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Manila Bulletin devider Philippines devider National devider Villafuerte: Senate should get a clue from WEF's strong forecast for Philippines 

Villafuerte: Senate should get a clue from WEF's strong forecast for Philippines 

Published Mar 25, 2024 03:59 am

At A Glance

  • Camarines Sur 2nd district Rep. LRay Villafuerte says the World Economic Forum's (WEF) projection that the Philippines could grow into a $2-trillion economy in the next 10 years should give the Senate all the more reason to act on economic Charter change (Cha-cha) measure, also known as Resolution of Both Houses (RBH) No.6 
  • Earlier, WEF President Børge Brende forecasted that the Philippines could potentially become a $2-trillion economy in the next 10 years. 

Lray Villafuerte.jpgCamarines Sur 2nd district Rep. LRay Villafuerte (PPAB)

 

 

 

 

 



The World Economic Forum's (WEF) projection that the Philippines could grow into a $2-trillion economy in the next 10 years should give the Senate all the more reason to act on economic Charter change (Cha-cha) measure, also known as Resolution of Both Houses (RBH) No.6 

Thus, said Camarines Sur 2nd district Rep. LRay Villafuerte, one of the louder proponents of economic Cha-cha in Congress. 

"The ‘very bullish’ forecast on the Philippines’ economic future by this Geneva-based international organization should serve as a strong impetus for senators to pass RBH No.6 after our March 22-April 28 Lenten break," Villafuerte said. 

Earlier, WEF President Børge Brende forecasted that the Philippines could potentially become a $2-trillion economy in the next 10 years.  

Such economic growth would place the Southeast Asian country on par with economies like Canada, Italy, and Brazil.  

However, the WEF's lofty forecast came disclaimer that the Philippines must maintain key reforms and sustain strong economic growth.  

“Our senators don’t have to be rocket scientists to know that our country can never keep up with, much less overtake, our more vibrant neighbors unless we are able to generate as much FDI (foreign direct investments) inflows as they have long been enjoying already,” the Bicolano said. 

ALSO READ: 

https://mb.com.ph/2024/3/22/2-t-economy-romualdez-says-philippines-needs-to-do-this-to-achieve-wef-projection



“Only by turning the Philippines into an investment magnet will President Marcos be able to deliver on his vision for a peaceful and prosperous Philippines...because greater FDIs alone will spell more jobs, which, in turn, will raise incomes and improve the living standards of our people,” Villafuerte said. 

He said that the WEF’s conditional projection for our country’s possible  transformation into one of Asia’s biggest economies in a decade’s time is “the latest defense for urgent constitutional reform as the only way for the Philippines to capitalize on its robust economic growth pre- and post-Covid in terms of investment generation". 

RBH No.6 remained pending at the subcommittee level before the senators went on break. 

On the other hand. the House of Representatives has approved on third and final reading its counterpart measure in RBH No.7.
 

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