by: Sarah Joson
Friday, October 2, 2015 |
Economic experts recently shared strategies that are crucial to the Philippines’ progression during the 28th Philippine Economic Briefing (PEB) with the theme “Shaping Our Future”, at the Philippine International Convention Center (PICC). These strategies included the improvement of human capital and infrastructure which could lead to faster, sustainable, and inclusive growth.
This will reinforce the country’s bullish performance over the past five years. Some factors that contributed to this growth are the surge of consumption and investments, along with the continuous improvement of fundamentals and political environment.
From this year until 2050, majority of the country’s population is of working age, which could be the means that will possibly propel productivity and overall growth of the country. Top economists said the stage has been identified as the “demographic window”. This is applicable for countries that post an average growth of 7.3 percent for the first 10 years of entry to the window.
However, for the Philippines to be qualified and take hold of the opportunity, it has to have a skilled and capable workforce, an impressive investment climate, and sufficient infrastructure.
During the event, Bangko Sentral ng Pilipinas Governor Amando Tetangco, Jr. said ensuring that the country has these factors will surely boost its ability to further progress.
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