SINGAPORE, 21 March 2025 –  H.E. Medardo G. Macaraig, Ambassador of the Philippines to Singapore, addressed an audience of senior and chief financial officers at the Global CFO Network event on 21 March 2025. In his keynote, he presented an optimistic overview of the Philippines’ economic outlook, citing 5.6% GDP growth in 2024 and a projected 6.0% to 8.0% in 2025. He emphasized that the country is on track to become a trillion-dollar economy within the next decade and the 14th largest in the world by 2075, anchored by strong domestic consumption, a young workforce, and fiscal stability.

Ambassador Macaraig highlighted the Philippine government’s structural reforms—particularly the CREATE and CREATE MORE Acts—that have enhanced the investment climate through streamlined tax incentives, lower corporate tax rates, and full foreign ownership in key sectors like renewable energy. He also underscored infrastructure and sustainability as priorities, pointing to the “Build Better More” program and 186 approved flagship projects in transport, energy, and digital connectivity.

In the Q&A session, he noted the maturity of the country’s economic framework, which remains resilient despite political transitions or geopolitical shifts. He spoke about the growing role of digital technologies and the impact of AI on the services sector, especially as the Philippines continues to leverage its strength in business process outsourcing (BPO). The Ambassador emphasized the government’s upskilling and reskilling initiatives to prepare the Filipino workforce for emerging sectors such as AI, clean energy, and advanced manufacturing—ensuring that opportunities are created at home for skilled professionals.

While acknowledging ongoing challenges, Ambassador Macaraig stressed that these are being actively addressed through legislative reforms, international cooperation, and public-private collaboration. END