{{Short description|Catch-all term for the socioeconomic policies during Rodrigo Duterte's presidency}} {{Use mdy dates|date=April 2022}} {{Use Philippine English|date=October 2022}} thumb|300px|Dutertenomics logo {{Rodrigo Duterte sidebar}} '''Dutertenomics''' is a catch-all term referring to the socioeconomic policies of Rodrigo Duterte, the 16th president of the Philippines. A significant part of these policies include the development of infrastructure and industries in the Philippines.<ref>{{cite web|title=Home|url=http://www.build.gov.ph/|website=Build!|access-date=June 28, 2017|archive-date=June 22, 2017|archive-url=https://web.archive.org/web/20170622171117/http://www.build.gov.ph/|url-status=live}}</ref>
==Background== Finance Secretary Carlos Dominguez III has said that the government required what he describes as an "audacious" economic strategy in order for the Philippines to "catch up with its more vibrant neighbors" by 2022 and help it achieve high-income economy status within a generation. The term ''Dutertenomics'' was coined to describe the economic policy of the Duterte administration. The term also refers to the series of forums where Duterte's economic team pitches the administration's plan to help the country become a high-middle-income economy by 2022.<ref name="timeline">{{cite news|title=TIMELINE for Duterte's economic agenda|url=http://www.manilatimes.net/timeline-dutertes-economic-agenda/329785/|access-date=June 28, 2017|work=The Manila Times|date=May 29, 2017|archive-date=June 23, 2017|archive-url=https://web.archive.org/web/20170623190045/http://www.manilatimes.net/timeline-dutertes-economic-agenda/329785/|url-status=live}}</ref>
The policy was unveiled on April 18, 2017, by the Department of Finance and the Presidential Communications Operations Office (PCOO), in cooperation with the Center for Strategy, Enterprise and Intelligence (CenSEI) in a forum held at Conrad Manila in Pasay. A second forum was held on April 25, 2017.<ref name="timeline"/>
Dutertenomics was also pitched abroad, particularly at the 2017 World Economic Forum on the Association of Southeast Asian Nations in Cambodia and at the sidelines of the 2017 One Belt One Road Forum for International Cooperation in Beijing, China.<ref name="timeline"/>
==Ten-point agenda== The economics team of then President-elect Rodrigo Duterte presented the following points of Duterte's socioeconomic policy in a business forum in Davao in June 2016.<ref name="gma">{{cite news|last1=Macas|first1=Trisha|title=Duterte's economic team reveals 10-point socioeconomic agenda|url=http://www.gmanetwork.com/news/money/economy/570703/duterte-s-economic-team-reveals-10-point-socioeconomic-agenda/story/|access-date=June 28, 2017|work=GMA News|agency=DVM, GMA News|date=June 20, 2016|archive-date=October 6, 2017|archive-url=https://web.archive.org/web/20171006214434/http://www.gmanetwork.com/news/money/economy/570703/duterte-s-economic-team-reveals-10-point-socioeconomic-agenda/story/|url-status=live}}</ref> Dutertenomics is anchored on these ten principles.<ref name="timeline"/>
# Continue and maintain current macroeconomic policies, including fiscal, monetary, and trade policies. # Institute progressive tax reform and more effective tax collection, indexing taxes to inflation. # Increase competitiveness and the ease of doing business. # Accelerate annual infrastructure spending to account for 5% of GDP, with Public-Private Partnerships playing a key role. # Promote rural and value chain development toward increasing agricultural and rural enterprise productivity and rural tourism. # Ensure security of land tenure to encourage investments, and address bottlenecks in land management and titling agencies. # Invest in human capital development, including health and education systems, and match skills and training. # Promote science, technology, and the creative arts to enhance innovation and creative capacity. # Improve social protection programs, including the government's Conditional Cash Transfer program. # Strengthen implementation of the Responsible Parenthood and Reproductive Health Law.
