The recently proclaimed official population of the Philippines puts us at 112,727,484 Filipinos in the 2024 census, up from the 109,035,343 tallied in the 2020 census. While still an increase from the previous census, when viewed in terms of rates of similar population counts over the last 50 years, this represents a steady decline in our national population growth rate, falling below one percent to .08 percent for the first time from a high of 3.01 percent between 1960 to 1970.

Looking at the figures on a regional basis, all regions except one reported a decline in their growth rates. One region posted a negative growth rate of .07 percent, or a population decline. The official release of the Philippine Statistics Authority on its website will fill you in on these and other regional figures.

At any rate, the census results raise important questions. What accounts for this decline in the country’s population growth rate? I am sure this will likely be studied further by demographers and statisticians. An important note is that as early as 2022, the government, through the National Demographic and Health Survey that our total fertility rate is now at 1.9 children per woman in 2022, down from 2.7 children per woman in 2017, falling below what is considered the replacement rate of two children. I would like to see how this declining fertility will affect our future population, since other factors may come into play.

I believe it will take time for the latest population and fertility data to sink into the national consciousness. This is, however, important since knowing and analyzing population figures and growth rates over time helps us to see the future of society and the economy. This helps us plan for the necessary social programs, educational efforts, and social programs to address the kind of population we will be seeing over time. That said, if a lower population growth and fertility rate is sustained over the next decade, will we see an aging Filipino population? If such is the case, are we prepared for it?

In business terms, this will mean that marketers and business planners will need to look at products and services attuned to the needs of the population, not only for today, but in the future. What will the predominant age of our population and our markets be? What preferences will they have?

How our population will look in the future will depend on how these trends play out. Nonetheless, we will still need to help ensure that the population is economically productive. This will still depend on what and how much that population collectively produces.

Industrialized countries can produce more goods at bigger value because of the kind of products and services they produce, which includes the technology and innovation applied to the industries that produce these. An example are countries with an automotive industry, where the final assembly of the vehicle is a combination of many supply chains to make each major automotive component that, in turn, generates opportunity and employment. This helps build social stability.

No matter how large or small a human population is, the economic power and potential of a population will thus depend on how the human resources, or the people, can be productive and can take on opportunities and challenges of the future. What this means for the future growth will be a vital national discussion we will need to have.