THE Philippine economy is on track to tripling in size in less than a decade to become a trillion-dollar economy, Finance Secretary Ralph Recto said.

Despite global headwinds, the Finance chief still expects the country to outperform most economies under the Association of Southeast Asian Nations, which "puts us firmly on course to become a trillion-dollar economy in less than a decade."

"This means that by 2033, our economy will nearly triple in size, placing us in the league of economic giants like China, Japan, India and South Korea," Recto said.

"We are expected to continue outpacing the growth of Asia's economic powerhouses in the years to come," he added.

However, the Philippine economy is currently far from hitting the trillion-dollar level, with gross domestic product valued at $475.95 billion as of 2024, according to the International Monetary Fund.

Gross domestic product (GDP) growth last year was a below-target 5.6 percent but was still one of the highest in the region, while for the first three months of 2024, the economy expanded by 5.7 percent.

The latest GDP figures both fell below the government's 6.0 to 7.0 percent target.

The Finance chief, on the other hand, claimed that the Philippines will overtake France to become the 14th largest economy in the world by 2075.

"With our arsenal of growth-enhancing strategies, this administration has the right policy tools and determination to take us there," Recto said.

"We will continue bolstering growth by arresting inflation through a whole-of-government approach," he added.