The Philippine economy in 2050

The article outlines a optimistic forecast for the Philippine economy's development by 2050, projecting a growth in per capita GDP to nearly $17,000, classifying the country as a high-income or advanced economy. This growth is attributed to a consistent 6% annual GDP growth rate, a slowing population growth, and the dominance of the services sector, similar to South Korea. The economy will be bolstered by the contribution of overseas Filipino workers (OFW) remittances, the benefits of the demographic dividend, and the improvement in education standard. Despite challenges in reaching high-level science and engineering talents, the IT-BPM sector will flourish, providing mid-level talents to global markets. The tourism industry will also thrive due to infrastructural improvements and the Build, Build, Build program. The agricultural sector will see increases in productivity and income, especially in the coconut industry, with a shift towards higher-value crops. However, the article emphasizes the need for strategic measures such as avoiding crony capitalism, opening up strategic industries for foreign investment, and restructuring agricultural lands to achieve economies of scale to realize this economic vision.