WB projects 5% and up growth in PHL in 2027 By Justine Xyrah Garcia
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ESPITE external headwinds weighing on the Philippine economy, the World Bank said it expects economic growth to rebound above 5 percent next year as the impact of current global shocks eases. World Bank Division Director for the Philippines, Malaysia, and Brunei Zafer Mustafaoğlu on Thursday said the weaker growth outlook merely reflects a short-term slowdown brought about by external shocks and does not alter the country’s medium-term prospects. The Washington-based lender in
ELEVATING URBAN TOURISM An aerial view of Parqal in Aseana City, Parañaque, which has earned accreditation from the Department of Tourism (DOT) as a Tourism Recreation Center for its contribution to the country’s expanding tourism landscape. The mixed-use destination combines shopping, dining, wellness, recreation, and open public spaces, aligning with the DOT’s push to develop high-quality tourism infrastructure. The recognition comes as the Philippines continues to strengthen its tourism sector, which the World Travel & Tourism Council (WTTC) estimates supports more than 11 million jobs and contributes nearly $92 billion to the country’s economy. PHOTO COURTESY OF D.M. WENCESLAO & ASSOCIATES INC.
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April lowered its 2026 gross domestic product (GDP) growth forecast for the Philippines to 3.7 percent from its earlier projection of 5.3 percent amid heightened global uncertainty. “When we look at for the next two years, our expectation is that economic growth will recover above 5 percent,” he said in a televised interview. Mustafaoğlu said the World Bank remains confident the Philippine economy will regain momentum as current shocks are expected to ease. He said the Philippines remains well-positioned for sustained growth given its young population,
strategic location in Asia, and favorable long-term opportunities. “On average, we would expect around close to 5.5 percent growth after 2026, meaning 2027, 2028,” he added. If realized, the projected recovery would put the Philippines on track to meet the Development Budget Coordination Committee’s (DBCC) recalibrated 5- to 6-percent growth target for 2027 to 2030. Mustafaoğlu also emphasized that Manila’s partnership with the World Bank will not be affected despite the dimmed near-term outlook. He noted that right now, the main focus of the bank is to help mitigate
the impact of the geopolitical tensions and ensure that it will not further hurt vulnerable households. Despite the current headwinds, Mustafaoğlu also said the World Bank remains confident that the Philippines can meet the targets under its Country Partnership Framework (CPF). Launched in 2025, the CPF serves as the World Bank’s six-year engagement strategy with the Philippines. It aims to help create 4 million more and better jobs by improving the business environment and mobilizing private investment, while also expanding access to quality health See “Growth,” A2
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HOLDING BACK THE TIDE Construction of the dike and riverbank protection components of the Pampanga Delta Bridge Project progresses along the Pampanga River in Masantol, Pampanga, on July 16. Designed to strengthen flood resilience, the project includes concrete embankments and revetment structures that form part of a ring dike system to curb erosion and protect low-lying communities and fishponds from seasonal flooding and tidal surges. The work comes as the Green Climate Fund approved a $6.78-million grant to help the Philippines accelerate climate adaptation investments, including projects that safeguard vulnerable communities from intensifying climate risks while supporting sustainable infrastructure and inclusive growth. NONOY LACZA
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By Reine Juvierre S. Alberto
HE Department of Finance (DOF) is accelerating efforts to dispose of big-ticket state assets and attract private-sector bids under revised privatization guidelines to meet its target of raising P101 billion from privatization this year. After the completion of a state asset sale on Thursday, Chief Privatization Officer and Finance Undersecretary Michael Peter A. Alejandro told reporters that the government is striving to reach its privatization target. Alejandro said the government aims to privatize its three flagship assets, namely, the Mile Long building, Food Terminal Inc. (FTI) and its 20-percent stake in the South Luzon Expressway (SLEX), this year. The Mile Long building in Makati City could fetch around P10 billion and is targeted for disposition by the end of the third quarter.
