[Notes] Economics Explained: “Could The Philippines Predict Our Next Decade?”

Interesting video by economics explained about the philippines’ economy. Some takeaways:

• the philippines excels in mid-tier industries like basic microchips, shipbuilding, and outsourcing, and focusing on specific niches can create a strong economic foundation, even if these industries are not top-tier

• the philippines’ strategic location makes it a vital player in regional and global trade, so balancing relationships with major powers like the usa, china, and japan is critical for economic security and growth (a prof i know said this can make those interested in policy leverage relationships with countries in today’s current policy window!)

• a more obvious, recurring thought: the rise of ai and automation poses a threat to traditional outsourcing industries. so filipinos must adapt by acquiring new skills and diversifying the economy to mitigate these risks. supposedly we’re one of the fastest growing economies in asia (sadly though, an unbalanced development). our growth model emphasizes leveraging human resources over just natural resources

• a prediction from that then is that countries focusing on education and skill development will thrive in the coming decade