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Is the Philippines Economy Ready to Thrive? Experts Weigh In at Looking Ahead 2024

The Philippine economy has shown signs of recovery in 2023, with a growth rate of 5.6% and real GDP per capita reaching pre-pandemic levels. However, the future remains uncertain, with various challenges on the horizon. To navigate these complexities, Leverage International (Consultants) Inc. held the “Looking Ahead: 2024 Philippine Economic Business Assessments” forum on March 8, 2024, at the New World Makati Hotel.

The forum brought together some of the Philippines’ brightest minds from government, finance, academia, and business to discuss critical factors that may impact businesses in the coming years. Sponsored by KPMG R.G. Manabat & Co., the event featured presentations and panel discussions on various topics, including the impact of COVID-19 on the labor market, economic recovery strategies, and emerging business trends.

A Post-Pandemic Economic Landscape

The forum opened with a session on the post-pandemic economic landscape. Mr. Bienvenido Laguesma of the Department of Labor and Employment discussed the impact of COVID-19 on the Philippine labor market. At the same time, Mr. Jonathan Ravelas of Reyes Tacandong & Company shed light on monetary and fiscal instruments for economic recovery.

Business Trends to Watch in 2024

A key highlight of the forum focused on business trends companies must prepare for in 2024. Mr. Arsenio M. Balisacan, Secretary of the National Economic and Development Authority (NEDA) was represented by Undersecretary Rosemarie Edillon, who delivered the keynote address, emphasizing the importance of innovation for the Philippines’ economic growth. Following the keynote address, a series of presentations explored various trends that will shape the business environment in 2024 and beyond. These included:

  • Accelerated digitalization of businesses
  • Inflation and supply chain challenges
  • The impact of climate change
  • The rise of artificial intelligence (AI)
  • The changing workplace landscape

Building a Resilient and Innovative Future

The forum underscored the need for businesses to embrace innovation and adapt to a rapidly changing environment. The speakers emphasized the importance of strategies such as:

  • Upskilling the workforce to adapt to the demands of AI and data analytics.
  • Enhancing digitalization to improve efficiency and competitiveness.
  • Building a sustainable future by addressing climate change concerns.

The National Development Agenda

The forum also delved into the Philippine Development Plan (PDP) 2023-2028, a roadmap for achieving economic and social transformation. The plan focuses on reinvigorating job creation, reducing poverty, and steering the economy toward a high-growth path. It emphasizes:

  • Investing in human capital development through improved education and healthcare.
  • Modernizing agriculture, industry, and services sectors.
  • Promoting trade and investments.
  • Strengthening infrastructure development.
  • Building a climate-resilient and disaster-prepared nation.

A Call to Action

The “Looking Ahead: 2024 Philippine Economic Business Assessments” forum provided valuable insights for businesses navigating the complexities of the post-pandemic world. By embracing innovation, building resilience, and aligning with the national development agenda, Philippine businesses can thrive in the future.