Asian Development Bank Member Fact Sheet: Philippines 2019 ; ADB Fact Sheets
In: http://hdl.handle.net/11540/11968
The Philippines has maintained its position as one of the fastest-growing economies in Southeast Asia in recent years, with average annual gross domestic product growth at 6.3% since 2010 against 4.5% in 2000 to 2009. The Asian Development Bank (ADB) has been a strong partner in the development of the Philippines, the bank's host country, and is one of its largest sources of official development assistance, with average annual lending of $952 million over the past 10 years to 2019. The Philippine government wants to attain upper middle-income status in 2020, rooted on inclusive growth, a socially responsible society, and a globally competitive economy. In its Philippine Development Plan 2017–2022, the government placed emphasis on addressing underinvestment in infrastructure, tackling poverty and income inequality, and reducing regional growth disparities.