The Philippines is actively pursuing critical structural reforms and embracing innovation to drive inclusive, resilient, and future-ready economic growth, Arsenio M. Balisacan, Secretary of the Department of Economy, Planning, and Development (DEPDev), announced to finance ministers at the 2025 Asia-Pacific Economic Cooperation (APEC) meetings.
During the APEC Finance Ministers’ Meeting (FMM) and the Structural Reform Ministerial Meeting (SRMM) held from October 20-23 in Seoul, Secretary Balisacan emphasized that innovation, digitalization, and deep structural reforms are essential tools to shape a sustainable and equitable economic future across the Asia-Pacific region.
“Innovation is more than technology—it is about transforming systems, improving lives, and ensuring that every person, every community, and every business can participate meaningfully in the digital economy,” said Secretary Balisacan.
Balisacan shared the National Innovation Agenda and Strategy Document (NIASD) for 2023–2032, the Philippines’ long-term national roadmap for strengthening innovation governance, with his regional counterparts. He detailed that the NIASD is anchored on five critical pillars designed to foster a dynamic ecosystem: (1) strong institutions, (2) enabling policies, (3) robust infrastructure, (4) accessible finance, and (5) comprehensive support for entrepreneurs, startups, MSMEs, and the research community.
Balisacan stressed the urgency of these reforms in fostering economic resilience amid global megatrends, including rapid technological breakthroughs, demographic shifts, and the pervasive challenges of climate change.
“As we look to the future, our mission is clear: to build economies that are diversified, productivity-driven, inclusive, and future-ready,” he remarked.
The Philippine chief economist also noted that achieving balanced growth across the region necessitates strengthening local economies as new growth hubs. This involves connecting lagging regions to fast-growing centers through improved infrastructure, logistics, and digital connectivity, which he cited as key enablers for sustained and inclusive development.
Recognizing hurdles such as the digital divide and the ethical implications of artificial intelligence, Secretary Balisacan called for closer regional cooperation among APEC member economies to bridge these gaps and align policy standards.
“We must recognize that traditional policymaking can no longer keep pace with technologies that are advancing, learning, and evolving on their own. Our policies must be guided by the principles of clarity, fairness, accountability, agility, and precision,” he concluded.