Meanwhile, FTI is slated for sale in the fourth quarter, estimated at about P20 billion, and SLEX in the early fourth quarter. “Hopefully we’ll be able to sell it,” Alejandro said. The values remain preliminary as the assets have yet to undergo the full approval process of the Privatization Council (PrC), which must determine minimum selling prices based on independent appraisals, he said. The assets will be sold through auctions, although final terms will depend on market conditions and investor appetite, he added. See “P101-B,” A2
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Friday, July 17, 2026 Vol. 21 No. 276
NUMBER OF CHILD LABORERS UP, MOSTLY IN AGRI, SERVICES By Justine Xyrah Garcia
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HE number of Filipino children engaged in child labor inched up slightly in 2025 from a year earlier, according to preliminary data released by the Philippine Statistics Authority (PSA). The PSA estimated that there were 513,650 child laborers nationwide last year, up from 509,160 in 2024. They accounted for 1.8 percent of all children aged 5 to 17, compared with 1.6 percent a year earlier. Child labor refers to work that is mentally, physically, socially or morally harmful to children and interferes with their education by preventing them from attending school, forcing them to leave school early, or requiring them to combine schooling with long or heavy work. Under the PSA’s definition, child labor includes hazardous work that could endanger a child’s health, safety, or moral well-being. It also covers children younger than 15 who work beyond legally permitted hours, as well as those aged 15 to 17
who exceed the maximum working hours or are employed during prohibited nighttime hours. Agriculture continued to account for the largest share of child laborers in 2025, employing 336,000 children or 65.5 percent of the total, up from 328,000 a year earlier. The industry sector also posted an increase to 45,000 child laborers from 34,000, while the number in services declined to 133,000 from 148,000. Older children made up the bulk of child laborers, with 413,000 or 80.5 percent aged 15 to 17, while the remaining 100,000 were between 5 and 14 years old. Boys accounted for nearly three-fourths of all child laborers at 373,650, compared with 140,000 girls. Meanwhile, the number of working children—defined as all children aged 5 to 17 engaged in any economic activity, including both permissible work and child labor—inched up to 868,540 in 2025 from 861,450 a year earlier. See “Child,” A2
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Wang Yi, Lavrov, Rubio, Ukraine FM due next wk By Malou Talosig-Bartolome
Moscow.
HE Philippine capital is preparing to welcome 59 delegations of foreign ministers and senior officials next week for what DFA spokesperson Dominic Xavier “Dax” Imperial describes as “one of the most significant diplomatic engagements of our Asean chairmanship.” Confirmed participants include U.S. Secretary of State Marco Rubio, Russian Foreign Minister Sergey Lavrov, and Chinese Foreign Minister Wang Yi, alongside counterparts from Japan, the European Union, Australia, New Zealand, India, and Ukraine. Their presence highlights the Indo‑Pacific’s strategic weight as a theater of competition and cooperation. North Korea, however, has formally declined to send a representative. The breadth of attendance reflects Asean’s enduring role as a convening platform where rival powers can engage under a neutral, multilateral umbrella. Manila’s hosting comes at a time when the Philippines is recalibrating its foreign policy, balancing its alliance with Washington against pragmatic ties with Beijing and
TAC at 50: Expanding Asean’s reach
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THE highlight of the week is the 50th-anniversary commemoration of the Treaty of Amity and Cooperation (TAC) on July 24, which will feature a high-level conference, a gala dinner, and the accession of six or seven new high-contracting parties, expanding the treaty’s reach to approximately 64 nations. “This milestone celebrates five decades of the TAC as the foundational code of conduct governing relations among states,” Imperial said. The TAC is a peace treaty established in 1976 by the founding members of Asean (Indonesia, Malaysia, the Philippines, Singapore, and Thailand). It focuses on principles like mutual respect for sovereignty, non-interference in internal affairs, and the peaceful settlement of disputes. Imperial said the meeting is expected to release an outcome document declaring a new engagement modality for TAC contracting parties. “When they signed the TAC, it seemed like there’s no mechanism to engage more…but now with this modality, we’re now creating a See “Asean,” A2
PESO EXCHANGE RATES n US 61.6500 n JAPAN 0.3803 n UK 83.4988 n HK 7.8652 n CHINA 9.1068 n SINGAPORE 47.8352 n AUSTRALIA 43.1797 n EU 70.6941 n KOREA 0.0415 n SAUDI ARABIA 16.4190 Source: BSP (July 16, 2026)