Market Access Team Meeting with the EU Delegation

World Bank positive on PH growth 

In a meeting with the French Chamber, The World Bank noted increased growth in the last quarters of 2019 fueled by increased consumption and public investment. The International body noted that local authorities overcame budgetary disbursement problems earlier in the year. Faster disbursement in the latter half of the year positively affects public investment and GDP growth. Apart from increasing growth, the World Bank also notes low inflation and a healthy labor market as key strengths from the country

PH needs to improve on implementation and inclusive growth 

However, the WB also notes that government needs to improve on implementation of existing reforms (Rice Tariffication, Ease of Doing Business) and to fasttrack measures for inclusive growth. The international body noted that economic growth in the PH has yet to translate to wages or declining poverty.