While the Philippine economy continues to outperform its peers in emerging Asia, the National Economic and Development Authority (NEDA) emphasized that the country must diversify its sources of growth to ensure the sustainability and inclusivity of economic expansion.  

In his address at the BusinessWorld Economic Forum held at the Grand Hyatt Manila, NEDA Secretary Arsenio M. Balisacan highlighted the country’s present sources of growth, the challenges that constrain the potential of various sectors, and the government’s initiatives to address such challenges. 

“On the demand side, it is apparent that our growth has been mainly domestic consumption-driven, with other expenditure components, particularly investments and exports (external demand), contributing to less than half of GDP growth,” he said.  

As for the supply side, Balisacan added: “While a vigorous services sector may characterize an economy undergoing the usual development pattern, increasing productivity and enhancing the agriculture sector's competitiveness is still critical, given its linkages to other industries. Indeed, success in raising agricultural productivity is vital to sustained and inclusive growth. The same can be said for manufacturing, which has traditionally been a source of stable and well-paying (i.e., high-quality) jobs for the skilled and semi-skilled workforce.”