Cover of The Report: Philippines 2021

The Report: The Philippines 2021

The Philippines is one of the world’s fastest-growing nations. Although economic activity slowed during the 2020 Covid-19 pandemic period, stimulus measures, imminent public sector policies and a larger budget are expected to create jobs, generate growth and help kick-start the country’s recovery during 2021.

The Philippines posted average economic growth of 6.4% over 2010-19. While the Covid-19 pandemic tested the country’s resilience during 2020, the response measures contained within the two national stimulus packages, Bayanihan 1 and 2, provided support to vulnerable industries. Meanwhile, the rollout of the imminent Corporate Recovery and Tax Incentives for Enterprises bill is expected to create jobs, encourage investment and generate growth in 2021 and beyond. A larger budget for 2021 will also help to jump-start economic recovery, which will primarily be driven by the prioritisation of key infrastructure projects, the transformation of the agriculture industry into a dynamic agri-business sector, and a greater impetus to strengthen the digital economy.

 

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