DOEPD: PH set to hit USD2T economy by 2050

The Philippines is expected to become a USD2 trillion economy by 2050 barring external shocks, according to Department of Economy, Planning, and Development Secretary Arsenio Balisacan.

Speaking at the Philippine Economic Dialogue in Milan, Italy, on Tuesday, Balisacan highlighted the country's robust economic performance and long-term vision.

Balisacan cited the USD392 billion current economic size, progress as a rising middle-income country, and a young population of 114 million with a median age of 27.

He emphasized initiatives driving new growth sectors, private sector participation in infrastructure, and investments generating shared prosperity.

The Luzon Economic Corridor, connecting Subic, Clark, Manila, and Batangas through coordinated logistics, energy, and infrastructure investments, was also highlighted as an opportunity for investors.

Balisacan invited European business leaders to explore opportunities within the corridor, positioning the Philippines as a strategic partner in Asia and globally.