The World Leaders’ Statement on Population Stabilization signed in 1994 by heads of seventy-five (75) countries including the Philippines, acknowledged that the degradation of the world's environment, income inequality, and the potential for conflict exists because of rapid population growth, among other factors. With early population stabilization of interest to all nations, each agreed to adopt the necessary policies and programs consistent with their culture and aspirations supported by voluntary measures that respect individual human rights and beliefs. More than sixteen years later, the issue remains contentious. Many of the world’s countries continue to confront natural and human-made challenges that impinge on the wellbeing of their populations. Concomitantly, dramatic age structural changes have occurred. While most developed countries have “graying” populations, many developing countries continue to have very young populations. An increasing number of countries are facing a double-edged challenge, i.e., having a young population and a fast growing population of older people (UN 2009). Given these conditions, is early population stabilization still the best strategy to take? This paper aims to review the progress made towards achieving the articulated goal of population stabilization and to discuss its future prospects in the Philippines. A stable population refers to a population closed to migration with an unchanging rate of growth and an unchanging age composition as a result of age-specific birth and death rates that have remained constant over a sufficient period of time. Under these conditions, the population growth rate may be positive, negative or even zero. The latter is a special case often referred to as stationary population with fertility reduced to replacement level, i.e., a net reproduction rate equal to one (NRR= 1), until a stable equilibrium is attained. Attaining a stable population condition is desirable to many government policy makers and program planners due to the predictability of future population growth. Therefore, the estimation of population size useful in measuring the demographic overhead required for the provision of social services, e.g., education and health services, is made possible.