The Philippines needs to diversify its economy beyond household consumption and Metro Manila to achieve resilient and inclusive growth, according to Department of Economy, Planning and Development Secretary Arsenio Balisacan.
Speaking at an Economic Journalists Association of the Philippines (EJAP) forum on Aug. 11, 2025, Balisacan said sectoral and spatial diversification were “critical imperatives” for preparing the economy for growth that is “truly inclusive and resilient.”
Shifting growth toward manufacturing and higher value-added services will be key to creating better jobs and wages, he said.
Spreading economic development beyond Metro Manila would also strengthen the country’s resilience against local shocks and accelerate the growth of lagging regions by connecting them to faster-growing hubs.
Balisacan said boosting productivity through better infrastructure, new technologies and continuous innovation is crucial for sustained improvements in Filipinos’ daily lives.
The forum, themed “Midterm Momentum: Balancing Stability and Action,” gathered insights from the country’s economic managers on macroeconomic performance and the government’s strategies for the remainder of the Marcos administration.
Balisacan said that while the Philippines has shown robust growth, a steadily improving labor market, easing inflation and declining poverty, a clear strategic direction is vital to navigate a changing global economy.
“We have made significant progress, thanks in part to the hard-won reforms and initiatives pursued across successive administrations,” Balisacan said.
“With strong fundamentals now in place, our task is to shape the kind of growth that will truly benefit our economy and the everyday lives of Filipinos,” he said.
To harness the country’s expanding working-age population, he cited the need for government investment in quality education, stronger healthcare, and job creation in fields where human skills and artificial intelligence can collaborate.
“Our mission is to ensure that growth is diversified, productivity-driven, inclusive, and powered by a future-ready workforce,” Balisacan said.
“Staying this course will demand bold reforms, strong investments, and unwavering focus on our ultimate goal: a matatag, maginhawa, at panatag na buhay for all Filipinos,” he said.
Other attendees at the forum included Special Assistant to the President on Investment and Economic Affairs Secretary Frederick D. Go, Bangko Sentral ng Pilipinas Governor Eli Remolona Jr., Finance Secretary Ralph Recto and Budget and Management assistant secretary Romeo Balanquit. EJAP is the country’s premier organization for journalists covering the economy and business.
