The Philippines can join the ranks of upper middle income economies by 2024 provided the economy sustains current growth and even accelerates this and next year, Socioeconomic Planning Secretary Ar…
The Philippines can join the ranks of upper middle income economies by 2024 provided the economy sustains current growth and even accelerates this and next year, Socioeconomic Planning Secretary Arsenio Balisacan said Tuesday.
Balisacan, also Secretary of the National Economic and Development Authority , said becoming an upper middle-income country means the size of the government revenues will be bigger so it has more resources for providing public services, social protection, among others. In his first SONA Monday, President Ferdinand “Bongbong” Marcos Jr. cited his administration’s measurable medium-term macroeconomic and fiscal objectives, including at least 4,256 USD income per capita and the attainment of upper middle-income status, and bringing down poverty to 9 percent or single-digit poverty rate by 2028.
Meanwhile, Balisacan said the NEDA, in coordination with other agencies, is preparing the blueprint for the socioeconomic development plan for the country.
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