Philippines

For much of the past 25 years, Philippine general government investment has trailed that of most other Asian economies. The budgetary allocation to public investment in the Philippines declined from about 4 percent of GDP during the 1990s to about 3 percent of GDP from 2000 to 2015, but it has increased in the last few years. As a result, Philippine public capital stock remains low by emerging market standards, and its general government capital stock has eroded steadily from the early 1990s. The gap between the Philippines’ capital stock and the average of ASEAN countries is more than 30 percent. The average emerging market economies’ capital stock is almost 60 percentage points higher than that in the Philippines.