The skyline and business district of Bonifacio Global City in Taguig City, in this Oct. 4, 2024 photo. Barring significant external shocks, the Department of Economy, Planning, and Development expects the Philippines to be a $2 trillion economy by 2050. (PNA photo by Joan Bondoc)
The Philippines is on track to maintain its strong economic momentum and could become a $2 trillion economy by 2050, provided it avoids major external disruptions, according to Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan.
Speaking at the Philippine Economic Dialogue in Milan, Italy, Balisacan showcased the country’s solid economic performance, pro-investor reforms, and long-term development vision to European business leaders and financial stakeholders.
He pointed to the Philippines’ $92 billion economy, rapid progress as a rising middle-income nation, and its young and growing population of 114 million—half of whom are under the age of 27—as key strengths that support sustained growth.
“At our current growth trajectory—and barring significant external shocks—we anticipate reaching a USD 2 trillion economy by 2050,” Balisacan said.
He emphasized that this transformation will be driven by efforts to cultivate new growth areas, strengthen existing sectors, promote private sector involvement in infrastructure, and attract high-impact investments that create shared prosperity.
Balisacan also outlined recent policy milestones, including the Philippines-Korea Free Trade Agreement, the Ease of Paying Taxes Act, the CREATE MORE Act, and the rollout of green lanes for strategic investments. These are complemented by initiatives to accelerate infrastructure development and lower the cost of doing business.
He invited investors to tap into opportunities in the Luzon Economic Corridor, a government-backed initiative designed to enhance trade and investment across key regions.
“The Luzon Economic Corridor connects Subic, Clark, Manila, and Batangas through coordinated investments in logistics, energy, and infrastructure. It supports core industries such as agribusiness, semiconductors, manufacturing, and finance—positioning the Philippines as a gateway to Asian and global markets,” Balisacan explained.
With strong macroeconomic fundamentals, an ongoing reform agenda, a young and skilled workforce, and a strategic location, Balisacan said the Philippines stands out as an ideal business partner in Asia.
“The right time is now. The right place is the Philippines,” he declared.
The Philippine Economic Dialogue took place on the sidelines of the 58th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) in Milan. It was attended by around 90 participants from the European business and finance sectors, along with ADB delegates.
