Philippines: Selected Issues
IMF Staff Country Reports, December 19, 2024
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- Philippines: Selected Issues
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Bibliographic details
- Published: December 19, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400296369.002
Summary findings
- Output and employment in the Philippines were severely impacted by the coronavirus disease 2019 pandemic.
- While the Philippines recovered strongly after the pandemic, there is some evidence of scarring in output, and labor productivity remains below pre-pandemic trends.
- At a structural level, the Philippines is on the cusp of a demographic transition but must close important structural gaps to take advantage of this potential dividend and boost growth.
- A comparison between the Philippines and peer countries along structural areas key to supporting higher growth can inform reform efforts to support higher growth.
Projections and scenarios
- Under current policy settings, potential growth projections are estimated to be between 6.0–6.3 percent in the medium term.
- An upside scenario, which assumes ambitious and well-sequenced structural reforms, shows that growth could reach 7.0–7.5 percent over a longer time horizon.
Policy priorities and structural reforms
- Strengthening anti-corruption efforts would support business certainty.
- Enhancing the legal system, regulatory quality, and improving the rule of law are identified as key measures to support business certainty and higher growth.
- Closing important structural gaps is necessary to capture the demographic dividend and boost productivity.
Thematic coverage (as labeled)
- Education
- Human capital
- Inflation
- Labor
- Labor productivity
- Prices
- Production
- Total factor productivity
Content in this bundle
- Philippines: Selected Issues; IMF Country Report No. 24/352; November 15, 2024