Philippines on track for high-income status with 7% GDP growth potential

The World Bank released a report highlighting the Philippines' impressive economic growth over the past 15 years, noting the country's potential to reach an annual GDP growth rate of nearly 7% and join the ranks of high-income countries within 25 years.

Since 2010, the Philippines has doubled its GDP and created 11.7 million jobs, leading to a record low unemployment rate of 3.9 percent in May 2025.

To sustain economic growth, the World Bank recommends implementing foundational investments in infrastructure and human capital, better regulations and governance, and private capital mobilization reforms.

World Bank Lead Economist Gonzalo Varela stated that if these reforms are fully implemented, they could create over 5.1 million additional jobs by 2040 and raise real wages by 12.9 percent.

Department of Economy, Planning, and Development Secretary Arsenio Balisacan pledged to strengthen institutions and governance to create an enabling environment for business and ensure fiscal sustainability through focused public investment.