MANILA, Philippines — Finance chief Ralph Recto sees the Philippines’ potential to be the 14th biggest economy in the world by 2050.
In a press conference on Wednesday, Recto said the country is, in fact, on track to achieve this goal.
“By 2050, the Philippines will be the 14th biggest economy in the world. We’re on track… if we follow the trajectory,” Recto told reporters.
When asked how the country would achieve this, Recto emphasized the existing resources in the Philippines.
“Because we have a young population, we have a young demographic profile — you’re going by what? Roughly six percent every year. Today, the Philippines is what? We’re Top 40 in the world. Out of 190 countries, our economy [and] purchasing power is about a trillion dollars [already],” he emphasized.
Furthermore, Recto said that the Department of Finance is not the only one that believes in this projection.
“It’s not only the DOF who’s saying that, but if you take a look at the [International Monetary Fund], World Bank, they will tell you — that by 2050 our potential is to be Top 14 in the world,” he explained.
‘Not worried’
In the same interview, Recto said the Philippines borrows about P4 billion a day to provide for the needs of Filipinos and fill the gap in the country’s income.
READ: 2024 budget needs P4 billion daily in borrowings – Recto
“Pero ‘yung utang natin, sinabi ko nga, hindi ako nababahala dahil ‘yan naman ay two-thirds we owe it to ourselves — one-third is foreign,” he said.
(But our debt, as I said, I’m not worried about it because two-thirds of it we owe to ourselves — one-third is foreign.)
READ: PH economy to become 18th biggest by mid-century
To set things straight, Recto said what needs to be done is to boost the Philippine economy and ensure that its growth remains faster than the rate of the country’s growing debt.