49^th Philippine Business Conference and Expo Chairman Felino “Jun” Palafox Jr. said the “Vision 2050: The Philippines A First-World Economy” is possible, given the country’s vast natural resources, its people, and full cooperation between the government and the private sector.

“The Philippines is teeming with untapped potential,” said Palafox in his opening speech on the first day, Wednesday, Oct. 25, of the two-day PBC at the Manila Hotel. 

Citing all the positive attributes of the Philippines, its people and economy, he said “indeed, this goes to show that we are not lagging behind in terms of strengths and opportunities.” He cited the Philippines for its “very high development potential” with a demographic sweet spot and abundant natural resources, among others.

“We are gearing to rise up as a middle-income country before 2028 and by 2030, we should be able to address the challenges that hinder our country’s advancement. By 2040, we should be a first-world country and join the top 20 economies in the world by 2050,” he added. 

But Palafox noted that attaining this vision requires collective efforts that entail immediate action, short-, medium-, long-term, and visionary plans, goals, programs, and projects. Through the effective implementation of plans and benchmarking on the best practices around the world, he said, the country’s plans and designs can be further improved, he said. 

“With strong collaboration between government, the private sector, and civil society and with five effective, efficient, visionary, and action-driven leaders, Presidents, and administrations, the country could achieve its goals,” he added.

For his part, PCCI President George T. Barcelon said that “Vision 2050” is an aspiration where the country shall  have zero hunger and where the 150 million Filipino people by 2050 shall have ready access to affordable housing, healthcare and higher levels of education, living with human dignity and have higher happiness index. 

“In 2050, every Filipino should already be benefiting fully in an equitable society providing equal opportunities for all. We embark on this not to  personally witness this revolutionary journey, but to actually envision a progressive country that will bring benefits for generation to come,” he said.

To achieve Vision 2050, which is a modernization path toward a resilient, sustainable, inclusive growth, Barcelon called for the crafting of a strategy that will allow the country to solve the issues today, while also keeping the long-term goal in mind. 

“Action must come from all fronts and with the participation of every change agent society can provide. In this room are the country’s top minds, coming together to bring hope to many: for a better life, for more peaceful and connected communities, for a more sustainable nation,” he said.

This year’s PBC theme is a follow up to last year’s theme “The Philippines is Ready and Open for Business,” after the pandemic. 

Palafox explain that this year’s theme is about growing and developing the Philippines well into the 21st century, a first-world country, first-world economy. “We must find ways to overcome barriers to our growth and stimulate development. We must sustain the development of the sectors where our country has a competitive advantage, learn how to capitalize our country’s strengths and opportunities, and keep up with this ever-dynamic world we live in,” he concluded.