世界银行-菲律宾经济更新，2025年6月：小企业，大影响-催化菲律宾经济增长（英）

ExecutiveSummaryRecent Economic& Policy DevOutlook & RiskPhilippine SMEs and global value chains1.11.43.11.21.52.22.11.31.62.33.23.33.43.5Small Business, Big Impact: Catalyzing Philippine GrowthPHILIPPINES ECONOMIC UPDATEJune 2025 EditionPhoto: World BankPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedExecutiveSummaryRecent Economic& Policy DevOutlook & RiskPhilippine SMEs and global value chains1.11.43.11.21.52.22.11.31.62.33.23.33.43.5The 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 Economic Policy (EP) Global Practice (GP), prepared in partnership with the Finance, Competitiveness and Investment (FCI); Poverty; and Social and Protection Global Practices. Lars Christian Moller (Practice Manager for the EP GP) and Gonzalo Varela (Lead Economist and Program Leader) guided the preparation of this edition. The team consisted of Jaffar Al-Rikabi (Senior Economist and Task Team Leader), Remrick Patagan (Economist), Kevin Cruz (Economist), Chenyu Mao (Young Professional), Patrizia Benedicto (Research Analyst), Ludigil Garces and Angela Diana (Consultants) from the EP GP; Ou Nie (Financial Sector Economist) from the FCI GP; Liliana Sousa (Senior Economist) and Irene Arzadon (E T Consultant) from the Poverty GP; and Monica Melchor (Consultant) from the Social GP. A World Bank team from the FCI GP, consisting of Jaime Frias (Senior Economist), Luis Andres Razon Abad (Senior Private Sector Specialist) and Kimberly May Baltao Chandra (Senior Private Sector Specialist) led Part III on Philippine SMEs and global value chains, under the guidance of Ilias Skamnelos (Practice Manager) and Lars Moller. The report was edited by the graphic designer was Pol Villanueva (Consultant). Peer reviewers were Smita Kuriakose (Lead Economist, EAEF2), Mehwish Ashraf (Senior Economist, EEAM2) and Adnan Ashraf Ghumman (Senior Economist, ESAC1) Logistics and publication support were provided by Geraldine Asi (Team Assistant). The External Communications Team, consisting of David Llorito (External Affairs Officer), Mario Villamor (Senior External Affairs Officer), Stephanie Margallo (External Affairs Associate), and Justine Espina Letargo (C