==Build! Build! Build! Program== {{Main|Build! Build! Build!}} [[File:Skyway Stage 3 construction - G. Araneta (Quezon City; 02-14-2019).jpg|thumb|Skyway Stage 3 construction along G. Araneta, Quezon City]]
Part of Dutertenomics is the Build! Build! Build! Infrastructure Plan which according to the administration will usher in the "Golden Age of Infrastructure". The goals of the program are to reduce poverty, encourage economic growth and reduce congestion in Metro Manila.<ref>{{cite news|title=DuterteNomics unveiled|url=http://pcoo.gov.ph/dutertenomics-unveiled/|access-date=June 28, 2017|publisher=Presidential Communications Operations Office|date=April 19, 2017|archive-date=April 24, 2017|archive-url=https://web.archive.org/web/20170424075915/http://pcoo.gov.ph/dutertenomics-unveiled/|url-status=live}}</ref><ref>{{cite news |last=Villar |first=Mark A. |date=September 13, 2021 |title=The ambitious 'Build, Build, Build' delivers |url=https://business.inquirer.net/330689/the-ambitious-build-build-build-delivers-2 |url-status=live |newspaper=Philippine Daily Inquirer |author-link=Mark Villar |archive-url=https://web.archive.org/web/20210913172219/https://business.inquirer.net/330689/the-ambitious-build-build-build-delivers-2 |archive-date=September 13, 2021 |access-date=September 24, 2021}}</ref> The program also involves the continuation of some projects under previous administrations.<ref name="PhilStar-ZeroInfra">{{cite news |last1=Luna |first1=Franco |title='Zero' infrastructure projects during Aquino administration? Not quite |url=https://www.philstar.com/headlines/2019/11/14/1968778/zero-infrastructure-projects-during-aquino-administration-not-quite |accessdate=September 18, 2020 |work=The Philippine Star |date=November 14, 2019 |archiveurl=https://web.archive.org/web/20191115055358/https://www.philstar.com/headlines/2019/11/14/1968778/zero-infrastructure-projects-during-aquino-administration-not-quite |archivedate=November 15, 2019|quote=A separate list on the Official Gazette also tallies projects that were approved during the Aquino administration that were meant to alleviate traffic congestion and that were expected to be completed by the succeeding Duterte administration. ... Certain Aquino-era projects, such as the MRT-7 line, the Bicol International Airport, and NLEX Harbor Link Segments were also repurposed by the Duterte administration and are now listed among the high-impact priority projects under the "Build, Build, Build" program.}}</ref>
In November 2019, the government revised its list of flagship infrastructure projects under Duterte's "Build, Build, Build" program, expanding it to 100.<ref name="ABS-CBN-List100">{{cite news|last1=de Guzman|first1=Warren|date=November 14, 2019|title=LIST: 100 projects under revised 'Build, Build, Build'|work=ABS-CBN News|url=https://www.abs-cbn.com/business/11/14/19/list-100-projects-under-revised-build-build-build|access-date=December 3, 2019|url-status=live|archive-url=https://web.archive.org/web/20191114074307/https://news.abs-cbn.com/business/11/14/19/list-100-projects-under-revised-build-build-build|archive-date=November 14, 2019}}</ref><ref name="ABS-CBN-List100PDF">{{cite web|title=Recommended List of Projects for Inclusion in the Infrastructure Flagship Program|url=https://sa.kapamilya.com/absnews/abscbnnews/media/2019/business/11/15/ifp-list-final.pdf|archive-url=https://web.archive.org/web/20191203082837/https://sa.kapamilya.com/absnews/abscbnnews/media/2019/business/11/15/ifp-list-final.pdf|archive-date=December 3, 2019|access-date=December 3, 2019|website=ABS-CBN News}}</ref> It was revised again in August 2020, bringing the total number of projects to 104, expanding its scope included health, information and communications technology, as well as water infrastructure projects to support the country's economic growth and recovery from the effects of the COVID-19 pandemic. As of September 11, 2020, 24 projects were still in the approval & planning stages, while 80 were under implementation.