Last of two partsFirst wordA SWITCH from 'Philippines' to 'Filipino Republic' and 'Filipinas' at this time will be particularly fitting and salutary because the Filipino nation under the leadership of President Ferdinand Marcos Jr. appears to be on the cusp of transformational change,According to some global forecasters and analysts, our country could become a trillion-dollar economy within the next decade (2025-2033).The signs and economic indicators are pointing to it, and President Marcos and his administration are leading the way with their reform policies and programs and their single-minded pursuit of development, modernization and innovation.One of the most upbeat forecasters of Philippine growth and expansion is Global Insight.Global Insight is an economics forecasting organization serving over 3,800 clients in industry, finance and government, with revenues of over $95 million (in 2006) and employing more than 600 staff in 23 offices in 13 countries. It is a division of S&P Global after its acquisition of IHS Inc.There is currently on YouTube a podcast by the Indo-Pacific Report posted on Jan. 19, headlined, 'When Will the Philippines Become a Trillion-Dollar Economy?' The report said in summary:'The Philippines stands on the verge of becoming a trillion-dollar economy by 2033, driven by robust domestic consumption, strategic infrastructure investments, and a young, tech-savvy population. Boasting an impressive annual GDP growth rate of 6 percent since 2010, the economy reached $471.5 billion in 2024, fueled by the ambitious 'Build, Build, Build' program, tax reforms, and a focus on renewable energy, including a $15 billion deal with the UAE's Masdar to develop 10 gigawatts of capacity by 2035. Key sectors like IT-BPO, which generated $32.5 billion in export revenues, alongside rising incomes and steady remittances from overseas Filipino workers, bolster consumer spending and economic resilience. However, challenges such as poverty, income inequality, natural disasters and political risks must be addressed through effective policies, innovation and investment in education and technology. With targeted reforms and sustained growth, the Philippines is well-positioned to achieve its milestone, heralding a transformative era of economic prosperity and improved living standards.'The Philippines will be the only sovereign entity in Asia with improving credit prospects, says IHS Global Insight. It is expected to become a $1 trillion economy by 2030.'The Philippines is on the cusp of a transformative economic milestone. It is poised to join the ranks of trillion-dollar economies within the next decade with its abundant natural resources, young and tech-savvy population and thriving cultural dynamism. The nation has positioned itself as one of the fastest-growing economies in the world. Since 2010, the country has achieved an impressive annual GDP growth rate of approximately 6 percent, reaching P26.5 trillion as of 2024, ranking 13th in Asia and 32nd globally in terms of nominal GDP.'Driving this growth is the rapid urbanization of the population, a surge in private consumption, and government-backed initiatives such as the ambitious 'Build Build Build' infrastructure program and comprehensive tax reforms. These efforts are complemented by a growing focus on renewable energy as evidenced by the recent $15 billion agreement between the UAE's state energy firm Mazdar and the Philippines to develop up to 10 gwatt of renewable energy capacity by 2035.'When compared with other emerging economies, the Philippines' economic trajectory appears promising but faces challenges and success in surmounting them will depend on strategic policy decisions and reforms, Global Insight said.'The Philippines' journey toward a trillion-dollar economy is shaped by its government policies and reforms. Sound fiscal management and effective monetary policy have been critical in fostering economic growth. The government has demonstrated fiscal discipline by keeping the budget deficit within manageable levels and implementing prudent debt management strategies.'Achieving a trillion-dollar GDP by 2033 is a course that is dependent on the implementation of efficient government policies, business-friendly reforms, and the resolution of issues like poverty, natural disasters and political stability. Through using its advantages and reducing its risks the Philippines may be able to realize its full economic potential in the upcoming 10 years.'yenobserver@gmail.com
