Quantcast
Latest Stories

PH population to increase by 85%, ‘good for economy’

By

The Philippine population will grow by 85 percent in the next six decades, according to a forecast of a United Kingdom-based international accounting and finance firm.

The country will experience the largest population increase in the Southeast Asian region in that period, with an  additional 82 million people, said the Institute of Chartered Accountants in England and Wales (ICAEW) in a December report, “Economic Insight: Southeast Asia.”

“This increase should boost growth and safeguard the region’s competitiveness at a time when the working-age population begins to shrink in China and is already doing so in Japan as well as in some European countries,” the ICAEW analysis said.

The ICAEW, however, does not see the boom in the Philippine population as a bane for the economy.

“The increase will make the country an attractive base for manufacturers,” it said.

But the firm cautioned policymakers that raising output in a country’s overall production couldn’t rely on population growth alone.

“Productivity is crucial as well, and one way to raise productivity is by moving up the value chain from labor-intensive manufacturing to high value-added goods as well as business and financial services,” it said.

The Philippine population as of May 2010 stood at 92.34 million, according to the National Statistics Office.

Boom and boost

The Philippines and Malaysia are the only countries in Southeast Asia that will see a population boom in the next 60 years, according to the report.

It said Thailand would see its population peak in about two decades, adding only about

5 percent to its number of inhabitants over this period.

The ICAEW projections were based on each country’s policies and programs on family planning and immigration.

For the entire Southeast Asian region, the ICAEW projected population to rise by around a quarter from the current 600 million to a maximum of about 760 million in 2057.

Demographic dividend

Excepting the Philippines and Malaysia, which are forecast to experience population booms, most Southeast Asian countries are seen to benefit from a “demographic dividend.”

A demographic dividend occurs when falling birth rates change the age distribution of a country so that fewer investments are required to meet the needs of the younger, dependent sector of the population. This frees up public resources for investment and allows living standards to rise.

Aquino factor

Douglas McWilliams, ICAEW economic adviser and chief executive of the Centre for Economics and Business Research (CEBR), noted the economic and political progress in the Philippines, which he attributed to President Aquino.

“The clear election victory of Benigno Aquino promises political stability, which will encourage investment and consumer spending,” he said.

He cited the signing in October of the framework peace agreement to end the Muslim insurgency in Mindanao as another boost to the economy this year.

Produced by CEBR, ICAEW’s partner and forecaster, and commissioned by ICAEW, the report presents a current snapshot of the Southeast Asian region’s economic performance.

The ICAEW produces quarterly reviews of Southeast Asian economies, with a focus on Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.


Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Institute of Chartered Accountants in England and Wales , Philippine economy , Philippine population




Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
  1. Henares on Pacquiao bashing: I did not start this
  2. ‘Mom, I love you,’ says text from student on sinking ferry
  3. ‘No real progress in PH if dynasties not dismantled’
  4. Massive infra spending set
  5. More legal woes for Cedric Lee
  6. Kim Henares needs a reprimand, says Cayetano
  7. Passengers denied chance to escape sinking South Korea ferry
  8. South Korea president shouted down by distraught parents
  9. Two Popes who would be saints
  10. Lacson’s wife loses diamond earring to thieves but recovers jewelry quickly with police arrest
  1. Kim Henares needs a reprimand, says Cayetano
  2. Suspect in Vhong Navarro mauling tries to leave PH
  3. Fr. Suarez says last Mass on Easter before returning donated land to San Miguel
  4. MH370 co-pilot made mid-flight phone call – report
  5. More legal woes for Cedric Lee
  6. I’ll follow my conscience on Estrada, says JV Ejercito
  7. ‘Wife of Jesus’ theory papyrus not fake – Harvard study
  8. Gay college instructor arrested for oral sex with student
  9. ‘No real progress in PH if dynasties not dismantled’
  10. Palace: We can’t blame increase in population on Vitangcol
  1. KL confirms Malaysian Airlines Flight MH370 ended in Indian Ocean
  2. MRT passengers pass the hat for 6-year-old Ashley
  3. Pork payoffs to newscasters Erwin Tulfo, Del Prado, others bared
  4. Rookie, lady cops lauded for quick response to MOA heist
  5. Model Helena Belmonte wished ‘to slash her wrist and hope to die’
  6. Malaysia averts another air tragedy; pilot lands troubled plane safely
  7. Revilla says he was joking; Lacson stands by his story
  8. Revilla ‘consulted’ Lacson on how he evaded arrest
  9. Police rule out foul play in Helena Belmonte’s death as boyfriend is ‘traumatized’
  10. Cudia, dismissed for lying, got 99% in conduct
Advertisement

News

  • Tens of thousands travel by sea this Holy Week
  • Police: Dad smothered toddler to play video game
  • 7 killed in shooting in China-Vietnam border
  • Chinese trade group to mediate shoe factory strike
  • Malaysia, Australia in deal on black box custody–report
  • Sports

  • Pacquiao shorts in Bradley fight sold for P1.7M in LA auction
  • Ryu pitches Dodgers past Giants
  • Alonso sets the pace in Chinese GP practice
  • Heat seek Three-peat but Spurs, Pacers top seeds
  • Can Spurs get back at Heat? Can they survive West?
  • Lifestyle

  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • Entertainment

  • EXO postpones release of mini album ‘Overdose’
  • ‘X-men’ filmmaker slams ‘fabricated’ sex attack claims
  • Singer Chris Brown’s bodyguard on trial in DC
  • Whoopi Goldberg debuts as marijuana columnist
  • ‘X-men’ director accused of sex assault on teen boy
  • Business

  • Italy sells luxury state cars on eBay
  • Asian shares mostly up in quiet trade
  • Dollar up in Asia on US jobs data, Ukraine deal
  • Barbie doll has a problem
  • Oil prices mixed ahead of long Easter weekend
  • Technology

  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Filipinos #PrayForSouthKorea
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • DoH denies Filipino nurse no longer positive for MERS virus
  • WHO warns vs spread of MERS-Cov, urges vigilance in taking precautions
  • Last call for nominations to ’14 Presidential Awards
  • San Francisco business coalition slams proposed tax on sugary drinks
  • A ‘time-travel’ production of ‘Les Miserable’ at Stanford
  • Marketplace
    Advertisement