ECONOMIC OUTLOOK. Finance Secretary Ralph Recto, during the Philippine Economic Briefing on Monday (May 27, 2024) at the PICC in Pasay City, says the Philippines will continue to post high growth in the coming years. Recto said that by 2033, the Philippine economy will nearly triple in size, placing the country in the league of economic giants like China, Japan, India, and South Korea. (Photo courtesy of DOF)
MANILA – The Philippine economy is expected to continue posting strong growth and is seen to be one of the economic giants by 2033, Department of Finance (DOF) Secretary Ralph Recto said on Monday.
In his speech at the Philippine Economic Briefing at the Philippine International Convention Center in Pasay City, Recto said global research firms and analysts expect the Philippines to grow by 5.8 to 6.3 percent this year, outperforming ASEAN economies.
For 2025, Philippine economic growth is projected to hit 5.9 percent to 6.5 percent.
"This trajectory puts us firmly on course to become a trillion-dollar economy in less than a decade. This means that by 2033, our economy will nearly triple in size, placing us in the league of economic giants like China, Japan, India, and South Korea," Recto said.
"And we are expected to continue outpacing the growth of Asia's economic powerhouses in the years to come. Fast forward to 2075, the Philippines will overtake France to become the 14th largest economy in the world," he said.
Recto assured the public that the government is addressing bottlenecks to encourage investments in high-priority sectors.
"These include infrastructure, renewable energy and power, critical minerals, financial services, healthcare, consumer and retail, manufacturing, and ITBPM (information technology and business process management), among others," he said.
Recto said the government is also intensifying efforts to address investor concerns, and is doubling efforts to harness the country's workforce.
He said these efforts aim to provide pathways out of poverty for about 14 million Filipinos, or cutting poverty incidence to 9 percent, before or at the end of the President's term.
"This is the single most important number that we aim to achieve. Even with headwinds along the way, there are a lot of reasons to be confident and excited about our nation’s future," he added. (PNA)
