RCBC chief economist Michael Ricafort says the Philippine economy grew because of the country's demographic "sweet spot."
Ricafort says countries that fail to develop their education systems fall into a debt or poverty trap. He said having a demographic sweet spot meant the majority of the population was within working age, so the workforce was productive. According to Ricafort, the government's move to invest in education was a good decision as countries that failed to develop their education systems usually fell into a debt or poverty trap.The RCBC economist said the Philippines was benefitting from having a demographic sweet spot, noting that the country was now the fourth-largest in the world in remittances from overseas workers based on World Bank's yearly data.