The Philippines’ chief economist says the country’s target of becoming a high-income society where nobody is poor by 2040 may no longer be within reach.
Full story: https://www.rappler.com/business/depdev-chief-arsenio-balisacan-says-ambisyon-2040-not-feasible/
00:00The Philippines' chief economist says the country's target of becoming a high-income society where nobody is poor by 2040 may no longer be within reach.
00:10Department of Economy, Planning, and Development Secretary Arsenio Balisakan says the country was growing at around 6.3% when the goals of Ambition Natin 2040 were first created.
00:19Balisakan, who led the National Economic and Development Authority during former President Noy Noy Aquino's term, helped craft Ambition Natin 2040, a plan to make the Philippines a middle-class society with no poverty by 2040.
00:32To reach this goal, it requires 6 to 8% annual economic growth.
00:36However, Balisakan says this may now be harder due to the three years of lost momentum caused by the COVID-19 pandemic.
00:42For Balisakan, reaching middle-class status by 2040 is still possible.
00:47But the country needs to grow much faster than it does now.
00:49He also urged greater economic diversification to unlock the Philippines' growth potential.
