NextGen Day

An economist said on Friday that the Philippines would experience faster growth and development of investments in the education sector are prioritized.

A highly educated workforce will aid the nation in achieving upper middle-income status, according to Michael Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC), in a Viber message to the Philippine News Agency.

“The formula to become one of the biggest economies in the world includes large and young population, provided that the working age population eventually becomes highly educated and productive in the workforce to have more income, spending power, consumption, and reduce poverty, all of which [will] support faster economic growth and development, in line to become one of the largest economies in the coming decades,” Ricafort said.

He noted that one method to achieve this is to increase the emphasis placed on STEM (science, technology, engineering, and mathematics) courses in the school system.

He claimed that doing so would enable the nation to present itself as a superior option to developed nations or at the top of the global supply chain, attracting more high-end industries.

Infrastructure, healthcare, agriculture, and other social services, particularly subsidies for the poorest of the poor to reduce poverty incidence and ensure a boost in productivity, are other priority government expenditure items, according to Ricafort, that will speed up economic growth and development in addition to education.

Ricafort says, “[Higher growth is] also possible with higher productivity in the manufacturing and agricultural sectors by utilizing the best technology available and based on global best practices.”

Priority sectors like infrastructure, agriculture, health, and education would continue to receive attention in the proposed national budget for 2024, according to a previous statement from the Department of Budget and Management.

PHP5.768 trillion, or 21.8 percent of the nation’s GDP, is projected for the national budget 2024.

Additionally, it is 9.5% larger than the PHP5.268 trillion budget for this year.

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