<ref>{{Cite web |title=Longer list of 'Build, Build, Build' projects OKd |url=https://ppp.gov.ph/in_the_news/longer-list-of-build-build-build-projects-okd/ |access-date=January 10, 2021 |publisher=Public-Private Partnership Center |language=en |date=September 11, 2020 |archive-date=January 12, 2021 |archive-url=https://web.archive.org/web/20210112041200/https://ppp.gov.ph/in_the_news/longer-list-of-build-build-build-projects-okd/ |url-status=live }}</ref>
As of July 2021, 214 airport projects, 451 commercial social and tourism port projects, {{convert|29264|km}} of roads, 5,950 bridges, 11,340 flood control projects, 11,340 evacuation centers, and 150,149 classrooms had been completed under the infrastructure program.<ref>{{cite news |first=Anna Mae Yu |last=Lamentillo |title=What has 'Build, Build, Build' achieved so far? |url=https://mb.com.ph/2021/07/21/what-has-build-build-build-achieved-so-far/ |access-date=July 21, 2021 |work=Manila Bulletin |date=July 21, 2021 |archive-date=July 20, 2021 |archive-url=https://web.archive.org/web/20210720161712/https://mb.com.ph/2021/07/21/what-has-build-build-build-achieved-so-far/ |url-status=live }}</ref><ref>{{cite news |first=Anna Mae Yu |last=Lamentillo |title=Why do I support 'Build, Build, Build'? |url=https://mb.com.ph/2021/10/08/why-do-i-support-build-build-build/ |access-date=October 22, 2021 |work=Manila Bulletin |date=October 8, 2021 }}</ref> The numbers cited include newly-built infrastructure, and projects involving the repair, rehabilitation, widening, and expansion of existing infrastructure.<ref>{{Cite web |date=January 22, 2020 |title=CONTEXT: Number of airports, seaports, bridges, roads in 'Duterte legacy' graphic |url=https://www.rappler.com/newsbreak/fact-check/249784-number-airports-seaports-bridges-roads-duterte-legacy-infographic/ |access-date=April 4, 2022 |website=Rappler |language=en-US}}</ref>
==Economic trends== {{update|date=June 2022}}
=== Economic outlook === In December 2017, government data revealed that the Philippines' output of nickel ore fell 16 percent in the third quarter from a year earlier, after the country, which is the world's top supplier of the metal, suspended some mines in a clampdown on environmental violations. Production dropped to 19.8 million tons in the nine months to September from 25.97 million tonnes a year ago, according to the data.<ref>{{cite news|url=https://www.reuters.com/article/us-philippines-mining-output-idUSKBN13U0L4|title=Philippines third quarter nickel ore output drops 16 percent as Duterte's green clampdown bites|journal=Reuters|date=December 5, 2016|access-date=October 24, 2018|archive-date=September 26, 2018|archive-url=https://web.archive.org/web/20180926130853/https://www.reuters.com/article/us-philippines-mining-output-idUSKBN13U0L4|url-status=live}}</ref> According to Finance Secretary Carlos Dominguez, the "Philippine economy is delivering the performance we anticipated, notwithstanding the political noise and a significant terrorist event in Mindanao". Dominguez gave the assessment during the Banyan Tree Leadership Forum of the Center for Strategic and International Studies.<ref>{{cite news|work=ABS-CBN News|url=http://news.abs-cbn.com/business/10/16/17/economy-weathers-political-noise-terror-threat-finance-chief|title=RP economy weathers political noise|date=October 16, 2017|access-date=October 24, 2018|archive-date=September 26, 2018|archive-url=https://web.archive.org/web/20180926170335/https://news.abs-cbn.com/business/10/16/17/economy-weathers-political-noise-terror-threat-finance-chief|url-status=dead}}</ref>
