Aspirations and Challenges for Economic and Social Development in the Philippines Toward 2030
AbstractThe 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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Bibliographic InfoPaper provided by Philippine Institute for Development Studies in its series Discussion Papers with number DP 2013-27.
Date of creation: 2013
Date of revision:
Philippines; ASEAN Economic Community (AEC); development puzzle; SWOT analysis; critical development constraints; balanced; rapid; sustainable; inclusive; and capital-intensive economic growth;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-07-15 (All new papers)
- NEP-CWA-2013-07-15 (Central & Western Asia)
- NEP-SEA-2013-07-15 (South East Asia)
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