Skip to main content Accessibility help
×
Home
  • Access
  • Print publication year: 2018
  • Online publication date: February 2019

Foreword by Arsenio M. Balisacan

    • Send chapter to Kindle

      To send this chapter to your Kindle, first ensure no-reply@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about sending to your Kindle.

      Note you can select to send to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be sent to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

      Find out more about the Kindle Personal Document Service.

      Available formats
      ×

      Send chapter to Dropbox

      To send content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about sending content to Dropbox.

      Available formats
      ×

      Send chapter to Google Drive

      To send content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about sending content to Google Drive.

      Available formats
      ×

Summary

It gives me great pleasure and honour to provide the introductory message for this rather impressive volume on the Philippine economy. Authored by renowned Filipino scholars and serious observers of the Philippine economy, the volume is arguably the most comprehensive reference work on the economy since at least the global financial crisis in 2008–9 and will likely shape the thinking and practice of Philippine development policy in the years ahead.

This volume had its beginning, albeit accidental, during my stint as Socioeconomic Planning Secretary and, concurrently, Director- General of the National Economic and Development Authority under the administration of President Benigno S. Aquino III. At that time, in early 2014, I got hold of the ADB Report entitled Asia 2050: Realizing the Asian Century, and it caught my interest. The report talked about how Asia is in the middle of a historic transformation. To quote the report: “If it continues to follow its recent trajectory, by 2050 its per capita income could rise six-fold in purchasing power parity (PPP) terms to reach Europe's levels today. It would make some 3 billion additional Asians affluent by current standards. By nearly doubling its share of global gross domestic product (GDP) to 52 percent by 2050, Asia would regain the dominant economic position it held some 300 years ago, before the industrial revolution.”

It was an exciting prospect for Asia, except for the Philippines. In the Report, the Philippines was a slow- or modest-growth aspiring country, lumped in the same group as Afghanistan, Bangladesh, North Korea, Laos, Myanmar, Nepal, Pakistan, and many of the Pacific Island countries. Even the Report's epic video-production did not make any reference to or show any significant Philippine landmark. That was, of course, understandable, given the country's poor-growth record in the three decades before 2010, which was the report's database for its extrapolation of the future. In contrast, since at least 2010, the country's economic performance has been quite stellar, impressively even earning the title 'the rising tiger of Asia', among other accolades bestowed upon the Philippine economy by various global development observers, e.g., the World Bank and HSBC.