May 7, 2025 — The Philippines reaffirmed its position as a dynamic investment destination of choice in the global economy, as Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio M. Balisacan showcased the country’s strong economic performance, desirable market features, structural reforms, and long-term development vision during the Philippine Economic Dialogue (PED) on Tuesday (May 6).
Secretary Balisacan emphasized that the Philippines has sustained its strong economic momentum and is staying the course by following a clear roadmap for inclusive growth. The country’s commendable performance in the past two decades has been anchored on sound macroeconomic management, strategic government interventions and a solid commitment to reform.
Balisacan highlighted the economy’s desirable market features, citing its USD392 billion economic size, its remarkable progress as a rising middle-income country, and its sizeable population of 114 million with a median age of 27.
“At our current growth trajectory—and barring significant external shocks—we anticipate reaching a USD2 trillion economy by 2050,” he explained.
He underscored that the Philippine economy is poised for transformation, driven by initiatives that foster new growth drivers while strengthening existing sectors. Balisacan assured participants that the government is pushing for private-sector-driven growth by actively shaping an open, future-ready economy where investments generate lasting impact and shared prosperity.
In this regard, Balisacan cited improvements in the governance framework for Public-Private Partnership (PPP) projects, which have enhanced transparency and investor confidence. Key policy advancements include the Philippines-Korea Free Trade Agreement, the Ease of Paying Taxes Act, the CREATE MORE Act, and the establishment of green lanes for strategic investments, along with measures to expedite infrastructure development and reduce the cost of doing business.
He invited investors to explore opportunities within the Luzon Economic Corridor, a key government initiative aimed at boosting trade and investment across the region.
“The Luzon Economic Corridor connects Subic, Clark, Manila, and Batangas through coordinated investments in logistics, energy, and infrastructure. This corridor supports key sectors, such as agribusiness, semiconductors, manufacturing, and finance—serving as a launchpad into Asian and global markets,” he explained.
The country’s chief economist also highlighted the government’s commitment to infrastructure development, with 207 flagship projects worth approximately USD178 billion currently in various stages of implementation. He underscores the vital role of the private sector in addressing the country’s infrastructure needs and reaffirmed the Marcos Administration’s strong commitment to developing a workforce that meets evolving labor market demands.
“Strong macroeconomic fundamentals, reform momentum, a skilled and young workforce, and a strategic location position the Philippines as your ideal partner of choice in Asia and globally. The right time is now. The right place is the Philippines,” he concluded.
In the panel discussion, Secretary of Budget and Management Amenah F. Pangandaman emphasized the government’s sustained investments in human capital, highlighting the strong, sustained focus on education, health, and social protection that complement the upgrade of the country’s vital infrastructure through the Build-Better-More program. She also discussed game-changing procurement reforms under the New Government Procurement Act, which enables enhanced opportunities and alternatives for private-sector participation in the provision of various public goods and services.
Finance Undersecretary Domini S. Velasquez detailed the government’s efforts to strengthen the economy’s fiscal foundations, with debt-to-gross domestic product (GDP) and deficit-to-GDP ratios remaining manageable and PPPs providing critical financing for transformative infrastructure projects.
Meanwhile, Bangko Sentral ng Pilipinas (BSP) Assistant Governor Zeno R. Abenoja highlighted how the Philippine government was able to effectively manage inflation, providing ample room for an accommodative monetary policy that will support sustained consumption and investment activities in the coming years.
The Philippine Economic Dialogue, conducted on the sidelines of the 58th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) in Milan, Italy was attended by around ninety participants from the European business and financial communities as well as delegates from the ADB Annual Meeting.
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