Report by the WTO Secretariat

Since its last Trade Policy Review in 2012, the Philippine economy has grown at an average annual rate of about 6%. Growth was driven mainly by consumption and infrastructure investment. GDP per capita in 2016 was some US$2,950, up from US$2,580 in 2012. The poverty rate declined from 25.2% in 2012 to 21.6% in 2015. Services constitute the most important sector in terms of contribution to GDP, and are also the fastest growing export sector. The Philippine Development Plan 2017-2022 focuses on making the economy more competitive, underpinned by sound regulatory practices and competition policy, and open services markets.