by: Sarah Joson
Tuesday, September 29, 2015 |
Secretary Gregory Domingo of the Department of Trade and Industry anticipates a bright future for the Philippines as it continues to post robust economic growth. By 2050, the country is predicted to rank as the leading economy in the region of Southeast Asia.
The imminent integration of the ASEAN Economic Community (AEC) next year is also expected to open opportunities for the Philippines as it is buoyed by bullish economic performance, reinforced by various economic reforms.
Secretary Domingo explained that the country is in a favorable position as it is showing an upward movement in terms of growth, competitiveness, and consecutive rating upgrades. The country posted an average growth rate of 6.3% last year, which is the highest five-year average in the past 40 years, and is a remarkable growth figure compared to neighboring regions.
He also cited projections from HSBC and Goldman-Sachs where the Philippines is anticipated to rank as the 14th largest economy in the world, the 5th largest economy in Asia, and the largest economy in Southeast Asia by 2050.
To become more equipped and ready to enter the regional and global trade, he said improvements in the country’s competitiveness and capability of local industries should be done. Other initiatives that should also be considered include putting the spotlight on micro, small, and medium enterprises (MSMEs) at the regional trade agenda as these organizations produce a third of the gross domestic product, employ more than 50% of the entire domestic workforce, and represent 98% of all registered businesses.
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