Economic Reform & Development in the Philippines
With an average 6.6 percent GDP growth over the past five years, the Philippines is among the fastestgrowing economies globally. With a gross domestic product of US$329 billion and per capita income of US$3,280, it is quickly nearing upper middle-income status. Despite the positive developments, the principal challenge is the stubbornly high poverty rate estimated at 21 percent. Among the causes, analysts have highlighted weak governance, corruption, elite capture, inadequate education, health services and infrastructure, limited access to financing, and increased frequency and intensity of natural disasters.