Philippines Economic Research Highlights

Philippine Economic Analysis

A new vision for the Philippine economy after Covid-19

The Philippines is one of the fastest-growing economies of the past decade, averaging 6.4% growth per year in 2010-19. Indeed, an expanding and youthful population, combined with reforms and an ambitious infrastructure programme, have made it an enticing investment destination. Nevertheless, as is often the case in emerging markets, challenges regarding inequality – particularly the distribution of wealth and services – remain barriers to growth. The Covid-19 pandemic tested the country’s resilience...

The growth measures being employed by the Philippines

The Republic of the Philippines reaches from Taiwan in the north to Indonesia in the south. It is the fourth-largest country in South-east Asia after Indonesia, Myanmar and Thailand. Bordered by the South China Sea – also known locally as the West Philippine Sea – in the west and the Sulu and Celebes seas in the south, the Philippines is home to some 175 ethnolinguistic groups across thousands of islands. The Spanish colonial period lasted more than three centuries starting in the 1500s, leaving a...

How legal developments in the Philippines are supporting the economic response

In 2020 the Philippines experienced one of the world’s longest and strictest lockdowns implemented to stem the Covid-19 pandemic. These measures presented significant economic challenges. Indeed, GDP contracted by 11.5% year-on-year in the third quarter of 2020 – albeit at a slower rate than the previous quarter, which saw a drop of 16.9%. Nevertheless, swift action was necessary, and in early March President Rodrigo Duterte declared a State of Public Health Emergency throughout the Philippines...

Steps to boost financial inclusion in the Philippines

The Philippines’ financial services sector entered the Covid-19 pandemic on a solid footing, thanks to decades of regulatory reform to address the vulnerabilities exposed by the 1997-98 Asian financial crisis. Strong capital buffers, high levels of provisioning and near-universal public health cover insulated the country from many of the impacts that other markets continue to wrestle with. While geographic spread and socio-economic disparities remain structural barriers, increasingly tech-focused...

Report: Exploring the socio-economic importance of tobacco in the Philippines

The Philippine tobacco industry accounted for roughly 6% of tax revenue in 2020, and 58% of so-called sin tax receipts. Given its wide-reaching value chain and multiple stakeholders, this publication outlines the industry’s pivotal role in employment, with more than 2m Filipinos estimated to be financially supported by the segment. The research explores why tobacco is important not only for farming communities, but also for retail and informal employment across the archipelago. Amid the prospect of...

How fintechs are revolutionising remittances in emerging markets

A number of remittance-focused financial technology (fintech) start-ups are gaining traction in emerging markets. In doing so, they are making inroads on market share that was formerly the preserve of established providers. Remittances have grown in importance in recent decades, to the point where they now constitute the largest source of foreign income for many developing economies.Remittance flows tend to be more stable than broader capital flows. They also tend to be countercyclical, increasing...