Philippines Economy Poised for Continued Growth, OECD Report Says
The Organization for Economic Co-operation and Development released a new report showing that the economic rise of the Philippines has continued for 15 consecutive years. The report showed the many opportunities for economic reform in order to continue this growth trend in the Philippines. The report also listed the projected GDP for the Philippines through the end of 2027. They predict that the GDP growth will be 5.1% for 2026 and 5.8% for 2027 after 4.4% growth had been achieved in 2025, and inflation will remain within the target of the central bank.
The Secretary General of the OECD, Mathias Cormann, stated that going forward will require continued work on building more robust competition laws, stronger social protection measures, better financing discipline by all levels of government, and provisions for how to adapt to climate change. The report was presented by Mr. Cormann and Secretary of Finance Frederick D. Go, both of whom confirmed the OECD’s analysis. To maintain public sector sustainability (through sustainable public debt), the report recommends that governments reduce value-added tax exemptions as well as improve the efficiency of public sector investments. Promoting competition (particularly in the telecommunications and electricity sectors) will help to lower costs and increase production by encouraging shared use of infrastructure and delineating the responsibilities of network operators and generators.
Establishing a unified social safety net with universal core social benefits and regionally adjusted minimum wages would support formal employment and decrease informal work activities. Climate risk has created a large funding gap for investments necessary for resilient infrastructure, early warning systems, and insurance coverage against natural disasters (e.g., typhoons) in the future. For example, better water pricing in Metro Manila should be supported by a variety of methods (such as increasing the minimum rate charged for water service) to help alleviate the problem of land subsidence. To support the transition toward cleaner energy, the OECD is recommending that governments increase the tax on coal.
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