, Stable Economy

JEL Classification: A1

Suggested Citation: Suggested Citation

DEPED-ALAWIHAO HIGH SCHOOL ( email )

UP PHASE 1 BARANGAY ALAWIHAO DAET, 4609 Philippines 09309038349 (Phone) 4609 (Fax)

Alex Toraldo (Contact Author)

World citi colleges-quezon city ( email ).

Philippines

World Citi Colleges - Quezon City - Graduate School Department ( email )

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