NextGen Day

If the economy maintains its current growth and even picks up speed this and next year, the Philippines can join the group of upper-middle-class economies by 2024, according to Socioeconomic Planning Secretary Arsenio Balisacan.

We should reach the minimum of USD4,250 in 2024 if we continue to expand at our current rate and assume we will achieve 6.5 to 7.5 percent this year and 6.5 to 8 percent next year. When that happens, we’ll join the so-called upper middle class, he stated in Pasay City at the post-State of the Nation Address (SONA) economic briefing.

As an upper middle-income nation, Balisacan, who is also the Secretary of the National Economic and Development Authority (NEDA), stated, the size of the government’s earnings will increase, giving it more money for things like social protection and public services.

Accordingly, he stated, “it’s really important that we are able to expand swiftly and maintain our growth because that is actually the most sustainable approach to alleviating poverty.”

President Ferdinand “Bongbong” Marcos Jr. outlined his administration’s quantifiable medium-term macroeconomic and fiscal goals in his first State of the Nation Address (SONA) on Monday. These included attaining upper middle-income status and a minimum GNI per capita of 4,256 USD, as well as reducing poverty to 9% or a single-digit rate by 2028.

Upper middle-income economies are those having a gross national income (GNI) per capita between $4,096 and $12,695, according to the World Bank.

In the meantime, according to Balisacan, the NEDA is creating the framework for the nation’s socio-economic development plan in collaboration with other organizations.

The next Philippine Development Plan must be finished by the end of the year, according to an order from Marcos to the relevant government departments.

“…The aspiration is not just to achieve high growth and sustain the growth of 6.5 percent to 8 percent, but even more important will be to ensure that growth is more inclusive this time and last year so that our Filipino people, the majority of whom are poor, will also raise the tide. That’s the intention, and critical to that is our success in creating high-quality jobs and increasing productivity,” Balisacan said.

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