Philippine Economy The Philippines is one of the most dynamic economies in the East Asia 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. Business activities are buoyant with notable performance in the services sector including the business process outsourcing, real estate, and finance and insurance industries.
Sound economic fundamentals and a globally recognized competitive workforce reinforce the growth momentum. Having sustained average annual growth of 6.3% between 2010-2018 from an average of 4.5% between 2000-2009, the country is poised to make the leap from a lower-middle income country with a gross national income per capita of US$3,660 in 2017 to an upper-middle income country (per capita income range of US$3,896 – 12,055) in the near term.
In recent years, the Philippine economy has made progress in delivering inclusive growth, evidenced by a decline in poverty rates and its Gini coefficient. Poverty declined from 26.6 % in 2006 to 21.6 % in 2015 while the Gini coefficient declined from 42.9 to 40.1 over the same period. Unemployment has reached historic low rates but underemployment rates, while still high, continues to improve significantly. Although a large share of Filipino workers transitioned out of agriculture, most of them end up in low-end service jobs. Thus, while employment increased between 2006 and 2015, average wages remained stagnant. Measures to generate good jobs and better wages therefore are essential to achieve shared prosperity.
Source: World Bank
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