The Philippines has the potential to become a $2 trillion economy in the coming decade, with continued reforms and more investments in education and infrastructure, according to the World Economic Forum (WEF).
In a press conference in Malacañang yesterday, WEF president Bí¸rge Brende, who is here for the Philippines’ hosting of the WEF Country Roundtable, expressed his optimism in the Philippine economy.
“The World Economic Forum, we are very bullish on the Philippines provided that reforms do continue. I think that this can be in the coming decade a $2 trillion economy if there are better investments in education, infrastructure, and also able to draw on the great competence of the people of the Philippines,” Brende said.
“If you… adjust for purchasing power, you can even see the economy is now closer to a trillion, it’s not yet there but it’s closer to a trillion. I would say, if you achieve a growth of seven to eight percent, we can talk about a decade perspective,” he added on the sidelines of the event.
According to the Philippine Statistics Authority, the Philippine economy is valued at roughly P21.05 trillion in 2023, based on constant 2018 prices.
Brende expressed that there are a lot of international interests now in the Philippines.
“The participants here that I’ve spoken to (during the roundtable) say that they’re looking (to) better their investments or going in with investments in the Philippines and why this is, I think there is stable and sound fiscal policy,” Brende said.
“I think there is also a keen interest from the current President and the cabinet to also get rid of unnecessary red tape and creating the right investments for also, future growth. Of course, there are also some geopolitical challenges that the region is faced with, but it’s also an opportunity for the Philippines to get increased investment especially in the manufacturing area, because there is diversification of the supply chains,” he added.
In general, Brende said, there are areas of policies that have to be looked at, to catch more momentum.
“But as I said, we think that this economy is going to grow. It is now, together with Vietnam, the fastest growing economy in the region. And we think that this will continue,” he said.
“So overall, the feedback from the participants so far has also been that the appetite for investing in the Philippines is increasing,” he added.
