MANILA — Accelerating investment in education and infrastructure could boost the Philippines’ economic growth and realize its full potential.
Edwin Bautista, president and chief executive officer at UnionBank of the Philippines, cited result of an earlier study released by professional services firm PricewaterhouseCoopers (PwC) indicating the Philippines could become the 20th largest economy by 2050 among 32 countries.
PwC forecasts the Philippine gross domestic product outpacing even that of Spain, Australia, Colombia, Argentina, Poland, and the Netherlands.
Bautista also noted a World Bank (WB) study ranking the Philippines among the top five in terms of productivity index and growth potential index.
“So the opportunities are there, the potential is there, how can we realize that potential? It all boils down to infrastructure and medium-term education,” he said during the Philippines Investment Forum Monday organized by Euromoney.
Bautista said the country also needs to scale up investments, particularly in infrastructure.
“There is still a lot of room to grow, that is why it is correct the government is embarking on Build, Build, Build because that’s the missing link,” he added.
Richard Bolt, Asian Development Bank Philippines Country Director, said apart from focus on infrastructure, the country should increase investment activity all over the country. (PNA)
