THE Philippines must move beyond its reliance on consumption and services to ensure long-term economic growth and stay competitive in a rapidly changing global landscape, according to the country’s socioeconomic planning head.
National Economic and Development Authority Secretary Arsenio Balisacan has outlined key global trends shaping economic development. This includes rising inequality, increasing protectionism, the growing use of industrial policies to drive disruptive technologies and the high costs of transitioning to sustainable energy amid worsening climate change.
To navigate these challenges, Balisacan emphasized the need for structural reforms, a more investment-friendly environment and stronger participation in regional and global markets to bolster the country’s economic resilience. “This calls for policies addressing emigration and encouraging talent to return, such as sufficient funding for research and strengthening academe-industry linkages,” he added.
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