On March 31, 2018, the Financial Times reported that the export of the Philippines has continued its drastic drop for the fifth month in a row,<ref>{{cite web|url=https://www.ft.com/content/15d5caa4-83dd-11e8-96dd-fa565ec55929|title=Philippines exports decline for fifth month in May|website=Financial Times|access-date=July 17, 2018|archive-date=July 13, 2018|archive-url=https://web.archive.org/web/20180713190005/https://www.ft.com/content/15d5caa4-83dd-11e8-96dd-fa565ec55929|url-status=live}}</ref> while the Philippine Statistics Authority reported that the trade deficit of the country has widened to 47.6%, endangering further the country's local economies.<ref>{{cite news|url=https://www.rappler.com/business/206927-trade-deficit-philippines-may-2018/|title=Philippines' trade deficit widens by 47.6% in May 2018|work=Rappler|access-date=July 17, 2018|archive-date=July 11, 2018|archive-url=https://web.archive.org/web/20180711022038/https://www.rappler.com/business/206927-trade-deficit-philippines-may-2018|url-status=live}}</ref>
In October 2018, the World Bank downgraded the economic outlook of the Philippines for 2018, but expects it to remain strong.<ref>{{Cite news|url=https://www.rappler.com/business/213492-world-bank-2018-economic-outlook-philippines/|title=World Bank downgrades 2018 Philippine economic outlook|work=Rappler|access-date=January 12, 2021|archive-date=February 27, 2021|archive-url=https://web.archive.org/web/20210227015314/https://www.rappler.com/business/world-bank-2018-economic-outlook-philippines|url-status=live}}</ref> FMIC and UA&P expect the economy to improve in the second half of 2018.<ref>{{Cite news|url=https://www.philstar.com/business/2018/09/26/1854913/fmic-uap-philippine-economy-may-rebound-h2-not-without-bumps|title=FMIC, UA&P: Philippine economy may 'rebound' in H2, but not without 'bumps'|work=The Philippine Star|access-date=October 12, 2018|archive-date=November 1, 2018|archive-url=https://web.archive.org/web/20181101211604/https://www.philstar.com/business/2018/09/26/1854913/fmic-uap-philippine-economy-may-rebound-h2-not-without-bumps|url-status=live}}</ref> On October 24, the Philippines improved its ranking by 29 places in the Ease of Doing Business rankings.<ref>{{Cite news|url=https://business.mb.com.ph/2019/10/24/ph-moves-up-29-notches-in-global-ease-of-doing-business-ranking|title=PH moves up 29 notches in global ease of doing business ranking|work=Manila Bulletin|language=en-US|access-date=October 24, 2019|archive-date=October 24, 2019|archive-url=https://web.archive.org/web/20191024110715/https://business.mb.com.ph/2019/10/24/ph-moves-up-29-notches-in-global-ease-of-doing-business-ranking/|url-status=live}}</ref>
On November 2, 2018, the Philippines slipped 11 places from the World Bank's Ease of Doing Business rankings.<ref>{{Cite news|url=https://www.rappler.com/business/215784-philippines-ranking-ease-of-doing-business-world-bank-2019/|title=PH slips 11 notches in World Bank's ease of doing business ranking|work=Rappler|access-date=November 4, 2018|language=en|archive-date=November 2, 2018|archive-url=https://web.archive.org/web/20181102080207/https://www.rappler.com/business/215784-philippines-ranking-ease-of-doing-business-world-bank-2019|url-status=live}}</ref><ref>{{Cite news|url=https://www.philstar.com/business/2018/11/02/1865082/philippines-ranking-falls-ease-doing-business|title=Philippines ranking falls in Ease of Doing Business|work=The Philippine Star|access-date=November 4, 2018|archive-date=November 2, 2018|archive-url=https://web.archive.org/web/20181102180547/https://www.philstar.com/business/2018/11/02/1865082/philippines-ranking-falls-ease-doing-business|url-status=live}}</ref> The Department of Finance is demanding a correction from the World Bank, citing the smaller data set used to assess the country's credit base.