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.
What are the development challenges in the Philippines?
Poverty rate declined from 23.5 % in 2015 to 18.1 % 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.
Source: World Bank, 2023.