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The Economic Briefing 2024, held at the Manila Marriott, gathered senior leaders from various industries to discuss the current economic landscape and prospects of the Philippines.
The event aimed to shed light on the pressing economic questions and opportunities facing the country, with a focus on the potential for achieving first-world status.
How Can Infrastructure Development Drive Economic Growth?
The renowned urban planner and architect, Jun Palafox, shared his vision for the Philippines’ infrastructure by 2050, emphasizing the need for new cities, international airports, and seaports to support a growing population and boost tourism. “We will be the 16th largest economy in the world by 2050,” Palafox predicted, showcasing his ambitious plans for the future.
Figari Group: Championing Entrepreneurship and Economic Growth
Figari Group, a partner of the Asia CEO Awards’ Entrepreneurship Award, has been a key player in the Philippine economy for over a decade. With contributions to construction, technology, and flexible office solutions, Figari supports the infrastructure and business needs of many enterprises. Figari Chairman, Darcy Lalonde, and its CEO, Chris Butt, are committed to fostering a vibrant business environment and supporting economic growth.
What Government Initiatives Are Enhancing Economic Prospects?
Joee Gilas, Undersecretary for Investment and Economic Affairs, outlined government efforts to promote the Philippines as a prime business destination. The Undersecretary highlighted legislative measures like the amendments to the Foreign Investment Act and the Retail Trade Liberalization Act, aimed at attracting foreign investments. “We are developing the Luzon Economic Corridor to create strategic connections between Subic, Clark, Manila, and Batangas,” Gilas noted.
How Are Public-Private Partnerships Boosting Infrastructure?
In terms of Infrastructure Development, Usec. Cathy Cabral, Undersecretary for Planning and Public-Private Partnerships (PPP) Services detailed the High Standard Highway Network Development Plan, which aims to reduce travel time across major regions, enhance road safety, and support economic growth by connecting economic zones and tourism destinations. “Our integrated approach to developing local tourism roads enhances connectivity,” Cabral explained.
What Do Economic Data and Insights Reveal?
Audit and advisory leader of PWC Alex Cabrera presented insights into the Philippine economy, emphasizing the need for improved infrastructure, education, healthcare, and anti-corruption measures. He discussed the Tatak Pinoy Act, which aims to elevate the quality and competitiveness of Philippine products globally. “We need ethical leaders, sustainable businesses, and responsible citizens,” Cabrera stated.
What Is the Role of Technology and Innovation?
Cabrera also highlighted the critical role of technology and innovation in the economic strategy. He discussed the potential of AI and other emerging technologies to drive efficiency and productivity, urging for better integration of industry and academia to harness technological advancements.
Join us in embracing these insights and working together to shape a prosperous future for the Philippines!