The Malaya Business News Team
The Philippines has emerged as a top economic performer in Asia after rebounding from the impact of the Covid-19 pandemic, finding a new growth path as shifting geo-economic landscapes redefine how nations move forward, the country’s chief economic planner said, citing the latest World Bank report launched today, July 15.
Economic Planning Secretary Arsenio Balisacan said on Tuesday the gains mentioned by the World Bank in its report were not accidental, but a result of hard-won reforms.
The World Bank’s Growth and Jobs Report for the Philippines, titled “Running Uphill: Growth, Jobs, and the Quest for Productivity” is the first in a new generation of reports that place employment at the center of growth strategy.
The study traces 15 years of data on productivity and job creation, identifying key reform levers to lift gross domestic product (GDP) growth to 7 percent annually and generate millions of better-quality jobs.
It said poverty incidence dropped to 15.5 percent in 2023 from 18.1 percent in 2021, while the jobless rate improved to 4.3 percent — better than the government’s own targets.
“These gains are not accidental,” Balisacan said, crediting hard-won reforms.
Balisacan also repeated a warning from the report against complacency, saying the country must go “beyond business as usual” to sustain inclusive growth by raising productivity, enabling innovation, and expanding access to opportunities.
“Every peso spent must deliver tangible benefits to the Filipino people,” he said, calling for sustained policy focus and smart investments in education, health, food security, and digital and regional connectivity. –Ruelle Castro
