A strong and resilient Philippine economy is one founded on diverse growth across various sectors and regions, powered by higher productivity, shared benefits, and a future-ready workforce. This was the central message from Socioeconomic Planning Secretary Arsenio M. Balisacan at the Economic Journalists Association of the Philippines (EJAP) Forum on Monday, August 11.
The forum, themed “Midterm Momentum: Balancing Stability and Action,” brought together the country’s top economic leaders to discuss macroeconomic performance and strategies for sustaining growth throughout the remaining three years of the Marcos administration.
Secretary Balisacan highlighted that while the Philippine economy has maintained its upward trajectory—marked by robust growth, a strong labor market, easing inflation, and declining poverty—it must adapt and transform in response to global uncertainties and megatrends. He stressed that a strategic direction is crucial to navigate shifting global conditions and secure the country’s future.
“We have made significant progress, thanks in part to the hard-won reforms and initiatives pursued across successive administrations,” Balisacan said. “With strong fundamentals now in place, our task is to shape the kind of growth that will truly benefit our economy and the everyday lives of Filipinos.”
To achieve genuinely inclusive and resilient growth, Balisacan emphasized the need for both sectoral and spatial diversification. He explained that shifting growth beyond domestic household consumption to manufacturing and higher value-added services will create better jobs and higher wages. Additionally, expanding the geographic base of economic activity beyond Mega Manila will strengthen resilience against local shocks and accelerate the development of lagging regions.
Boosting productivity through better infrastructure, new technologies, and continuous innovation is also essential for sustained economic dynamism. Balisacan also pointed to the vast potential of the country’s growing working-age population. To fully harness this demographic dividend, he stressed the importance of investing in quality education, strengthening healthcare, and empowering the Filipino workforce by creating new job opportunities where human skills and artificial intelligence can work together.
Balisacan concluded by reiterating the government’s mission. “Our mission is to ensure that growth is diversified, productivity-driven, inclusive, and powered by a future-ready workforce. Staying the course will demand bold reforms, strong investments, and unwavering focus on our ultimate goal: a prosperous, comfortable, and peaceful life for all Filipinos.”
The EJAP Forum was also attended by key government officials, including Special Assistant to the President for Investment and Economic Affairs Secretary Frederick D. Go, Bangko Sentral ng Pilipinas Governor Eli M. Remolona Jr., Finance Secretary Ralph G. Recto, and Budget and Management Assistant Secretary Romeo T. Balanquit.
