Philippines: Support for Development of Philippine Growth Strategy

Sovereign Project | 55313-001

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

  • 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
Project Status Active
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 6902-PHI: Support for Development of Philippine Growth Strategy
Technical Assistance Special Fund US$ 225,000.00
Strategic Agendas Inclusive economic growth
Drivers of Change Governance and capacity development
Knowledge solutions
Private sector development
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

Gender Equity and Mainstreaming 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
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
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
Executing Agencies
Department of Finance
DOF Building
Bangko Sentral ng Pilipinas Complex
Roxas Blvd., Manila, Philippines
Timetable
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
Approval Signing Date Effectivity Date Closing
Original Revised Actual
28 Dec 2021 - 28 Dec 2021 31 Jul 2022 31 Jul 2023 -
Financing Plan/TA Utilization Cumulative Disbursements
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 02 Aug 2022 0.00

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