Philippines : Support for Development of Philippine Growth Strategy
The TA will support the Philippines' Department of Finance (DOF) formulate a growth strategy that will guide necessary structural reforms to lift potential growth and create skilled jobs. The socioeconomic impacts of the Coronavirus disease (COVID-19) pandemic created many development challenges. This strategy will identify new sources of sustained growth that will help the Philippines consistently achieve a real GDP growth to become a high-income country in the 2040s.
Project Details
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Project Officer
Lozano Astray, Maria Cristina
Southeast Asia Department
Request for information -
Country/Economy
Philippines -
Sector
- Industry and trade
Project Name | Support for Development of Philippine Growth Strategy | ||||
Project Number | 55313-001 | ||||
Country / Economy | Philippines |
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Project Status | Active | ||||
Project Type / Modality of Assistance | Technical Assistance |
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Source of Funding / Amount |
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Operational Priorities | OP5: Promoting rural development and food security OP6: Strengthening governance and institutional capacity |
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Sector / Subsector |
Agriculture, natural resources and rural development / Agro-industry, marketing, and trade Industry and trade / Industry and trade sector development - Trade and services Information and communication technology / ICT industries and ICT-enabled services Public sector management / Economic affairs management |
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Gender | No gender elements | ||||
Description | The TA will support the Philippines' Department of Finance (DOF) formulate a growth strategy that will guide necessary structural reforms to lift potential growth and create skilled jobs. The socioeconomic impacts of the Coronavirus disease (COVID-19) pandemic created many development challenges. This strategy will identify new sources of sustained growth that will help the Philippines consistently achieve a real GDP growth to become a high-income country in the 2040s. | ||||
Project Rationale and Linkage to Country/Regional Strategy | The Philippines has been hard hit by the COVID-19 pandemic. Gross domestic product (GDP) shrunk by 9.6% in 2020 and unemployment peaked at 17.6% of the labor force in April 2020 during the most severe lockdown to contain the spread of the virus. The economy is showing gradual signs of recovery. GDP rose by 3.7% year on year in the first half of 2021, rebounding from the 9.3% decline in the same period of 2020. While GDP continued to contract in Q1, it was followed by strong 11.8% recovery in Q2, reversing the steep decline in prior year. Investment was the most significant contributor to the rebound in Q2, followed by household consumption. The unemployment rate has since eased to 7.7% in June 2021. Progress in vaccination is helping restore consumer and business confidence. An expansionary fiscal policy continues to support growth, especially infrastructure investment. ADB projects GDP growth at 4.5% in 2021 picking up to 5.5% in 2022. | ||||
Impact | Targeted structural reforms, aligned with the long-term development plan Ambisyon Natin 2040, implemented. |
Project Outcome | |
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Description of Outcome | Long-term growth strategy for the Philippines developed |
Progress Toward Outcome | |
Implementation Progress | |
Description of Project Outputs | Economic complexity analysis, inclusive of services, undertaken. |
Status of Implementation Progress (Outputs, Activities, and Issues) | |
Geographical Location | Nation-wide |
Summary of Environmental and Social Aspects | |
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Environmental Aspects | |
Involuntary Resettlement | |
Indigenous Peoples | |
Stakeholder Communication, Participation, and Consultation | |
During Project Design | |
During Project Implementation |
Responsible ADB Officer | Lozano Astray, Maria Cristina |
Responsible ADB Department | Southeast Asia Department |
Responsible ADB Division | Philippines Country Office (PHCO) |
Executing Agencies |
Asian Development Bank Department of Finance |
Timetable | |
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Concept Clearance | - |
Fact Finding | 27 Sep 2021 to 30 Sep 2021 |
MRM | - |
Approval | 28 Dec 2021 |
Last Review Mission | - |
Last PDS Update | 07 Jan 2022 |
TA 6902-PHI
Milestones | |||||
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Approval | Signing Date | Effectivity Date | Closing | ||
Original | Revised | Actual | |||
28 Dec 2021 | - | 28 Dec 2021 | 31 Jul 2022 | 31 Jul 2025 | - |
Financing Plan/TA Utilization | Cumulative Disbursements | |||||||
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ADB | Cofinancing | Counterpart | Total | Date | Amount | |||
Gov | Beneficiaries | Project Sponsor | Others | |||||
225,000.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 225,000.00 | 21 Nov 2023 | 6,357.73 |
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Related Publications
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Tenders
Tender Title | Type | Status | Posting Date | Deadline |
---|---|---|---|---|
Legal Expert (Fiscal sectors and regulations for the telecommunications industry) | Individual - Consulting | Closed | ||
Legal Expert (infrastructure development and regulations for agriculture and natural resources) | Individual - Consulting | Closed | ||
Development Policy Expert | Individual - Consulting | Closed | ||
Technical consultant - statistical, econometric modelling | Individual - Consulting | Closed |
Contracts Awarded
Procurement Plan
None currently available.