Philippine economy overview 2014

In a recent report, the World Bank presents an overview of the economy of the Philippines: from macro-economy and finance to human welfare and development indicators. With analysis of current economic policies, disaster recovery as well as future perspectives, this document will provide valuable information to business leaders, economic analysts, investors and policy makers.

This report, entitled “Philippine Economy Update: pursuing inclusive growth through sustainable reconstruction and job creation” from the World Bank was published in March 2014; it presents the latest findings on the state and perspectives of the Philippine economy and its growth.

Prevention of disasters in the Philippines being  a major concern, this report also demonstrates how the Philippines has become resilient and prone to recover. Finally, the report also highlights improvement of social conditions and need for more and better jobs.

Philippine economy update summary

Preface – page 2

Executive summary – page 5

• Recent economic and policy developments – page 5
• Prospects, risks, and policies – page 6
• Building back better after typhoon Yolanda – page 6
• Medium-term agenda: working together to address the jobs challenge – page 8

Recent economic and policy developments – page 10

• Output and demand – page 10
• Poverty and employment – page 12
• Typhoon Yolanda – page 13
• External accounts – page 17
• Financial markets – page 21
• Prices and monetary policy – page 21
• Fiscal policy – page 24

Prospects, risks, and policies – page 27

• Output and demand – page 27
• External accounts – page 31
• Prices and monetary policy – page 34
• Fiscal policy – page 34

Building back better after typhoon Yolanda – page 37

• Reconstruction Assistance on Yolanda (RAY) – page 37
• Sustainable reconstruction after typhoon Yolanda – page 38
• Monitoring and evaluating for success – page 43
• Disaster risk financing and insurance framework – page 45

Medium-term agenda: working together to address the jobs challenge – page 47

• The jobs challenge – page 47
• The philippine development story – page 49
• What went wrong in the philippines? – page 51
• A window of opportunity to create more and better jobs – page 52
• Working together towards a jobs agenda – page 53
• The reform agenda for job creation – page 57
• A three-tracked implementation – page 68

Special focus 1 – page 71

Philippine tourism industry challenge – page 71

Special focus 2 – page 77

Impact evaluation of the kalahi-cidss – page 77

Data appendix – page 83