PH urged to take 'unpopular' reforms for growth

The government's long-term economic vision remains attainable but requires an immediate pivot in policy execution to avoid falling permanently behind schedule, according to the state-run Philippine Institute for Development Studies (PIDS).

- By RICARDO M. AUSTRIA

State think tank Philippine Institute for Development Studies (PIDS) urges the government to implement difficult structural reforms today to ensure the country's long-term prosperity goals remain within reach amid global uncertainty and domestic headwinds.

While the goals of AmBisyon Natin 2040—a roadmap to transform the Philippines into a prosperous middle-class society—are still within reach, PIDS senior research fellow John Paolo R. Rivera warned that the window for necessary structural reforms is narrowing.

Speaking at a webinar on macroeconomic prospects on Thursday, Jan. 15, Rivera said that the timeline is technically sufficient only if the government shifts its focus from the speed of growth to the quality and resilience of that expansion.

"We can get there. I am very optimistic we can get there. But we need to do something today," Rivera said. "The years up to 2040 are technically enough, but only if we shift how it grows, not just how fast it grows."