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Philippines - Growth with equity : the remaining agenda - a World Bank social and structural review

The report highlights how much recent achievements, in terms of growth, and poverty reduction, owe to the progress the country has made on a broad front of policy issues, such as openness to trade, investment, and competition, as well as education, and financial regulation. Nonetheless, progress has been uneven in several fronts, such as the need to intensify trade liberalization, and domestic competition; to strengthen governance across financial, corporate, and public sectors; to broaden asset ownership, and access by the poor to both tangible assets - land - and intangible ones, such as education. Beyond the financial crises, the report addresses medium-term challenges to face poverty reduction, and economic performance, and, strengthen corporate governance, and financial development, through financial reforms. It calls for the provision of public goods, delivery of effective justice, and improvement of revenue performance, through improved fiscal consolidation to attract foreign assistance. Among the recommendations, the need for savings mobilization is suggested to sustain economic growth, through diversification of savings instruments, and increased trade liberalization. (With permission from the World Bank Group)


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