This Country Private Sector Diagnostic (CPSD) is structured around five chapters. Chapter one provides a brief description of the country context focused on the key development challenges facing the Philippines. Chapter two examines the key drivers of growth, including macroeconomic policies, investment dynamics, productivity dynamics, and international trade. Chapter three assesses key cross-cutting policy constraints to private sector growth, including policy restrictions to competition, trade, public-private partnerships, and in land, capital, and labor markets. Chapter four assesses the performance and the role of the private sector in infrastructure (energy, water and sanitation, transport, and digital infrastructure) and tradeable markets (agriculture, manufacturing, and services). And, finally, chapter five provides a succinct conclusion.