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Philippine growth over 5pc impossible without urgent reforms, says World Bank

The World Bank said on Monday the Philippines needs to accelerate reforms to allow for sustained economic growth above 5 percent a year to improve the lives of the poor and catch up with its Southeast Asian neighbours. The central bank is awash with US dollars while inflation is low, and government finances manageable, the World Bank said in a report, calling the present "an opportune time for the country to move up to the next level."