Philippines aims to become $2,000-billion economy by 2050

The Philippines is maintaining strong economic growth and is on track to become a $2,000-billion economy by 2050, said Secretary of the country's Department of Economy, Planning and Development Arsenio Balisacan.

Speaking at the Philippines Economic Dialogue in Milan, Italy, Balisacan outlined the country’s robust economic performance, investor-friendly policies, and long-term vision for European business leaders and financial stakeholders.

The official was quoted by local media as highlighting that the country’s attractive market features, citing an economy valued at $392 billion, significant progress as a developing middle-income nation, and a population of 114 million with a median age of 27.

He affirmed that with the current growth trajectory - barring significant external shocks, his country anticipates reaching a $2,000 billion economy by 2050.

Balisacan explained that the country’s economic transformation will be driven by initiatives that promote new growth drivers while strengthening existing sectors, with private sector involvement playing a key role, particularly in infrastructure and investments that will deliver lasting impact and shared prosperity.

He also pointed to key policy advances, alongside measures to accelerate infrastructure development and reduce business costs.

Balisacan invited investors to explore opportunities in the Luzon Economic Corridor, a government initiative designed to promote trade and investment throughout the region.

The Luzon Economic Corridor connects Subic, Clark, Manila, and Batangas through coordinated investments in logistics, energy, and infrastructure. This corridor supports critical sectors such as agriculture, semiconductors, manufacturing, and finance, serving as a springboard into both the Asian and global markets.

Balisacan added that with strong macroeconomic foundations, reform momentum, a young and skilled workforce, and a strategic location, the Philippines is “the ideal partner for you in Asia and globally”. The time is now, and the place is the Philippines, he stated.