菲律宾经济更新，2025年12月：增长走廊——摆脱贫困之路
DECEMBER 2025 EDITION PREFACE The Philippines Economic Update (PEU) summarizes key economic and social developments,important policy changes, and the evolution of external conditions over the past six months. It alsopresents findings from recent World Bank analyses, situating them in the context of the country’slong-term development trends and assessing their implications for the country’s medium-termeconomic outlook. The update covers issues ranging from macroeconomic management andfinancial-market dynamics to the complex challenges of poverty reduction and social development.It is intended to serve the needs of a wide audience, including policymakers, business leaders, privatefirms and investors, and analysts and professionals engaged in the social and economic developmentof the Philippines. The PEU is a biannual publication of the World Bank’s Economic Policy (EP) Global Practice (GP),prepared in partnership with the Finance, Competitiveness and Investment (FCI); Poverty; and Socialand Protection Global Practices. Habib Nasser Rab (Practice Manager for the EP GP) and GonzaloVarela (Lead Economist) guided the preparation of this edition. The team consisted of Jaffar Al-Rikabi(Senior Economist and Task Team Leader), Remrick Patagan (Economist), Kevin Cruz (Economist),Patrizia Benedicto (Research Analyst), Ludigil Garces andAngela Diana (Consultants) from the EPGP; Ou Nie (Senior Economist) from the FCI GP; Liliana Sousa (Senior Economist) and Irene Arzadon(E T Consultant) from the Poverty GP; and Emma Mercedes Monsalve Montiel (Senior Economist)from the Social GP. A World Bank team from the Poverty and Equity GP, consisting of Liliana Sousa(Senior Economist), Sharon Faye Piza (Economist) and Irene Jo Arzadon (E T Consultant), Urban GPconsisting of Narae Choi (Senior Urban Development Specialist and Isabel Margarita Cantada (UrbanSpecialist), Jane Park (Consultant) and Anirudh Rajash (Consultant), Human Development teamconsisting of Emma Mercedes Montiel (Senior Economist)and Governance GP consisting of IldrimValley (Public Sector Specialist) led Part III on the role of local service delivery and urban growthcenters for balanced spatial development, under the guidance of Benu Bidani (Practice Manager),Yoonhee Kim (Practice Manager), and Oleksei Balabushko (Practice Manager). The graphic designerwas Pol Villanueva (Consultant). Peer reviewers were Alexandre Ben-Aziz Kutu Henry (Economist,CROCR), Gitanjali Kumar (Senior Economist, DECPG) and Steven Louis Rubinyi (Senior DisasterRisk Management Specialist, IEAU2). Logistics and publication support were provided by Jul YanEspeleta (Team Assistant). The External Communications Team, consisting of David Llorito (ExternalAffairs Officer), Mario Villamor (Senior External Affairs Officer), Stephanie Margallo (External AffairsAssociate), and Justine Marie Santos Sugay (Consultant), prepared the media release, disseminationplan, and web-based multimedia presentation. The team would like to thank Zafer Mustafaoglu (Division Director for Philippines, Malaysia, and Brunei)for his advice and support. The report benefited from the recommendations and feedback of variousstakeholders in the World Bank as well as from the government, the business community, laborassociations, academic institutions, and civil society. Part III of this report has been supported by theAustralian Government and the Korea-World Bank Partnership Facility (KWPF). The team is gratefulfor their contributions and perspectives. The findings, interpretations, and conclusions expressedin the PEU are those of the authors and do not necessarily reflect the views of the World Bank’sexecutive board or any national government. If you wish to be included in the email distribution listfor the PEU and related publications, please contact Jul Yan Espeleta (jespeleta@worldbank.org). Forquestions and comments regarding the content of this publication, please contact Jaffar Al-Rikabi(jalrikabi@worldbank.org). Questions from the media should be addressed to David Llorito (dllorito@worldbank.org). For more information about the World Bank and its activities in the Philippines,please visit www.worldbank.org/ph. TABLE OF CONTENTS PrefaceiiTable of ContentsiiiList of figuresivList of tablesvList of boxesvAbbreviations and acronymsviExecutive Summary7Recent Economic Developments7Outlook and Risks8Policy Challenges9Special Focus Chapter: Growth Corridors: Pathways Out of Poverty9Part I. Recent Economic and Policy Developments111.1 Recent Global Developments: Resilient Global Activity Amid High Uncertainty121.2 Output and Demand in the Philippines: Slower Growth amid Domestic andExternal Headwinds151.3 Inflation and Monetary Policy: Lower Inflation and Rate Cuts191.4 External Sector: Tourism slowdown, Resilient Exports, and Weakening Peso221.5 Fiscal Sector: Wider Deficit as Non-Tax Revenues Normalize to Lower Levels261.6 Employment and Poverty: Labor Market Resilience and Poverty Alleviation29Part II. Outlook and Risk
