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Manila Bulletin devider Philippines devider National devider $2-T economy? Romualdez says Philippines needs to do this to achieve WEF projection 

$2-T economy? Romualdez says Philippines needs to do this to achieve WEF projection 

Published Mar 22, 2024 02:30 pm

At A Glance

  • The World Economic Forum's (WEF) lofty forecast that the Philippine economy would be comparable to countries like Canada and Italy within the next decade is achievable, according to House Speaker Martin Romualdez. 

PH 'open for business' under Marcos, says Romualdez at ASEAN side meetingHouse Speaker Martin Romualdez (Facebook)

The World Economic Forum's (WEF) lofty forecast that the Philippine economy would be comparable to countries like Canada and Italy within the next decade is achievable, according to House Speaker Martin Romualdez.

In a statement, Romualdez, President Marcos' top ally in the legislature, shared his optimism that, with a "sustained growth of 7 to 8 percent annually", the Philippines could achieve the WEF's projection within the next 10 years.

Earlier, WEF President Børge Brende forecasted that the Philippines could potentially become a $2-trillion economy in the next 10 years.

Such economic growth would place the Southeast Asian country on par with economies like Canada, Italy, and Brazil.

"The projections shared by WEF President Børge Brende reflect a significant milestone in our nation’s journey towards economic prosperity. This growth is not just a statistic; it represents a transformative shift in the lives of our citizens," Romualdez said.

Incidentally, the Romualdez-led House of Representatives had just passed on third and final reading Resolution of Both Houses (RBH) No.7. The measure seeks to relax the economic restrictions in the 1987 Constitution in a bid to attract more foreign direct investments (FDIs).

Highlighting the importance of continued investment in education, infrastructure, and workforce development, Romualdez stated: "Our path to this economic milestone is founded on strategic investments that enhance the well-being and opportunities for our people. It’s about creating an environment where every Filipino can thrive."

The Leyte 1st district representative went on to hail the country's economic resilience and the government's fiscal strategy, which have made the Philippines an increasingly attractive destination for foreign investments.

"Our economic stability and growth prospects have not only attracted international investors but also paved the way for job creation and entrepreneurial ventures across the country," he noted.

The Philippines had just finished hosting the two-day WEF Country Roundtable meeting.

Related Tags

Italy WEF Martin Romualdez Canada
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