PROVIDING support to high-potential small and medium enterprises (SMEs) could boost economic activity and make the Philippines more resilient, the World Bank said. "The Philippines can further boost its growth prospects by implementing vital reforms that empower SMEs to flourish," the Washington-based multilateral organization said in its Philippine Economic Update report. As SMEs account for 63 percent of the country's total employment and contribute 36 percent to gross value added, supporting these small businesses can unlock the potential for increased economic dynamism. The World Bank has trimmed its forecast for Philippine economic growth to 5.3 percent for this year from 6.1 percent previously. Marginal gains of 5.4 percent and 5.5 percent are expected for 2026 and 2027, but all projections fall below the government's 6.0- to 8.0-percent target. https://www.manilatimes.net/2025/06/20/business/top-business/world-bank-sme-support-to-lift-ph-growth-prospects/2136550 (ICE SINGAPORE)

Fonte notizia: The Manila Times, 20 June 2025