The Philippines will need more investment to develop its young talent pool, critical infrastructure and renewable energy to sustain its robust economic growth and become a formidable player in the world economy, said Borge Brende, president of the World Economic Forum.
Brende, along with other international business leaders, met last week with President Ferdinand Marcos Jr., members of his Cabinet and House Speaker Ferdinand Martin Romualdez to discuss ways on how international investors could help “further capital on the country’s positive momentum and propel its economy towards even higher growth.”
In a post on his Facebook page, Brende said he found the Philippines economic resilience “remarkable,” especially with gross domestic product growth that is one of the fastest in a region that is already the fastest growing in the world.
GDP grew by 5.6 percent year-on-year in the fourth quarter, making the Philippines the second fastest among major emerging economies.
Aside from increasing investments in infrastructure, agriculture and other sectors of the economy, Philippine lawmakers led by House Speaker Romualdez are also attempting to further open the economy to greater foreign investments by proposing changes in the 1987 Constitution. The changes, if adopted, will allow more foreign investments in public services, education, and advertising.
President Marcos had earlier said by allowing more foreign investments will significantly help the country achieve an upper middle-class income status by 2025.
