Devpulse: The Long View
No. 1 2nd Semester 2017
Since embarking on a program of inclusive growth and poverty reduction, the Philippines has gradually become one of the best-performing economies in Asia.
Keeping the 6.3 percent gross domestic product (GDP) growth rate has put us on the higher growth trajectory. The country’s focus on responsible public spending; and maintaining a low and stable inflation1, protected our economy against disruptions caused by natural calamities and the global business cycle. This contributed to the significant increase in the average annual family income2 by 2015.
Moreover, the emphasis on good governance and respect for the rule of law has paid off with the unprecedented level of confidence in the country as an investment and travel destination. The generally stable political environment has been conducive to sustained economic growth and peaceful political transitions.