Latest Philippine and Regional Economic Performance, and Socioeconomic Priorities 2018 Onwards

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1 Latest Philippine and Regional Economic Performance, and Socioeconomic Priorities 2018 Onwards Carlos Bernardo O. Abad Santos ASSISTANT SECRETARY 28 November 2018

2 PH economic growth in an upward trajectory % % % % % Q1-Q GDP GROWTH 6.7% Full Year Source: Philippine Statistics Authority (PSA) 2

3 Rising contribution from investments and industry Ave. growth 2.8% Demand Side 4.5% % % % Supply Side 6.4% 6.3% 4.5% Q1-Q Household Consumption Government Investment Net Exports Q1-Q Agriculture Industry Services Source: Philippine Statistics Authority (PSA)

4 The Outlook: Bright Prospects The Philippines is expected to remain one of the fastestgrowing economies in Asia World Output India Vietnam China Philippines Indonesia Malaysia Thailand Singapore F 2019F Source: IMF-WEO October 2018

5 H H1 Supported by stable macroeconomic fundamentals Resilient fiscal position in support of growth National gov t outstanding debt (% of GDP) Fiscal Position (% of GDP) Fiscal Position Revenue Effort Tax Effort as of Q External position is supportive of economic growth Current Account & External Debt (% of GDP) as of Q Net FDI (US$ billion) External Debt to GDP ratio - LHS Current Account to GDP Ratio - RHS 5

6 Underemployment Unemployment Our vibrant economy is producing more and better jobs Summary of Labor and Employment Indicators, July 2017 and July 2018 (in 000 except rates) Unemployment and Underemployment Rate, FY (in %) Indicators July July 2018 p Population 15 years and over 71,560 70, Labor Force Participation Rate (%) Underemployment (%) Unemployment (%) a/ 2015b/ 2016c/ 2017d/ Employment Level 40,659 40,171 Employment Rate (%) Employment Generation Unemployment Level 2,323 2,373 Unemployment Rate (%) Underemployment Level 7,005 6,541 Underemployment Rate (%) a/ starting 2004, LFS results used the 2000 Census of Population and Housing (CPH); b/ FY 2015 exclude Leyte; c/ starting April 2016, LFS results used the 2013 Master Sample and 2010 CPH); p preliminary Source: Labor Force Survey, PSA 6

7 Public Investment Program (PIP) Public Investment to GRDP Ratio (%) % ARMM Highest 6.3% National Average % NCR Lowest 7.2% Region XI Note: Uses nominal GDP estimates from the Medium Term Fiscal Program FY

8 Region XI has been growing by an average of 7.6% Region XI Gross Domestic Product Growth Rate at Constant 2000 Prices (in percent) 2017 Gross Regional Domestic Product: Percent Distribution by Region/ Major Island Group, at Constant 2000 Prices (in percent) 5.6 Agriculture Industry Services XI, 4.3 X, 3.7 IX, 1.9 VIII, 2.0 VII, 6.4 XII, 2.7 XIII, 1.2 ARMM, 0.6 NCR, VI, 4.0 V, 2.0 IV B, IVA, 16.8 I, 3.1 CAR, 1.8 III, 9.7 II, 1.7 8

9 Significant gains in poverty reduction were also achieved in the region. 60 Poverty Incidence by Region PHL NCR CAR A 4B Caraga ARMM 1991a/

10 Key Policy Reform Agenda Sustaining/Accelerating Economic Growth 1 Improve government processes dealing with business 4 Ensure the timely execution of the budget 2 3 Ease restrictions on foreign investments Pursue tax reform towards a simple, fair, and equitable tax system to boost consumption spending and investments 5 Seek out new export markets to further diversify export destinations 10

11 Key Policy Reform Agenda Sustaining/Accelerating Economic Growth 6 Lift the quantitative restrictions (QR) on rice 8 Invest in disaster resiliency 7 Diversify to high-value crops 9 Ensure timely restoration of normalcy in affected areas in Mindanao 11

12 Key Policy Reform Agenda Sustaining/Accelerating Economic Growth 10 Sustain and enhance programs that target the vulnerable population 12 Implement a National ID System 11 Strengthen S&T and Innovation Ecosystem to Face up to Disruptive Technologies 13 Accelerate infrastructure development 12

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