Philippine economy to triple by 2033 – Recto

MANILA, Philippines — The Philippine economy is expected to triple by 2033, putting the country in the league of China, Japan, India and South Korea, Finance Secretary Ralph Recto said.

During the Philippine Economic Briefing in Manila, Recto said despite external challenges, the country will outperform economies in the ASEAN region with a projected growth rate between 5.8 and 6.3 percent in 2024. The forecast for 2025 is also even higher at 5.9 to 6.5 percent.

“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.”

The Philippines is also seen to continue outpacing the growth of economic powerhouses in the Asian region moving forward.

“Fast forward to 2075, the Philippines will overtake France to become the 14th largest economy in the world,” Recto said.

He said the goal is possible with the government’s growth-enhancing 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 said.

Based on the latest data from the Philippine Statistics Authority, the economy expanded by 5.7 percent in the first quarter, slightly faster than the 5.5 percent in the previous quarter but failing to meet the government’s six to seven percent target range.

Recto also noted that more Filipinos are engaged in formal and stable jobs, which constituted 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 said this expansion will increase the country’s average annual income per person, nearly doubling to $6,500 by 2030 from $3,541 last year.

“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,” he said.

“Even with headwinds along the way, there are a lot of reasons to be confident and excited about our nation’s future,” he added.