Philippine News Agency
PH to become $2-T economy by 2050
The Philippines' economy has the potential to reach $2 trillion by 2050, a fivefold increase from its current size, according to the Department of Economic Planning and Development (DepDev).
DepDev Secretary Arsenio Balisacan stated that this growth is achievable, provided there are no significant external shocks.
Balisacan highlighted the economy's desirable market features, citing its $392 billion economic size, remarkable progress as a rising middle-income country, and a population of 114 million with a median age of 27.
He mentioned that the transformation of the economy will be driven by initiatives that foster new growth drivers while strengthening existing sectors, private sector participation, and investments.
Key policy advancements such as the Philippines-Korea Free Trade Agreement, the Ease of Paying Taxes Act, and the CREATE MORE Act were also cited.
Balisacan urged potential investors that "The right time is now. The right place is the Philippines."
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