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Sunday, May 26, 2024

WEF forecasts PH economy to hit $2t soon

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Speaker Ferdinand Martin G. Romualdez on Thursday expressed great enthusiasm regarding the recent World Economic Forum (WEF) forecast, which positions the Philippines to potentially become a $2-trillion economy in the next decade.

This anticipated economic growth places the nation on par with economies like Canada, Italy, and Brazil.

“The projections shared by WEF President Børge Brende reflect a significant milestone in our nation’s journey towards economic prosperity. This growth is not just a statistic; it represents a transformative shift in the lives of our citizens,” Romualdez said.

Highlighting the importance of continued investment in education, infrastructure, and workforce development, the Speaker stated: “Our path to this economic milestone is founded on strategic investments that enhance the well-being and opportunities for our people. It’s about creating an environment where every Filipino can thrive.”

With the nation’s economy on a trajectory towards the trillion-dollar mark, adjusted for purchasing power, the Speaker shared the optimism that with sustained growth of 7 to 8 percent annually, the Philippines could achieve this target within a decade.

Romualdez praised the country’s economic resilience and the government’s fiscal strategy, which have made the Philippines an increasingly attractive destination for foreign investments.

“Our economic stability and growth prospects have not only attracted international investors but also paved the way for job creation and entrepreneurial ventures across the country,” he noted.

Romualdez emphasized the critical role of legislative action in achieving this economic milestone, particularly the initiatives to open and liberalize the economy.

“We are committed to creating a more dynamic economic environment by amending the economic provisions of the 1987 Constitution, which have long restricted foreign investments. Our aim is to foster an inclusive economy where growth benefits every Filipino,” he said.

The Speaker detailed how these legislative reforms are designed to remove barriers to foreign investment, thereby stimulating economic growth, creating jobs, and improving public services.

“By liberalizing our economy, we are not just attracting foreign capital but also integrating the Philippines more fully into the global market, which in turn will spur innovation, enhance competitiveness, and create a multitude of opportunities for our people,” he explained.

With the Philippine economy showing signs of robust growth and nearing the trillion-dollar mark in terms of purchasing power, Romualdez is confident that with a sustained growth rate of 7 to 8 percent, the country can reach its ambitious economic goals.

The Speaker emphasized, though, the need to streamline government processes and create a more business-friendly environment to leverage opportunities in manufacturing and other sectors amid global economic shifts.

Romualdez also spoke of the far-reaching benefits of the projected economic growth, particularly for the average Filipino, saying: “This imminent economic rise promises enhanced public services, better education, and healthcare, as well as sustainable employment opportunities. It’s about enriching the quality of life for every Filipino.”

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