Philippines, 2018–2023—High and Inclusive Growth

Abstract

The Philippines is among the fastest growing economies in Southeast Asia and is on track to achieving its target of becoming an upper middle-income country by 2022. However, while national poverty incidence fell from 25.2% of the population in 2012 to 21.6% in 2015, the poverty rate translated to almost 22 million poor people and is still high for a middle-income country. Further, household income inequality in the Philippines is among the highest in Southeast Asia. Wide income disparities across the country’s regions indicate that the benefits of economic growth have been distributed unevenly.