Philippines pursues reforms for inclusive, innovation-led growth

INCHEON, South Korea—The Philippines is vigorously pursuing critical reforms to achieve inclusive, resilient and innovation-led growth, Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan told finance ministers of the Asia-Pacific Economic Cooperation (APEC) on Thursday.

Speaking at the 2025 APEC Finance Ministers’ Meeting (FMM) and Structural Reform Ministerial Meeting (SRMM) held from October 20 to 23, Balisacan cited the crucial role of innovation, digitalization and structural reforms in driving productivity, competitiveness and social progress across economies.

“Innovation is more than technology—it is about transforming systems, improving lives, and ensuring that every person, every community, and every business can participate meaningfully in the digital economy,” Balisacan said.

The meetings, hosted by APEC and the Ministry of Economy and Finance of the Republic of Korea, focused on how structural reforms can strengthen competitiveness, enhance resilience, and promote sustainable economic growth across the Asia-Pacific region.

Balisacan shared the Philippines’ long-term roadmap for innovation governance, the National Innovation Agenda and Strategy Document (NIASD) for 2023–2032. The NIASD is anchored on five critical pillars: strong institutions, enabling policies, robust infrastructure, accessible finance, and comprehensive support for entrepreneurs, startups, micro, small and medium enterprises (MSMEs) and the research community.

The country’s chief economist also stressed the importance of structural reforms in fostering resilience and inclusion amid global megatrends, ranging from technological breakthroughs and demographic shifts to climate change challenges.

“As we look to the future, our mission is clear: to build economies that are diversified, productivity-driven, inclusive, and future-ready,” Balisacan said.

Achieving balanced growth, he said, requires strengthening regional economies as new growth hubs. This approach involves connecting lagging regions to fast-growing centers through improved infrastructure, logistics and digital connectivity, which he called key enablers for sustained, inclusive development.

Acknowledging challenges such as the digital divide, data security and the ethical use of artificial intelligence, Balisacan called for closer regional cooperation among APEC member economies to bridge these gaps.

“We must recognize that traditional policymaking can no longer keep pace with technologies that are advancing, learning, and evolving on their own. Our policies must be guided by the principles of clarity, fairness, accountability, agility and precision,” he said.