Philippines: Asian Development Bank Member Fact Sheet 2018 Updated

Abstract

The Philippines has become one of the fastest-growing economies in Southeast Asia. The country’s gross domestic product grew by an average of 6.4% a year during 2010–2017, compared with average annual growth of 4.5% for 2000–2009. The Government of the Philippines aims to lay a strong foundation for inclusive growth, a socially responsible society, and a globally competitive economy. In its Philippine Development Plan 2017–2022, the current administration aims to address underinvestment in infrastructure, reduce poverty, address income inequality, and lessen regional growth disparities.