Review of the Philippine Economic Situation and Analysis of the State of the Nation in 2021

ASOG WORKING PAPER 21-022

36 Pages Posted: 10 Aug 2021

See all articles by Philip Arnold Tuaño, PhD

Philip Arnold Tuaño, PhD

Ateneo de Manila University - Economics Department; Ateneo de Manila University - Ateneo School of Government

Date Written: July 14, 2021

Abstract

At the start of its term, the Duterte administration reaped the benefits of the Philippines’ momentum of economic growth and poverty reduction; the country’s GDP continued to expand at above six percent during the 2016 to 2019 period while poverty incidence significantly declined to 16 percent in 2018. The government’s economic strategy was founded on the expansion of the national infrastructure program popularly known as the Build-Build-Build, funded by additional public revenues brought about by the Tax Reforms for Acceleration and Inclusion which it planned to further accelerate the country’s growth path. However, the COVID-19 pandemic shock in 2020 has dented this trajectory and impaired the short-run prospects of the country; at the same time, the lack of a robust fiscal response to the social and economic impacts of the pandemic may have further diminished the ability of the country to immediately continue its pre-pandemic growth trajectory. This paper illustrates the current economic situation in the country and lays down key recommendations for the final year of the Duterte administration.

Keywords: Philippines, Economy, Duterte

Suggested Citation

Tuano, Philip, Review of the Philippine Economic Situation and Analysis of the State of the Nation in 2021 (July 14, 2021). ASOG WORKING PAPER 21-022, Available at SSRN: https://ssrn.com/abstract=3886260 or http://dx.doi.org/10.2139/ssrn.3886260

Philip Tuano (Contact Author)

Ateneo de Manila University - Economics Department ( email )

Quezon City
Philippines

Ateneo de Manila University - Ateneo School of Government ( email )

ASOG – Ateneo de Manila University Loyola Heights
Quezon City, Metro Manila 1108
Philippines

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