BUSINESS TALK

By PCCI CHAIRMAN WILLIAM S. CO

Is the Philippines capable of becoming a first-world economy in 30 years? 

Well, if you would ask the visionary man himself, Architect Felino “Jun” Palafox, Jr., his answer is yes but there’s a caveat, that is if all issues and challenges the country is facing are addressed, sounds impossible but doable. 

This leads me to my next question, what needs to be done to achieve Vision 2050?  

In a bold move to ignite interests and discussions, Architect Palafox interestingly floated and pushed the idea of Vision 2050: The Philippines, A First-World Economy, which later on was adopted as the theme for the 49th Philippine Business Conference & Expo, an event that has a significant impact on the business landscape of the country. 

Architect Jun, known for his unmatched knowledge, experience, and vision for urban and national development, had all of us in the PCCI convinced to carry the theme Vision 2050.  He made all of us ponder what will 2050 be like. Well, let’s hope to live longer to witness our country’s transformation and growth but if not, I’m sure the next generation and the generations to come, will. 

His vision for the Philippines to become a first-world economy by 2050 is nothing short of ambitious but a vision that is based on facts. Historically, the Philippines came next to Japan in the early 30s to 70s. Even Asian countries voted the Philippines as the highest development potential as a financial center that’s why the Asian Development Bank (ADB) is situated in the country. 

Positioned as the Asia-Pacific center of Spanish Europe, the United States, and Asia, the Philippines is a desirable and strategic location for investments and trade due to its advantageous geographic location. 

To prove his point, Architect Jun listed some areas where the country presently thrives. The Philippines has several resources that can help it grow and flourish, from taking the lead in marine biodiversity and BPOs to ranking as the second in geothermal energy and mineral resources. The demographics of the country are in its favor having a population of mostly English-speaking and young population, a distinct advantage over other regions. This also offers a solid foundation for economic progress and innovation in the future.

However, attaining this goal calls for concerted efforts from both the public and private sectors with a strategic strategy of short, medium, and long-term goals as well as the requirement for quick action initiatives, crucial in addressing inequality, ease of doing business, and infrastructure improvements. 
As a result of the threat posed by climate change, the Philippines must develop its infrastructure and incorporate a sustainable design in order to build a resilient future.

All these and more will be thoroughly presented and discussed at the 49th PBC&E, the Philippines’ largest and most highly anticipated business conference. It intends to encourage fruitful discussions among policymakers, business executives, and other stakeholders to build an atmosphere that fosters sustainable growth and will map the Philippines' path to becoming a successful and advanced country in the Asia-Pacific region.

Learn more on the fundamentals of achieving Vision 2050. Join the 49th PBC&E happening on Oct. 25-26, 2023 at The Manila Hotel.   For inquiries and updates, please visit PCCI’s official facebook page @pcciofficial or email [email protected]

(Dr. William S. Co is chairman of the Philippine Chamber of Commerce and Industry (PCCI) and director of the Agriculture and Fishery committee.)