The Philippines has the potential to transform into a first-world economy by 2050 if it effectively addresses its current challenges, according to Architect Feleno “Jun” A. Palafox, Jr., chairman of the 49th Philippine Business Conference and Expo (PBC&E).
To achieve this vision, immediate, short-term, medium-term, and long-term goals with concrete plans must be set in motion to overcome growth barriers and sustain the development of competitive sectors.
“We have to start now,” said Palafox as he highlighted the importance of taking immediate action.
The initial step involves ensuring the effective implementation of the Philippine Development Plan 2023-2028.
The PBC&E, organized by the Philippine Chamber of Commerce and Industry, is scheduled to be held on October 25-26, 2023, at The Manila Hotel.
Palafox underscores the advantages the Philippines possesses, such as its strategic location, natural resources, and human capital, among others, which can be leveraged to propel the country toward becoming a first-world economy by 2050.
Prioritizing education, workforce training, infrastructure development, and governance improvement will be vital in harnessing natural resources, maximizing strategic location, and attracting investments.
According to the PCCI, leading the country to global excellence can be achieved by effectively implementing plans and benchmarking against best practices worldwide to enhance the country’s plans and designs.
Palafox even suggested that with strong collaboration between the government, private sector, and civil society, the Philippines could potentially become a first-world country by 2040.