World Bank President Jim Yong Kim with Philippine President Benigno Aquino III. During his first visit to the Philippines, Kim reaffirmed the bank’s strong commitment to supporting the country’s development. Photo by: Dominic Chavez / World Bank / CC BY-NC-ND
The Philippine economy has been performing well in recent years, growing by an average 5 percent annually. Growth is driven by the country’s strong macroeconomic policies, huge export sector, expanding transportation and communication sectors, and liberal investment environment. Strong remittance inflows contributed to growth as well, and buttressed the Philippine economy against the effects of the global financial downturn.
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