MANILA, Philippines — Despite sustaining strong economic growth in the long term, the Philippines may fall behind in its bid to become a high-income economy if it fails to jack up spending on research and development (R&D).
In a Feb. 13 report titled “Where EMs stand in the race to high-income status,” UK-based Oxford Economics included the Philippines among emerging markets attempting to catch-up with the United States and other developed countries.
A long-term growth indicator showed that the Philippines was among the economies where baseline forecasts implied they could catch-up with the US during the 2020s decade.
The same indicator suggested upside risks to Philippine growth in the long term.
Last year, Oxford Economics projected the Philippines’ gross