Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress.Global data and statistics, research and publications, and topics in poverty and development A hard working service sector and large allowance from millions of Filipinos working abroad played an important role in Philippines economic development.

Economic development in Philippines economy has been because of high government spending. It was 7.6% higher than the remittances from the last year, and accounted for 8.4 % of Philippine gross domestic product (GDP) in 2013.The source countries for the remittances included the United States, Saudi Arabia, the United Kingdom, the United Arab Emirates, Singapore, Canada, and Japan. Many wait for job opportunities abroad, and many families depend on remittances from family members who are staying abroad.Despite the talk about economic growth, the poverty rates have not changed significantly since 2006. Out of these, 2.65 million were unemployed. Their economic growth can primarily be associated to the remittances from the overseas Filipino workers, as well as the growth in the Business Process Outsourcing (BPO) sector. Being overly dependent on global economy or remittances from Filipinos living abroad will make the nation vulnerable to external shocks. These cookies do not store any personal information.Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Here is some information on the economic problems of the Philippines.Though a fast-growing economy, Philippines still needs to address the issues of poverty, unemployment, and poor infrastructure. In general, the gains from higher economic growth have not really trickled down to the poor.Infrastructure is one of the biggest challenges. As per the World Bank’s Ease of Doing Business 2015 report, Philippines ranked 95 out of 189 economies. Unfortunately, the growth is restricted to the BPO, retail, and real estate sector, and a large number of Filipinos remain without jobs. It supports institutional reform at the national and local levels to mobilize domestic and foreign investment. Thus, greater attention has to be paid to addressing to the internal problems of the economy and enhancing domestic-oriented growth. The following sections list out some of the economic problems of the Philippines.In 2012, 10 million Filipinos were either unemployed (three million) or underemployed (seven million). In the short term, fast tracking the implementation of recently approved game-changing reforms would help to achieve inclusive growth. Poverty is very much linked to unemployment. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face.We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. In October 2013, unemployment rate was 6.5% in comparison to 6.8% in 2012. Since, Macapagal-Arroyo came into power in 2001 there has been an economic growth of 5 percent. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website.
However, there are certain economic problems that cannot be ignored. In the Global Competitiveness Report 2014-2015 of the World Economic Forum, Philippines didn’t fare well in terms of the quality of the overall infrastructure. The current administration needs to prepare an industrialization program that encourages value-addition manufacturing or services and builds Filipino-owned industries. Thus, economic disparity is a common feature. It ranked at number 91 among 144 countries. We'll assume you're ok with this, but you can opt-out if you wish.

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