Philippines Economic Update December 2023ExecutiveSummaryRecent Economic & Policy Dev1.2 Output and Demand1.1 Recent Global Developments1.3 Inflation & Monetary 1.5 Fiscal Sector1.6 Employment and Poverty2.2 Poverty and Shared Poverty2.3 Risk and PolicyChallengesOutlook & Risks2.1 Growth outlook1.4 External Sector Table of ContentsPHILIPPINES ECONOMIC UPDATEDECEMBER 2023Safe Water And Sanitation For All3.1Water Security as the cornerstoneWater Security for Resilent & Exclusive Growth3.2Understand the WSS Gap3.3The way fowardReferencesPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPhilippines Economic Update December 2023ExecutiveSummaryRecent Economic & Policy Dev1.2 Output and Demand1.1 Recent Global Developments1.3 Inflation & Monetary 1.5 Fiscal Sector1.6 Employment and Poverty2.2 Poverty and Shared Prosperity2.3 Risk and PolicyChallenges3.1Water Security as the cornerstoneWater Security for Resilent & Exclusive Growth3.2Understand the WSS Gap3.3The way fowardReferencesOutlook & Risks2.1 Growth outlook1.4 External Sector Table of ContentsIIThe 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 also presents findings from recent World Bank analyses, situating them in the context of the country’s long-term development trends and assessing their implications for the country’s medium-term economic outlook. The update covers issues ranging from macroeconomic management and financial-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, private firms and investors, and analysts and professionals engaged in the social and economic development of the Philippines. The PEU is a biannual publication of the World Bank’s Macroeconomics, Trade and Investment (MTI) Global Practice (GP), prepared in partnership with the Finance, Competitiveness and Innovation (FCI); Poverty and Equity; Social Protection and Jobs (SPJ). Lars Christian Moller (Practice Manager for the MTI GP), Gonzalo Varela (Lead Economist and Program Leader), and Ralph van Doorn (Senior Economist) guided the preparation of this edition. The team consisted of Kevin Cruz (Economist and Task Team Leader), Karen Lazaro (Research Analyst), Ludigil Garces and Patrizia Benedicto (Consultants) from the MTI GP; Radu Tatucu (Senior Financial Sector Specialist) and Ou Nie (Financial Sector Economist) from the FCI GP; Nadia Belghith (Senior Economist) and Sharon Piza (Economist) from the Poverty & Equity GP; Paula Cerutti (Senior Economist), Ruth Rodriguez (Senior Social Protection Specialist), Yoonyoung Cho (Senior Economist) and Ma. Laarni Revilla (Consultant) from the SPJ GP. A World Bank team from the Water GP, consisting of Ma...