<ref>{{Cite news|url=https://www.abs-cbn.com/business/11/01/18/philippines-demanding-a-correction-from-world-bank-trade-sec-lopez|title=Philippines 'demanding a correction' from World Bank: Trade Sec Lopez|work=ABS-CBN News|access-date=November 4, 2018|language=en-US|archive-date=November 4, 2018|archive-url=https://web.archive.org/web/20181104095432/https://news.abs-cbn.com/business/11/01/18/philippines-demanding-a-correction-from-world-bank-trade-sec-lopez|url-status=live}}</ref><ref>{{Cite news|url=https://businessmirror.com.ph/phl-protests-ease-of-doing-business-survey-results-demands-world-bank-review-of-credit-coverage-data/|title=PHL protests Ease of Doing Business survey results, demands World Bank review of credit coverage data|work=BusinessMirror|access-date=November 4, 2018|language=en-US|archive-date=November 4, 2018|archive-url=https://web.archive.org/web/20181104165957/https://businessmirror.com.ph/phl-protests-ease-of-doing-business-survey-results-demands-world-bank-review-of-credit-coverage-data/|url-status=live}}</ref>
=== Inflation rate === On July 5, 2018, the inflation rate of the country soared to 5.2%, its highest in 5 years.<ref>{{cite news|url=https://www.rappler.com/business/206518-inflation-rate-philippines-june-2018/|title=June 2018 inflation soars to 5.2%|work=Rappler|access-date=July 17, 2018|archive-date=July 13, 2018|archive-url=https://web.archive.org/web/20180713172350/https://www.rappler.com/business/206518-inflation-rate-philippines-june-2018|url-status=live}}</ref> The inflation rate worsened the impacts of the government's new tax policy, increasing the price of all goods in the country.<ref>{{cite news|url=https://www.philstar.com/business/2018/07/05/1830803/inflation-jumps-new-5-year-high-june-beats-forecasts|title=Inflation jumps to new 5-year high in June, beats forecasts|work=The Philippine Star|access-date=July 17, 2018|archive-date=August 4, 2020|archive-url=https://web.archive.org/web/20200804025141/https://www.philstar.com/business/2018/07/05/1830803/inflation-jumps-new-5-year-high-june-beats-forecasts|url-status=live}}</ref>
In September 2018, the inflation rate of the country further increased to 6.7%, its highest in a decade.<ref>{{cite news|work=Rappler|url=https://www.rappler.com/business/213554-inflation-rate-philippines-september-2018/|title=Inflation in September 2018 strains Filipinos' budget at 6.7%|access-date=October 7, 2018|archive-date=October 5, 2018|archive-url=https://web.archive.org/web/20181005111955/https://www.rappler.com/business/213554-inflation-rate-philippines-september-2018|url-status=live}}</ref><ref>{{cite news|work=The Philippine Star|url=https://www.philstar.com/headlines/2018/10/05/1857504/inflation-soars-new-9-year-high-67-september|title=Inflation soars to new 9-year high of 6.7% in September|access-date=October 24, 2018|archive-date=October 7, 2018|archive-url=https://web.archive.org/web/20181007040159/https://www.philstar.com/headlines/2018/10/05/1857504/inflation-soars-new-9-year-high-67-september|url-status=live}}</ref> President Duterte blamed American president Donald Trump for the inflation increase.<ref>{{Cite news|url=https://www.abs-cbn.com/news/09/07/18/duterte-blames-trump-for-high-inflation-in-ph|title=Duterte blames Trump for high inflation in PH|last=Ropero|first=Gillan|work=ABS-CBN News|access-date=October 24, 2019|archive-date=September 22, 2018|archive-url=https://web.archive.org/web/20180922211453/https://news.abs-cbn.com/news/09/07/18/duterte-blames-trump-for-high-inflation-in-ph|url-status=live}}</ref> Opposition Senator Francis Pangilinan, however, pointed out that if the United States was to blame, then all countries in ASEAN should have been experiencing the same, and only the Philippines had a very high inflation rate in the entire region at that time.