Asian Development Bank and Philippines: Fact Sheet
Asian Development Bank | April 2009
Updated yearly, this ADB Fact Sheet provides social and economic indicators on the Philippines as well as concise information on ADB's operations in the country and contact information. The Philippines achieved unprecedented economic gains over the past years. Average gross domestic product (GDP) growth improved to 5.6% during 2003–2008, versus about 3% during 1990–2000. Strong growth was accompanied by benign inflation, declining national government debt as a proportion of GDP, markedly reduced fiscal deficit, and a robust balance of payments (BOP) position. Notwithstanding substantial progress, challenges remain and further reforms are needed to sustain economic gains and strengthen the economy’s resilience. Private investments and job generation remained inadequate, while poverty incidence remained high at 32.9% of the population in 2006. The economy slowed in 2008, though still performed fairly, amid exogenous pressures stemming from steep commodity prices, the global economic slowdown and financial crisis in advanced economies. GDP growth in 2008 slowed to 4.6%, while the fiscal deficit was at 0.9% of GDP (versus an initial balanced budget goal) to support growth during the global economic downturn.
CitationAsian Development Bank. 2009. Asian Development Bank and Philippines: Fact Sheet. © Asian Development Bank. http://hdl.handle.net/11540/5804.
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