00:00On the other news, with the country's steady economic momentum and no major global disruptions in sight,
00:08the government is setting its sights high, projecting the Philippines to become a $2 trillion economy by 2050.
00:16These and more in tonight's Business Wrap from the Philippine News Agency.
00:20Moving to our Business News, the Department of Economy, Planning and Development expects the Philippines to be a $2 trillion economy by 2050
00:36with a current growth trajectory and bearing significant external shocks.
00:42In a speech at the Philippine Economic Dialogue in Milan, Italy, Dep. Dep. Secretary Arsenio Balisacan cited
00:47the economy's $292 billion economic size, remarkable progress as a rising middle-income country
00:55and a population of 140 million with a median age of 27.
01:00He mentioned the country's key policy advancements such as the Philippines-Korea Free Trade Agreement,
01:06the Ease of Paying Taxes Act, the Create More Act, and ease of doing business.
01:11He said the economy will continue to transform by fostering new growth drivers
01:16while strengthening existing sectors, private sector participation, and lasting investments.
01:22Meanwhile, the country's agriculture and fisheries output recovered in the first quarter of 2025.
01:28The Philippine Statistics Authority said agriculture and fisheries production increased by 1.9 percent
01:34at 437 billion pesos from 428.99 billion pesos during the first quarter of 2024.
01:43The PSA said the sector recovered from three consecutive downticks in the second, third, and fourth quarters.
01:50The Department of Agriculture attributed the decline to the impact of El Niño,
01:55the string of successive storms in the second half of the year, and the spread of animal diseases.
02:01Agriculture Secretary Francisco Chulaurel said favorable weather conditions,
02:06coupled with the DA's interventions, helped improve the farm sector in the past three months.
02:14Chulaurel hopes to boost agricultural production through new infrastructure by the latter part of the year.
02:21That's the latest business news from the Philippine News Agency.
02:26This is Willard Barcelona for Palitang Pambansa.
