Philippines Economic Updates

First Steps Matter: Empowering Early Years Workers to Build Human Capital

Amid heightened geopolitical tensions, the Philippines' economy is expected to remain robust, growing at an average rate of 6.0 percent over 2024-2026 and sustaining poverty reduction.

Full Report

Press Release: Philippines' Economy Maintains Strength Amid Global Geopolitical Tensions

Beyond the Numbers: Sustaining Poverty Reduction in BARMM (June 2024)

The Philippine economy is forecast to accelerate to 5.8% growth in 2024 from 5.5% last year and to 5.9% in 2025. Growth is expected to be driven by strong household consumption, sustained strength in the services sector, and improved trade stemming from a rebound in global demand for goods and the continued recovery of services exports such as tourism.

Full Report | Infographic

Press Release: Bolstering Resilience Against Climate Change Key to Sustaining Inclusive Growth

Press Release: Boosting Farm Profitability, Access to Social Services, Infrastructure Key to Poverty Reduction, Lasting Peace in Bangsamoro

PEU Development Dialogues on Facebook Live | Slide Presentation of the Growth Outlook for the Philippines | Slide Presentation of the special focus on sustaining poverty reduction in the BARMM

December 2023: Safe Water and Sanitation for All

Fully implementing key reforms to bolster private investments is crucial for sustaining growth and boosting job creation in the Philippines amid challenges including high inflation, elevated interest rates, sluggish international trade, and global uncertainties associated with Russia's invasion of Ukraine and conflict in the Middle East.

Full Report | PEU Development Dialogues: Safe Water and Sanitation for All (Report Launch on December 7, 2023)

Press Release: Implementing Reforms to Boost Private Investment Key to Sustained Job Creation and Poverty Reduction in the Philippines

Press Release: Municipalities and Cities Need Strong National Government Support to Ensure Safe Water and Sanitation for All Filipinos

June 2023: Securing a Clean Energy Future

Improving the efficiency of social protection in the Philippines remains essential to protect the poor and most vulnerable from economic shocks as the country grapples with global uncertainties and domestic risks including high inflation.

Bucking global trends, strong domestic demand in the Philippines is expected to propel its economy to a 6.0 percent growth in 2023 and 5.9 percent the following year. Strong domestic demand is underpinned by consumer spending drawing strength from the continuing jobs recovery and the steady flow of remittances. Fixed capital investment will also contribute to growth, anchored on upbeat domestic activity, and improved business confidence.

Full Report | Report Highlights | Press Release | Report Launch on 8 June 2023 | Economic Update Slide Presentation | Energy Transition Slide Presentation

December 2022: Bracing for headwinds, Advancing Food Security

The December 2022 edition of the PEU includes a special focus on the topic of Public Expenditure Review for Agriculture and lays out the importance of improving the effectiveness of public spending in the sector. It also looks into the financial and functional devolution resulting from the Mandanas ruling and the challenges and policy recommendations toward achieving the medium to long term agenda of agriculture productivity and food security.

Full Report | Press Release | Report Launch Replay

June 2022: Strengthening the Digital Economy to Boost Domestic Recorvery

Anchored on more robust domestic activities, the Philippines is poised to grow 5.7 percent in 2022 and 5.6 percent on average in 2023-24 amidst intensifying global uncertainties. Continuity of policies supporting growth and investments are key to strengthening recovery in the Philippines.

Full Report | Press Release | Report Launch Replay

December 2021 Regaining Lost Ground, Revitalizing the Filipino Workforce

From the deep economic contraction last year, the Philippines is on the path to economic recovery. There are clear signs of rebounds in domestic activity, community mobility, industrial output, and recently with bank lending activities. However, there are challenges to growth with the continuing threat of the pandemic amid narrowing policy space. The key policy challenges are to protect long term fiscal sustainability, leverage the private sector in the recovery, and limit the economic scarring from the pandemic.

Full Report | Press Release "PHILIPPINES: Boosting Private Sector Growth Can Strengthen Recovery, Create More Jobs" | Report launch Replay

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

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

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

October 2019: Resuming Public Investment, Fast Tracking Implementation

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

Press Release | Report Highlights | Full Report (pdf)

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.

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)

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)