The Philippines regained a modest growthrate of 3.5 percent per annum for 1999-2001, but has not yetmanaged to reduce the incidence of poverty from its 1996level. The Medium Term Philippine Development (MTPDP) growthtargets of over 5 percent per year are attainable, but onlyif the key building blocks for sustained growth - anenvironment conducive to increased investment andproductivity within both private and public sectors - arefirmly in place. And it must complement this higher growthwith increased equity to achieve the desired rapid reductionin poverty. The report identifies priority issues in fivecritical areas: 1) continue to strengthen fiscal management;2) improve governance and public sector functioning; 3)strengthen private sector development; 4) strengthen anddeepen the financial sector; 5) empower and protect thepoor. None of these five areas is sufficient by itself toachieve the desired growth with equity. But they are eachnecessary and together they form an integrated set of initiatives.
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