<ref>{{Cite news|url=https://www.abs-cbn.com/news/09/09/18/pangilinan-slams-duterte-for-blaming-inflation-on-trump|title=Pangilinan slams Duterte for blaming inflation on Trump|work=ABS-CBN News|access-date=October 24, 2019|archive-date=September 22, 2018|archive-url=https://web.archive.org/web/20180922173524/https://news.abs-cbn.com/news/09/09/18/pangilinan-slams-duterte-for-blaming-inflation-on-trump|url-status=live}}</ref> On September 21, 2018, Duterte signed ''Administrative Order No. 13'', removing non-tariff barriers in the importation of agricultural products, to address soaring inflation rates.<ref name=":6">{{Cite news|url=https://www.abs-cbn.com/business/10/19/18/inflation-at-62-percent-for-third-quarter-of-2018-bsp|title=Inflation at 6.2 percent for third quarter of 2018: BSP|work=ABS-CBN News|access-date=October 20, 2018|language=en-US|archive-date=December 3, 2019|archive-url=https://web.archive.org/web/20191203160957/https://news.abs-cbn.com/business/10/19/18/inflation-at-62-percent-for-third-quarter-of-2018-bsp|url-status=live}}</ref><ref>{{Cite news|url=https://www.rappler.com/business/212779-duterte-cuts-red-tape-importing-agricultural-products/|title=Duterte cuts red tape in importing agricultural products|work=Rappler|access-date=October 20, 2018|language=en|archive-date=October 20, 2018|archive-url=https://web.archive.org/web/20181020095028/https://www.rappler.com/business/212779-duterte-cuts-red-tape-importing-agricultural-products|url-status=live}}</ref>
According to ING, with food prices decreasing, the worst of the inflation crisis is over.<ref>{{Cite news|newspaper=Philippine Daily Inquirer|url=https://business.inquirer.net/259507/worst-is-over-for-ph-inflation-crisis-as-food-prices-ease-ing-says#ixzz5V7pwRiUf|title=Worst is over for PH inflation crisis as food prices ease, ING says|last=Lucas|first=Daxim L.|access-date=October 27, 2018|language=en|archive-date=October 27, 2018|archive-url=https://web.archive.org/web/20181027185628/https://business.inquirer.net/259507/worst-is-over-for-ph-inflation-crisis-as-food-prices-ease-ing-says#ixzz5V7pwRiUf|url-status=live}}</ref> Inflation decreased in November 2018, at 5.8 to 6.6 percent.<ref>{{Cite news|url=https://www.abs-cbn.com/business/11/29/18/inflation-likely-at-58-to-66-percent-in-november-bsp|title=Inflation likely at 5.8 to 6.6 percent in November: BSP|work=ABS-CBN News|access-date=November 30, 2018|language=en-US|archive-date=November 30, 2018|archive-url=https://web.archive.org/web/20181130111337/https://news.abs-cbn.com/business/11/29/18/inflation-likely-at-58-to-66-percent-in-november-bsp|url-status=live}}</ref> BSP decreased its inflation forecast for 2019, after the passage of the rice tariffication bill.<ref>{{Cite news|url=https://www.abs-cbn.com/video/business/11/15/18/bangko-sentral-drastically-lowers-2019-inflation-outlook|title=Bangko Sentral drastically lowers 2019 inflation outlook|work=ABS-CBN News|access-date=November 30, 2018|language=en-US|archive-date=November 30, 2018|archive-url=https://web.archive.org/web/20181130113120/https://news.abs-cbn.com/video/business/11/15/18/bangko-sentral-drastically-lowers-2019-inflation-outlook|url-status=live}}</ref>
Inflation stayed at 6.7 percent in October 2018, higher than expected.<ref>{{Cite news|url=https://cnnphilippines.com/news/2018/11/06/Inflation-October-2018-PSA.html|title=Inflation stays at 6.7% in October, higher than officials' expectation|work=CNN Philippines|access-date=September 22, 2020|archive-date=January 10, 2021|archive-url=https://web.archive.org/web/20210110164308/https://cnnphilippines.com/news/2018/11/06/Inflation-October-2018-PSA.html|url-status=dead}}</ref> July 2019 was met with a 2.4% inflation rate.<ref>{{cite news | last=Gatpolintan | first=Leslie | title=July inflation rate hits 2.7% as transport costs rise | work=Philippine News Agency | date=August 5, 2020 | url=https://www.pna.gov.ph/articles/1111185 | access-date=January 12, 2021 | archive-date=September 29, 2020 | archive-url=https://web.archive.org/web/20200929064229/https://www.pna.gov.ph/articles/1111185 | url-status=live }}</ref> October 2019 received an 0.8% inflation rate, the lowest under Duterte.