Aspirations and challenges for economic and social development in the Philippines toward 2030

College

School of Economics

Document Type

Report

Publication Date

2013

Place of Publication

Makati City

Publisher

Philippine Institute for Development Studies

Abstract

The Philippines continues to demonstrate a development puzzle. Despite abundant natural and human resources, its development record pales in comparison with its neighbors in East Asia. This study presents a SWOT analysis to explain the economic development of the Philippines. To overcome the threats and weaknesses, the Philippines should aspire for BRISK development: balanced, rapid, inclusive, sustainable, and capital-intensive economic growth. Policy recommendations include standard reforms related to expanding fiscal space and improving infrastructure. However, Philippine history requires that special attention be given to strengthening institutions and weakening the grip of oligarchs. The rapid rise of China and India and the establishment of the ASEAN Economic Community provide an opportunity to attract more foreign direct investment, diversify the productions base, and expand the role of small and medium-sized enterprises.

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Disciplines

Growth and Development

Series Title

PIDS discussion paper series ; no. 2013-27

Keywords

Philippines—Economic conditions—1986-; Philippines—Economic policy; Economic development—Philippines

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