addressing poverty, the Philippines is hindered by the limited expansion of its middle class. In the East Asia region over 2002 …-thirds, but the share in the Philippines increased from 37 percent to just 44 percent. The lack of well-paying jobs limited the …

policies, and lower financing costs. Historically, the Philippines have been exposed to considerable fiscal risks, in part … abated, they still remain sizeable in the Philippines. To improve its risk management, the government is pursuing a program …