Marcos: PH to reach middle income status very soon
The Philippines is set to reach the “uppermiddle” income very soon, President Ferdinand “Bongbong” Marcos, Jr. said on Tuesday, January 31.
Marcos said that he had just rolled out the Philippine Development Plan that would serve as the “blueprint” of the country in the next six years, adding that it was a plan for “economic and social transformation.”
“With the current growth momentum, the Philippines is poised to reach upper middleincome status very soon. This is a daunting but achievable milestone and the development is wellearned and long overdue,” Marcos said.
“We want this to have meaning and impact on the lives of more than 110 million Filipinos and to set the future generations of Filipinos on a robust path to social and economic well-being,” he added.
The President also urged the diplomatic community to work on achieving the development goals laid out in the plan through partnerships and cooperation.
“Let us discuss opportunities where our countries can participate for the mutual benefit of the Philippines and your countries,” he said.
For foreign policy, Marcos said he pursues international engagements based on national interest and in cognizance of the interest of fellow nations in pursuit of “peace, security and prosperity.”
“As it continues to be a cornerstone of Philippine foreign policy, we aim to alleviate relations with the bilateral and multilateral partners. We are a staunch champion of multilateralism and remain invested in working with partners in building a stronger United Nations, one that is more fair, more constructive, more united,” Marcos said.
In his first State of the Nation Address in July 2022, Marcos said his administration was looking to bring the Philippines to “upper-middle income status by 2024” with “at least $4,256 income per capita.”
Under the World Bank’s updated standards, an upper middle-income economy or country has a gross national income (GNI) per capita of between $4,046 and $12,535.
The previous administration aspired to bring the country to uppermiddle income status by 2020, but the economy went into a recession due to the pandemic.
In 2019, the Philippines was categorized as a lowermiddle-income country with a GNI per capita of between $1,006 and $3,955.