Milan: The Philippines is projected to become a USD2 trillion economy by 2050, maintaining its strong economic growth momentum, as stated by Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan. Speaking at the Philippine Economic Dialogue in Milan, Italy, Balisacan detailed the country’s robust economic performance and investor-friendly policies to European business leaders and financial stakeholders.
According to Philippines News Agency, Balisacan emphasized the Philippines’ current economic size of USD392 billion and its progress as a rising middle-income country, supported by a population of 114 million with a median age of 27. He stated, “At our current growth trajectory-and barring significant external shocks-we anticipate reaching a USD2 trillion economy by 2050.”
Balisacan outlined that the economic transformation will be propelled by fostering new growth drivers, strengthening existing sectors, encouraging private sector participation in infrastructure, and making investments that promote shared prosperity. Key policy advancements, such as the Philippines-Korea Free Trade Agreement, the Ease of Paying Taxes Act, the CREATE MORE Act, and the establishment of strategic green lanes, were highlighted as critical measures.
He also invited investors to explore opportunities within the Luzon Economic Corridor, a government initiative aimed at boosting trade and investment. “The Luzon Economic Corridor connects Subic, Clark, Manila, and Batangas through coordinated investments in logistics, energy, and infrastructure,” Balisacan said, emphasizing its role as a gateway to Asian and global markets.
Balisacan underscored the Philippines’ strong macroeconomic fundamentals, reform momentum, skilled workforce, and strategic location, positioning the country as an ideal partner in Asia and globally. The dialogue, held alongside the 58th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) in Milan, attracted around 90 participants from European business and financial circles, along with ADB delegates.