<ref name="Inquirer-SlowestInflation">{{cite news |last1=Esguerra |first1=Darryl John |title=Palace: With 'sound, working' Duterte economic policies, PH has slowest inflation in 3 years |url=https://business.inquirer.net/282600/palace-with-sound-working-duterte-economic-policies-ph-has-slowest-inflation-in-3-years |access-date=December 3, 2019 |newspaper=Philippine Daily Inquirer|date=November 5, 2019 |archive-url=https://web.archive.org/web/20191105171943/https://business.inquirer.net/282600/palace-with-sound-working-duterte-economic-policies-ph-has-slowest-inflation-in-3-years |archive-date=November 5, 2019}}</ref> However, this increased to 2.5% by December 2019.<ref>{{Cite news|work=BusinessWorld|url=https://www.bworldonline.com/december-inflation-fastest-in-six-months-2/|title=December inflation fastest in six months|access-date=September 22, 2020|archive-date=August 7, 2020|archive-url=https://web.archive.org/web/20200807212745/https://www.bworldonline.com/december-inflation-fastest-in-six-months-2/|url-status=live}}</ref> and increased again to 2.7% by July 2020.<ref>{{Cite web|url=https://www.cnnphilippines.com/business/2020/8/5/July-2020-inflation-PSA.html|title=Inflation quickens in July as transport prices rise|website=cnn|access-date=September 22, 2020|archive-date=September 25, 2020|archive-url=https://web.archive.org/web/20200925142617/https://cnnphilippines.com/business/2020/8/5/July-2020-inflation-PSA.html|url-status=dead}}</ref>
=== Income and employment === Prior to the COVID-19 pandemic, economic managers predicted the accession of the Philippine economy to upper-middle-income status by 2019, citing massive infrastructure spending and robust growth.<ref>{{Cite news|url=http://www.manilastandard.net/business/economy-trade/275821/philippines-set-to-become-upper-middle-income-economy-by-2019.html|title=Philippines set to become upper middle-income economy by 2019|work=Manila Standard|access-date=October 12, 2018|language=en|archive-date=October 12, 2018|archive-url=https://web.archive.org/web/20181012025008/http://manilastandard.net/business/economy-trade/275821/philippines-set-to-become-upper-middle-income-economy-by-2019.html|url-status=live}}</ref><ref>{{Cite news|url=https://www.rappler.com/business/212246-philippines-become-upper-middle-income-country-2019/|title=Philippines to become upper-middle income country by 2019 – Pernia|work=Rappler|access-date=October 12, 2018|language=en|archive-date=October 12, 2018|archive-url=https://web.archive.org/web/20181012214533/https://www.rappler.com/business/212246-philippines-become-upper-middle-income-country-2019|url-status=live}}</ref><ref>{{Cite news|url=https://www.abs-cbn.com/business/09/18/18/ph-to-be-upper-middle-income-country-in-2019-pernia-says|title=PH to be upper-middle income country in 2019, Pernia says|work=ABS-CBN News|access-date=October 12, 2018|language=en-US|archive-date=October 12, 2018|archive-url=https://web.archive.org/web/20181012214517/https://news.abs-cbn.com/business/09/18/18/ph-to-be-upper-middle-income-country-in-2019-pernia-says|url-status=live}}</ref>
=== COVID-19 pandemic === {{See also|COVID-19 recession|COVID-19 pandemic in the Philippines#Economic impact}} Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno and then-NEDA Director-General Ernesto Pernia forecast that the Philippine economy would likely enter a recession in 2020 due to the effect of the pandemic. Diokno stated that, although the first quarter is likely to grow by 3% since the Luzon-wide enhanced community quarantine only took effect near the end of the quarter, the second and third quarters would likely experience contractions in economic growth.<ref>{{Cite news|last1=Noble|first1=Luz Wendy|last2=Laforga|first2=Beatrice|date=March 30, 2020|title=PHL may go into recession – Diokno|work=BusinessWorld|url=https://www.bworldonline.com/phl-may-go-into-recession-diokno/|access-date=March 30, 2020|archive-date=March 30, 2020|archive-url=https://web.archive.org/web/20200330030217/https://www.bworldonline.com/phl-may-go-into-recession-diokno/|url-status=live}}</ref>
