Pathways to Progress: Transforming the Philippine Economy
January 21-22, 2025, Speaker Belmonte Hall and Speaker De Venecia Hall, South Wing Annex, House of Representatives
January 21-22, 2025, Speaker Belmonte Hall and Speaker De Venecia Hall, South Wing Annex, House of Representatives
Highlights of the Event "Pathways to Progress: Transforming the Philippine Economy"
January 21-22, 2025, Speaker Belmonte Hall and Speaker De Venecia Hall, South Wing Annex, House of Representatives
The Pathways to Progress event, co-organized by the Congressional Policy and Budget Research Department (CPBRD) of Congress and the Carlos L. Tiu School of Economics (DLSU), was held at the House of Representatives, on January 21-22, 2025. It provided a forum to discuss the future of the Philippine economy. It was attended by over 100 participants from different government agencies. Welcome remarks were delivered by Dr. Romulo Miral, DSG of the CPBRD, Mr. Manuel Aquino. DG of the CPBRD, Dr. Raymond Tan, Vice President for Research and Innovation of DLSU, and Dr. Arlene Inocencio, Dean of Carlos L. Tiu School of Economics, DLSU.
On Day 1, Dr. Jesus Felipe opened the presentations and discussion. He argued that while the nation is doing relatively well, there is room to do better. Many of our regional neighbors, with lower per capita income not long ago, have overtaken us. The main reason is their focus on what matters for growth and development: the transformation of the economy. Dr. Mariel Monica Sauler gave a presentation on the country’s economic transformation and provided forecasts until 2050. Dr. Gerardo Largoza spoke on productivity of Filipino firms, characterized by low productivity. Dr. Christopher James Cabuay talked about employment trends and education. Dr. Wonhyuk Lim (Korea Development Institute, Korea) focused on lessons from South Korea’s economic experience. Ms. Cha-Ly Koh (Urbanmetrics, Malaysia) highlighted the importance of good cities for development. Finally, Dr. Alellie Sobreviñas provided estimates of the the cost of living in the Philippines, in terms of a decent basket.”. Sessions were followed by an open forum, allowing for participant engagement.
On Day 2, Dr. Jesus Felipe and Dr. William Mitchell (University of Newcastle, Australia) discussed the use of the budget deficits and national debt as development tools. Their discussion was followed by a Q&A session and discussion.
The event gathered experts and stakeholders to discuss ways to improve the Philippine economy. The DLSU team argued that while in overall terms the economy is doing relatively well, there is room do better. First, we need to change the development model, from a myriad of reforms that have led to just $4,200 per capita income to one that focuses on productivity, the transformation of the economy, firms, and exports. Second, the DLSU team argued that the monetary reality of a sovereign nation like the Philippines, which naturally uses fiat money, implies that the government can pay for the infrastructure, health, education, children nutrition, pensions, and other social programs, that the country urgently needs. “We do not have money”, or “We need to borrow”, are fallacious statements.
January 21-22, 2025, Speaker Belmonte Hall and Speaker De Venecia Hall, South Wing Annex, House of Representatives
The Pathways to Progress event, co-organized by the Congressional Policy and Budget Research Department (CPBRD) of Congress and the Carlos L. Tiu School of Economics (DLSU), was held at the House of Representatives, on January 21-22, 2025. It provided a forum to discuss the future of the Philippine economy. It was attended by over 100 participants from different government agencies. Welcome remarks were delivered by Dr. Romulo Miral, DSG of the CPBRD, Mr. Manuel Aquino. DG of the CPBRD, Dr. Raymond Tan, Vice President for Research and Innovation of DLSU, and Dr. Arlene Inocencio, Dean of Carlos L. Tiu School of Economics, DLSU.
On Day 1, Dr. Jesus Felipe opened the presentations and discussion. He argued that while the nation is doing relatively well, there is room to do better. Many of our regional neighbors, with lower per capita income not long ago, have overtaken us. The main reason is their focus on what matters for growth and development: the transformation of the economy. Dr. Mariel Monica Sauler gave a presentation on the country’s economic transformation and provided forecasts until 2050. Dr. Gerardo Largoza spoke on productivity of Filipino firms, characterized by low productivity. Dr. Christopher James Cabuay talked about employment trends and education. Dr. Wonhyuk Lim (Korea Development Institute, Korea) focused on lessons from South Korea’s economic experience. Ms. Cha-Ly Koh (Urbanmetrics, Malaysia) highlighted the importance of good cities for development. Finally, Dr. Alellie Sobreviñas provided estimates of the the cost of living in the Philippines, in terms of a decent basket.”. Sessions were followed by an open forum, allowing for participant engagement.
On Day 2, Dr. Jesus Felipe and Dr. William Mitchell (University of Newcastle, Australia) discussed the use of the budget deficits and national debt as development tools. Their discussion was followed by a Q&A session and discussion.
The event gathered experts and stakeholders to discuss ways to improve the Philippine economy. The DLSU team argued that while in overall terms the economy is doing relatively well, there is room do better. First, we need to change the development model, from a myriad of reforms that have led to just $4,200 per capita income to one that focuses on productivity, the transformation of the economy, firms, and exports. Second, the DLSU team argued that the monetary reality of a sovereign nation like the Philippines, which naturally uses fiat money, implies that the government can pay for the infrastructure, health, education, children nutrition, pensions, and other social programs, that the country urgently needs. “We do not have money”, or “We need to borrow”, are fallacious statements.