The International Monetary Fund (IMF) has highlighted the Philippines' economic potential but stressed the need for comprehensive structural reforms to fully capitalize on it. The IMF's 2024 Staff Report recommends investments in critical infrastructure, enhanced social protection programs, and governance improvements to boost economic growth and address inequality.
The Philippine economy has significant potential, but the International Monetary Fund ( IMF ) says comprehensive and ordered structural reforms are needed to unlock it. The IMF made this assessment following an annual consultation with local authorities, the results of which were issued in the 2024 Staff Report released last month. It noted the country's abundant natural resources, untapped blue economy, and sizable demographic dividend due to its young population. Economic growth of 7.0- to 7.
5 percent — higher than the projected 6.0-6.3 percent — 'is feasible, but requires multi-faceted, well-sequenced structural reforms,' the IMF said. 'These reforms, together with enhanced social protection programs, can also help reduce poverty levels and address inequality by creating quality jobs and raising productivity.' Gross domestic product growth remains below the above 6.0-percent results prior to the Covid-19 pandemic. While it hit 7.6 percent in 2022, it markedly slowed to 5.5 percent in 2023 and appears headed for another below 6.0-percent showing for 2024. The Philippines scores lower than the Asean median with regard to several trade, economic openness and governance measures, the IMF noted, and the 'simultaneous implementation' of reforms could help close the gaps and boost economic growth. The reforms, it said, should focus on the following: Investments in critical infrastructure, including upgrades to the power system; increased renewable energy investments; road transportation, logistics and port improvements and support for digital infrastructure. Governance improvements, particularly at the local government level, and the opening of the telecommunications sector to greater competition
PHILIPPINES ECONOMY IMF STRUCTURAL REFORMS ECONOMIC GROWTH
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