The unemployment rate of the country continued to follow a downward trend since 2005, however, it reached a record-high 17.7% in April 2020, where 1 in every 5 persons in the labor force are unemployed, accounting to 7.3 million jobless Filipinos.<ref>{{Cite news|title=In Duterte's 4th year, COVID-19 causes highest unemployment on record|url=https://www.rappler.com/newsbreak/in-depth/coronavirus-causes-highest-unemployment-on-record-duterte-year-4|access-date=October 12, 2020|work=Rappler|language=en|archive-date=October 5, 2020|archive-url=https://web.archive.org/web/20201005060953/https://www.rappler.com/newsbreak/in-depth/coronavirus-causes-highest-unemployment-on-record-duterte-year-4|url-status=dead}}</ref><ref>{{Cite news|title=PH unemployment at all-time high with 7.3 million jobless in April 2020|url=https://www.rappler.com/business/unemployment-rate-philippines-april-2020/|access-date=October 12, 2020|work=Rappler|language=en|archive-date=October 12, 2020|archive-url=https://web.archive.org/web/20201012001602/https://www.rappler.com/business/unemployment-rate-philippines-april-2020|url-status=live}}</ref>
On the second quarter of 2020, the Philippine economy went into a recession for the first time in 29 years, where it shrank by 16.5%, which was one of the biggest falls in the Southeast Asian region. GDP fell by 9%. Seasonally adjusted GDP fell by 15.2 percent in the second quarter from the first three months of the year.<ref>{{Cite web|title=Philippine economy posts its biggest-ever quarterly plunge|url=https://www.aljazeera.com/economy/2020/8/6/philippine-economy-posts-its-biggest-ever-quarterly-plunge|access-date=October 12, 2020|website=www.aljazeera.com|language=en|archive-date=October 31, 2020|archive-url=https://web.archive.org/web/20201031054838/https://www.aljazeera.com/economy/2020/8/6/philippine-economy-posts-its-biggest-ever-quarterly-plunge|url-status=live}}</ref>
The government expects an economic rebound by 2021, driven in part by the BBB infrastructure program.<ref>{{Cite news|last=Lucas|first=Daxim L.|date=August 25, 2020|title=BSP: Early recovery signs point to strong 2021 economic rebound|url=https://business.inquirer.net/305924/bsp-early-recovery-signs-point-to-strong-2021-economic-rebound|access-date=October 12, 2020|newspaper=Philippine Daily Inquirer|language=en|archive-date=July 3, 2021|archive-url=https://web.archive.org/web/20210703021804/https://business.inquirer.net/305924/bsp-early-recovery-signs-point-to-strong-2021-economic-rebound|url-status=live}}</ref><ref>{{Cite web|title='Build, Build, Build' to fuel PH economy 'bounce back' – Dominguez|url=https://www.cnnphilippines.com/news/2020/4/13/Build-Build-Build-economy-bounceback-COVID-crisis.html|access-date=October 12, 2020|website=cnn|language=en|archive-date=October 12, 2020|archive-url=https://web.archive.org/web/20201012101144/https://www.cnnphilippines.com/news/2020/4/13/Build-Build-Build-economy-bounceback-COVID-crisis.html|url-status=dead}}</ref>
== See also == * Abenomics * AmBisyon Natin 2040 * Metro Manila Dream Plan * Philippines 2000
==References== {{reflist}}
==External links== * [http://www.build.gov.ph Build! Build! Build! official website] {{Webarchive|url=https://web.archive.org/web/20170622171117/http://www.build.gov.ph/ |date=June 22, 2017 }}
{{Rodrigo Duterte}}
Category:Presidency of Rodrigo Duterte Category:Dutertism Category:Eponymous economic ideologies Category:Economic history of the Philippines