A current lack of resources prevents local government units (LGUs) from fulfilling their devolved mandates.įull Report | Key Findings | Press Release: Ramping Up Vaccination, Improving Pandemic Response Can Strengthen 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. June 2021 Navigating a Challenging Recovery 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.įull Report | Press Release "PHILIPPINES: Boosting Private Sector Growth Can Strengthen Recovery, Create More Jobs" | Report launch Replay However, there are challenges to growth with the continuing threat of the pandemic amid narrowing policy space.
There are clear signs of rebounds in domestic activity, community mobility, industrial output, and recently with bank lending activities. June 2022: Strengthening the Digital Economy to Boost Domestic RecorveryĪnchored 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.ĭecember 2021 Regaining Lost Ground, Revitalizing the Filipino Workforceįrom the deep economic contraction last year, the Philippines is on the path to economic recovery. 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.įull Report | Press Release | Report Launch Replay 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. Fixed capital investment will also contribute to growth, anchored on upbeat domestic activity, and improved business confidence.įull Report | Report Highlights | Press Release | Report Launch on 8 June 2023 | Economic Update Slide Presentation | Energy Transition Slide Presentationĭecember 2022: Bracing for headwinds, Advancing Food Security
Strong domestic demand is underpinned by consumer spending drawing strength from the continuing jobs recovery and the steady flow of remittances. 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.īucking 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. June 2023: Securing a Clean Energy Future
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