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| combined photo of President Rodrigo Duterte from Asian Policy and Professor at the University of Asia and the Pacific (UA&P) Bernardo Villegas, photo screen-capped from Scoopnest.com |
Manila,
Philippines – The country’s economic growth story is expected to match with the
so-called Asian Century in the next 20 years, which would see the rise of countries
like China, India, and the ASEAN Economic Community – this according to a prominent
economist.
Economist
at the University of Asia and the Pacific (UA&P) Bernardo Villegas said
that Philippines is not depending so much now with Western countries.
Villegas
said, the country’s growing per capita GDP — now placed at $3,016.7 in 2016
from $2,855.2 — is a very much indication of great possibilities and in good
condition to rise from a lower middle-income economy to an upper middle-income
country in the next years to come, along with Russia, China, Malaysia, and South
Africa.
“We are
definitely on the way in the next 20 years to first world status,” he said in an
economic briefing last Monday.
Villegas
cited the HSBC’s The Wider World in 2050 study, noting that the country is
expected to the the 16th largest economy in the world by 2050.
Furthermore,
the economist also said that several industries are also expected to challenge widespread
fears of automation, which includes business process outsourcing-information
technology (BPO-IT), infrastructure, domestic tourism, agriculture and also
manufacturing.
“All fears
of automation are unfounded,” Villegas said, referring to apprehensions of some
that BPO-IT related jobs would soon be lost because of emerging automation
technologies.
“Even if
exports growth is down, consumption will be strong because we can target our
own people,” said Villegas.
“It is also
Filipinos that are the patrons of the domestic tourism industry.” He added.
Villegas
said that Philippines agricultural sector is a potential powerhouse industry.*
Duterte
administration has been in full swing of supporting the agri department, as
also reported by DA Secretary Manny Pinol.
Villegas
added that Philippine farming sector is in a position to cash in on the large
demand for food in neighboring Asian countries like Thailand, Vietnam, and
Malaysia. Thus, Villegas suggested that the government should abandon its quest
to be self-sufficient in rice, which according to him, is not having progress.
Meanwhile, the
manufacturing sector can benefit from the increasing interest from Taiwan and
Japan, to find alternative production hubs within the Southeast Asian part.
“Manufacturing
is a positive sign because China is no longer attracting manufacturers,” said
Villegas.
Other than
these sectors, Villegas also considers potential sunrise in the following; mining,
transportation, telecommunications, automobiles, consumer durables, logistics
and retailing, healthcare and medical tourism, education, food, fashion,
furniture and entertainment.
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| chart showing the increasing GDP of the Philippines |
