SNAP’s virtual forum sheds light on economic outlook for 2024

Industry magnates and influential policymakers came together for the SNAP Conversations: 2024 Economic Outlook Forum, spotlighting the future of the Philippine economy.

SN Aboitiz Power (SNAP) facilitated this crucial dialogue on February 22, hosting luminaries such as Secretary Arsenio Balisacan from the National Economic and Development Authority (NEDA) and Emilio Neri, Jr., the Lead Economist at Bank of the Philippine Islands (BPI).

Joseph Yu, the President and CEO of SNAP Group, primed the discussion with a nod to the nation’s encouraging economic prospects.

“At the heart of these conversations [on Philippine economic outlook] lies a fundamental question: How can we navigate this economic landscape?” Yu asked, emphasizing the collective aspiration for sustained growth.

Secretary Balisacan addressed the gathering with a hopeful narrative, highlighting the Philippines’ potential to eclipse its regional counterparts, contingent on the application of lessons from yesteryear to future endeavors. “The Philippines is expected to outperform its neighbors this year,” Balisacan posited, advocating for action that is both decisive and systemic.

Neri presented a buoyant forecast for ASEAN economies, with the Philippines positioned as a pivotal growth engine. In spite of the intricate web of geopolitical disputes, environmental concerns, and the persistent shadow of the pandemic, Neri pinpointed optimistic indicators forecasting a robust economic climate for 2024 and 2025, exceeding prior anticipations. “The Philippines is now in robust recovery mode,” he declared confidently.

Secretary Balisacan elucidated the government’s commitment to enhancing the nation’s industrial framework. “Most of our infrastructure projects in the pipeline are around physical connectivity types, [such as] roads, highways, railways, including subway,” he elaborated, signaling a forward thrust in development.

Balisacan underscored the imperative contribution of the private sector to this industrial leap and guaranteed the administration’s dedication to a swift socio-economic metamorphosis. He articulated the ultimate ambition: “At the end of the day, what we want is rapid growth, high growth. Growth that is meaningful for every Filipino.”

The SNAP Conversations: 2024 Economic Outlook Forum stands as a pillar of the SNAP Conversations series — a quartet of knowledge-exchange initiatives aimed at sparking meaningful dialogue on pivotal subjects affecting the power industry and its wider impact.