Philippines on track to be an economic giant by 2033

The Philippine economy is expected to continue posting strong growth and is seen to be one of the economic giants by 2033.

The Philippine economy will sustain its upward growth and is expected to hit its target of becoming one of the world's strongest economies by 2033, stated Department of Finance (DOF) Secretary Ralph Recto on Monday.

Speaking at the Philippine Economic Briefing at the Philippine International Convention Center in Pasay City, the finance chief said the country's gross domestic product is forecasted to grow between 5.8% and 6.3% this year, outperforming ASEAN economies.

"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.

He added that the Philippine economy is projected to expand 5.9 percent to 6.5 percent in 2025.

"And we are expected to continue outpacing the growth of Asia's economic powerhouses in the future. Fast forward to 2075, the Philippines will overtake France to become the 14th largest economy in the world," Recto said.

He assured the public that the government addresses 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," the finance chief 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 nine 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 many reasons to be confident and excited about our nation's future," he added.