Scoping Report: Development of the Philippine Country Programme for the Green Climate Fund

The Philippines continues its streak as an economic powerhouse contender in Asia as it bears witness to a strong economic growth in the recent years. Since 2000, the country’s real gross domestic product (GDP) grew at an average of 4.5% annually and has even accelerated to an average of 6.2% since 2010. According to Chua (2018), the country had the third highest GDP growth in the region for 2017, amounting to 6.7% next to China and Vietnam owing to a sharp increase in exports for the year. It is projected that this same increase will be sustained until it levels off to a figure of 6.6% in 2020 in response to the current administration’s public investment program of enhancing infrastructure density, quality, and interconnectivity—the success of which hinges upon, inter alia, a spur in infrastructure spending from over last year’s performance of more than 5% of GDP to beyond 7% by the year 2022.