Over the last several years, the Philippines has experienced major social and economic gains. Despite huge wealth disparities and pervasive poverty, social protection spending has increased dramatically and human development indicators have improved under former President Benigno Aquino III.
The World Bank is forecasting 6.4 percent expected growth in 2016 and 6.2 percent the next two years. Just last year, the Organization for Economic Cooperation and Development declared the Philippines has the best growth perspective among the ASEAN-5 countries with an average growth forecast of 6.2 percent from 2015 to 2019.
Since assuming office on June 30, Philippine President Rodrigo Duterte has pledged to accelerate reforms and make growth more inclusive, particularly in the country’s rural areas. Duterte signed Executive Order No. 5 or Ambisyon Natin 2040, which signals the Philippines’ aspiration to transition to a middle-class society by 2040.
About the author
Ma Karen Brutas
Karen is a former development analyst at Devex’s survey and advisory services team. Before Devex, Karen worked at several NGOs, where she conducted research, capacity building and policy advocacy on women’s human rights, and access to justice.
