This Policy Notes is an updated version of the original and contains additional insights. It argues that agricultural development is key to inclusive growth. The accelerating pace of economic growth in the Philippines will not translate into inclusive, sustainable growth if agricultural development is neglected. Agricultural development involves accelerating productivity growth in major commodities. It also requires structural transformation in agriculture itself, from traditional to high-value crops, as well as product upgrading. Such transformation entails increasing linkages between farm production, agricultural services, industrial inputs, and agroprocessing. In short, agricultural transformation must encompass the entire agro-industrial complex.