Balisacan says Philippine economy can reach $2-trillion size by 2050

Philippine Economic Planning Secretary Arsenio Balisacan at an economic briefing following President Ferdinand Marcos Jr’s first State of the Nation Address, in Pasay City on July 26, 2022. REUTERS/Lisa Marie David/File photo

MANILA, Philippines — By 2050, the Philippines could become a $2-trillion economy – as big as present-day Canada, Brazil or Italy – with its current growth trajectory, the economic planning department said.

But Secretary Arsenio Balisacan of the Department of Economy, Planning and Development (DepDev) said growing five times the size of the domestic economy today would only be possible “barring significant external shocks.”

Balisacan highlighted the “desirable” market features of the local economy, citing its $392-billion size and “remarkable” progress as a rising middle-income country.

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The DepDev chief also said that the Philippines’ population of 114 million, with a median age of 27, would make the country a “dynamic” investment destination.

“Strong macroeconomic fundamentals, reform momentum, a skilled and young workforce and a strategic location position the Philippines as your ideal partner of choice in Asia and globally,” Balisacan said during the Philippine Economic Dialogue on Tuesday.

“The right time is now. The right place is the Philippines,” he added.

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