According to a study conducted by the Philippine Institute for Development Studies (PIDS), productivity growth was behind the `spectacular` economic performance of East Asian economies, namely, Japan, Taiwan, South Korea and China. “Productivity growth is crucial to a country’s future economic prospects,` the study read. “To catch up with its Southeast Asian and East Asian neighbors and improve the living standards of Filipinos, most especially the poor, the economy has to exploit productivity growth as a key driver of high and sustained growth.` To achieve this, the study said, the Philippines needs to continue with market-oriented economic-policy reforms that promote inclusive growth, particularly those that will strengthen the export markets.
