The Philippine economy is forecast to triple by 2033, according to Finance Secretary Ralph Recto, placing the country in the league of China, Japan, India and South Korea.
 
During the Philippine Economic Briefing in Manila, the Finance Secretary stated that despite external challenges, the country is expected to outperform other economies in the ASEAN region with a projected growth rate of 5.8% to 6.3% this year. The forecast for 2025 is even higher, ranging from 5.9% to 6.5%.
 
“This trajectory puts us firmly on course to become a trillion-dollar economy in less than a decade,” he said. “This means that by 2033, our economy will nearly triple in size, placing us in the league of economic giants like China, Japan, India and South Korea.”
 
In addition, the Philippines is also forecast to outpace the growth of some of Asia’s economic powerhouses in the future, The Philippine Star reports. 
 
“Fast forward to 2075, the Philippines will overtake France to become the 14th largest economy in the world,” the Finance Secretary added. 
 
He said the objective is possible thanks to the government’s growth-boosting strategies and the right policy tools. 
 
“We will continue bolstering growth by arresting inflation through a whole-of-government approach. Ensuring food security is our top priority,” he commented. 
 
According to the most recent data from the Philippine Statistics Authority, the economy grew by 5.7% in Q1, slightly more than the 5.5% growth in the fourth quarter, but falling short of the government’s target range of between 6% and 7%. 
 
Recto also noted that an increasing number of Filipinos are employed in formal and stable jobs, making up the largest portion of the country's workforce.
 
“This is an indication of an expanding middle class and reinforces the Philippines’ path towards becoming an upper-middle-income country next year,” he said.
 
He stated that this growth will significantly raise the country's average annual income per person, nearly doubling from $3,541 last year to $6,500 by 2030.
 
“As a result, the Philippines is expected to become the world’s 13th-largest consumer market by 2030, offering vast opportunities for local and foreign businesses,” Recto added. 
 
“Even with headwinds along the way, there are a lot of reasons to be confident and excited about our nation’s future.”