The Philippines is expected to grow its economy to $2 trillion in the next ten years, as long as the country continues to attract investments through reforms and initiatives.
This is according to the World Economic Forum (WEF) president Børg Brende at a press conference in Manila.
“We are optimistic, bullish on the Philippines, provided that the reforms are continuing,” Brende said.
“The World Economic Forum, we are very bullish on the Philippines, provided that reforms do continue. I think that this could be in the coming decade, a $2-trillion economy if there are further investments, in education, infrastructure, and also able to draw on the great competence of the people of the Philippines,” he added.
He also said investing more in upskilling and right-skilling the country’s 110-million population would greatly contribute to the economy’s progress.
“I would say that further investments in infrastructure, upgrading of airports, roads, bridges, because there is the archipelago… that’s investing in also the ability to the more rural areas to see investments if the transportation costs are going down,” Brende said.
“I think also, as I mentioned, the reforms when it comes to energy, being more reliable on your own energy sources,” the WEF chief said.
In 2023, the Philippine economy was valued at over PHP 24 trillion or over $400 billion in 2023, with its gross domestic product growing by 5.6 percent.
