MANILA — With consistent economic expansion and strategic reforms in place, the Philippines is poised to transform into a $2 trillion economy by 2050—provided there are no major global disruptions. This forecast was shared by Arsenio Balisacan, Secretary of the Department of Economy, Planning, and Development (DEPDev), during the Philippine Economic Dialogue held recently in Milan, Italy.
Addressing an audience of European investors and financial leaders, Balisacan underscored the country’s impressive growth trajectory, investor-friendly regulatory environment, and its roadmap toward inclusive, long-term development.
He emphasized key strengths that make the Philippines an attractive economic partner: a gross domestic product (GDP) worth $392 billion, rapid progress as an emerging middle-income nation, and a vibrant population of 114 million with a youthful median age of 27.
“If we maintain our current pace of development and avoid major external shocks, we are on course to achieve a $2 trillion economy by mid-century,” Balisacan stated.
Fueling this growth, he said, are forward-thinking policies designed to unlock new economic sectors while strengthening traditional industries. Public-private collaboration in infrastructure, high-impact investments, and innovation-led reforms are among the main drivers of this transformation.
Balisacan also outlined recent legislative milestones and international agreements that further enhance the investment climate. These include the Philippines-Korea Free Trade Agreement, the Ease of Paying Taxes Act, and the proposed CREATE MORE Act—along with the introduction of green lanes to fast-track approvals for strategic investments. Enhanced infrastructure development and business cost reduction measures were also cited as crucial pillars of the country’s reform agenda.
A major highlight of the dialogue was the invitation to explore the Luzon Economic Corridor—an integrated development zone spanning Subic, Clark, Manila, and Batangas. This initiative is set to catalyze economic activity across sectors like agribusiness, manufacturing, semiconductors, logistics, and finance, serving as a springboard to Asian and global markets.
“This corridor brings together key logistics and infrastructure assets, creating seamless investment opportunities across key growth sectors,” Balisacan said.
He concluded by reaffirming the Philippines’ strong macroeconomic fundamentals, reform-driven governance, highly skilled young workforce, and strategic geographic location—factors that collectively position the country as a leading destination for global investors.
“There’s no better time to invest. The Philippines is ready—and open—for business,” he declared.
The Philippine Economic Dialogue in Milan was held alongside the 58th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB). The event brought together around 90 representatives from European business sectors, financial institutions, and ADB delegates.