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Marcos: Philippines to reach upper-middle-income status very soon

The Philippines is set to reach the “upper-middle” income very soon, President Ferdinand “Bongbong” Marcos Jr. said on Tuesday.

Marcos said that he 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 middle-income status very soon. This is a daunting but achievable milestone and the development well-earned 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 in achieving the development goals laid out in the plan through partnerships and cooperation.

“Let us discuss opportunities where our countries can participate to the mutual benefit of the Philippines and your countries,” he said.

For foreign policies, 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.

“The Philippines counts on your support for our candidature for a non-permanent seat in the UN Security Council for the term 2027-2028. You’ll excuse my little bit of campaigning for the Philippines and our membership,” he said.

“The Philippines' bid stands on the strong foundation of our well-recognized contributions to the shaping of a global rules-based architecture that places people and human dignity at the center and respects the sovereignty of nations,” he added.

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 upper-middle income status by 2020, but the economy went into a recession due to the pandemic.

In 2019, the Philippines was categorized as a lower-middle-income country with a GNI per capita of between $1,006 and $3,955. —NB, GMA Integrated News