Balisacan pushes diversified, inclusive growth for PH resilience

A strong and resilient Philippine economy must be built on diverse sectors and regions, anchored in higher productivity, shared benefits, and a future-ready workforce, according to Economy, Planning, and Development Secretary Arsenio M. Balisacan.

Speaking at the Economic Journalists Association of the Philippines (EJAP) Forum on Aug. 11, Balisacan said global megatrends and uncertainties are reshaping the world economy, requiring emerging nations like the Philippines to not only adapt but also transform.

He noted that the country continues to post robust growth, supported by an improving labor market, easing inflation, and declining poverty, but emphasized the importance of a clear strategic direction to navigate shifting global conditions.

“We have made significant progress, thanks in part to the hard-won reforms and initiatives pursued across successive administrations. With strong fundamentals now in place, our task is to shape the kind of growth that will truly benefit our economy and the everyday lives of Filipinos,” Balisacan said.

He identified sectoral and spatial diversification as critical to inclusive and resilient growth, highlighting the need to expand beyond household consumption into manufacturing and higher value-added services to create better jobs and wages.

Balisacan also stressed the importance of broadening the geographic base of development beyond Mega Manila, saying it would strengthen resilience to local shocks and speed up progress in lagging regions by linking them to fast-growing economic hubs.

He said boosting productivity through improved infrastructure, adoption of new technologies, and continuous innovation is essential, alongside policies ensuring that growth benefits all sectors of society.

Citing the potential of the Philippines’ expanding working-age population, Balisacan urged investments in quality education, strengthened healthcare, and job creation in areas where human skills and artificial intelligence can complement each other.

“Our mission is to ensure that growth is diversified, productivity-driven, inclusive, and powered by a future-ready workforce. Staying this course will demand bold reforms, strong investments, and unwavering focus on our ultimate goal: a matatag, maginhawa, at panatag na buhay for all Filipinos,” he said.

This year’s EJAP Forum, themed “Midterm Momentum: Balancing Stability and Action,” gathered top economic managers including Special Assistant to the President on Investment and Economic Affairs Secretary Frederick D. Go, Bangko Sentral ng Pilipinas Governor Eli M. Remolona Jr., Finance Secretary Ralph G. Recto, and Budget and Management Assistant Secretary Romeo T. Balanquit.

EJAP is the country’s leading organization of journalists covering economic and business developments, serving as a platform for dialogue between policymakers and the media.