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Philippines can become upper-middle-income country by 2024: NEDA chief

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Jessica Fenol, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="People spend time outdoors at a park in Bonifacio Global City in Taguig on February 15, 2022. George Calvelo, ABS-CBN News" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/news/07/26/20220215-taguig-new-normal-gc-5.jpg"/><figcaption>People spend time outdoors at a park in Bonifacio Global City in Taguig on February 15, 2022.<em> George Calvelo, ABS-CBN News</em></figcaption></figure></div><p>MANILA <strong>(UPDATE)</strong> — The Philippines can achieve its goal of becoming an upper-middle-income country by 2024 if the current economic growth is sustained, Socioeconomic Planning Secretary Arsenio Balisacan said Tuesday.</p><p>If not for the pandemic, the country could have achieved the <a href="http://news.abs-cbn.com/business/11/13/21/neda-ph-can-reach-upper-middle-income-status-in-2022">milestone</a> this year. COVID-19 slightly tempered the gains in poverty reduction as jobs and salaries were affected. </p><p>The administration also aims to reduce poverty incidence to single-digit or 9 percent by 2028.</p><p>&quot;At the rate we’re going we should be reaching that minimum of $4,250 in 2024. By that time we will become a member of the upper middle income class,&quot; said Balisacan, who is also the current National Economic and Development Authority director-general. </p><p>According to the World Bank, an upper-middle-income country has a gross national income (GNI) per capita of between $4,096 and $12,695.</p><p>&quot;It&#x27;s so crucial that we’re able to grow quickly and sustain that growth because that’s the most sustainable way of reducing poverty,&quot; Balisacan said.</p><p>In his first State of the Nation Address, President Ferdinand Bongbong Marcos Jr said the country is expected to grow by 6.5 to 7.5 percent in 2022 and up 8 percent in 2023 until 2028.</p><p>To sustain growth, Balisacan said the administration would implement a comprehensive 8-point economic agenda which includes addressing rising prices and the scarring from the COVID-19 pandemic and creating more jobs, among others. </p><p>According to an economics professor, the government has been pushing for the country to reach upper-middle-income status since 2018.</p><p>&quot;They have been promising to reach that level every year,&quot; Dr. JC Punongbayan of UP School of Economics told ANC Tuesday.</p><p>&quot;It has almost become an annual tradition for government technocrats.&quot;</p><p>While Marcos outlined a series of ambitious economic goals, Punongbayan asked how the new administration plans to achieve this.</p><p>&quot;We wanted to hear more about how he intends to reach those targets. What policies must be laid down in order to reach those targets?&quot; he said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/26/22/ph-fully-prepared-to-address-headwinds-sustain-robust-economy-diokno">Philippines fully prepared to address headwinds, sustain robust economy: Diokno</a></li>	<li><a href="https://news.abs-cbn.com/business/11/13/21/neda-ph-can-reach-upper-middle-income-status-in-2022">Philippines may become &#x27;upper middle-income&#x27; country in 2022, NEDA says</a></li>	<li><a href="https://news.abs-cbn.com/business/09/11/20/pandemic-seen-to-temporarily-slow-governments-gains-in-reducing-poverty-neda">Pandemic seen to &#x27;temporarily slow&#x27; government&#x27;s gains in reducing poverty: NEDA</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1673438" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

The Philippines can achieve its goal of becoming an upper-middle-income country by 2024 if current economic growth is sustained, NEDA's Arsenio Balisacan said.

Philippines can become upper-middle-income country by 2024: NEDA chief

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Philippines can become upper-middle-income country by 2024: NEDA chief

Jessica Fenol,

ABS-CBN News

Published Jul 26, 2022 11:05 AM PHT

|

Updated Jul 26, 2022 04:25 PM PHT

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upper middle income country

World Bank

GNI

gross national income

poverty

poverty reduction

NEDA

Arsenio Balisacan

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