DEPDev cites reforms to sustain Philippine growth

The Philippines remains well-positioned to weather global economic uncertainty as the government pursues reforms, stronger public-private partnership, and high-impact investments to sustain inclusive growth, the Department of Economy, Planning, and Development said.

In a keynote message delivered June 16 at the 2026 Jollibee Group Mid-Year Economic Briefing, DEPDev Secretary Arsenio M. Balisacan said the country’s sound macroeconomic fundamentals, resilient domestic demand, and expanding services sector have placed the economy in a stronger position than in previous decades.

Undersecretary Rosemarie G. Edillon delivered the presentation on behalf of Balisacan, according to the department.

DEPDev said the Philippine economy continues to face risks from geopolitical tensions, shifting trade relationships, financial uncertainty, and climate-related shocks.

Balisacan said household consumption and the services sector remain long-standing pillars of Philippine growth and will continue to anchor the country’s development path.

He said the government must also broaden the country’s growth base through stronger investment, innovation, productivity, and industrial transformation.

While growth projections have been recalibrated to reflect domestic and global conditions, Balisacan said the medium-term outlook remains favorable.

He said the challenge is not only to restore growth but also to ensure that expansion remains inclusive, employment-generating, and resilient to future shocks.

DEPDev outlined three priorities to support this goal: a whole-of-government approach to mitigate external risks and contain inflationary pressures, faster implementation of high-impact infrastructure projects to strengthen connectivity and create jobs, and stronger institutions and governance to restore public trust and sustain investor confidence.

Balisacan also emphasized the need to invest in human capital to fully harness the country’s demographic advantage, particularly its young population and growing working middle class.

“Demographics create possibilities, not guarantees. A young population becomes a true advantage only when it is healthy, educated, productive, and connected to opportunity,” he said.

The department said the Philippines’ development strategy remains anchored on AmBisyon Natin 2040, the country’s long-term vision for Filipinos to enjoy a strongly rooted, comfortable, and secure life by 2040.

The Philippine Development Plan 2023–2028 also seeks deep economic and social transformation by reinvigorating job creation, accelerating poverty reduction, and steering the economy back to a high-growth path, according to DEPDev.

DEPDev’s 2025 midterm update of the plan identified policy priorities covering efficient governance, education, health care, food security, agriculture, and infrastructure.

Balisacan said governance is an economic asset because transparent, accountable, and rules-based institutions reduce uncertainty and encourage investment.

He said the government continues to pursue legislative and institutional reforms to strengthen transparency, accountability, consumer protection, and institutional effectiveness.

Balisacan also stressed that achieving AmBisyon Natin 2040 requires sustained partnership among government, businesses, workers, communities, and civil society.

“Growth has always been about more than expanding an economy or growing a business. It is about creating opportunities, uplifting communities, and improving lives,” he said.

“Our shared responsibility is to build an economy where more Filipinos can participate in—and benefit from—our nation’s progress.”