Middle-income countries outline development priorities, sign 'Makati Declaration'

Middle-income countries that attended a forum chaired by the Philippines have signed the "Makati Declaration," a document that outlined the priorities of MICs, including financing for development and establishing metrics beyond the traditional gross domestic product.

In a news briefing, Foreign Affairs Secretary Enrique Manalo said the Makati Declaration “highlights the vulnerabilities and challenges of middle-income countries.”

“Despite experiencing rapid economic growth, MICs continue to face specific challenges such as inequalities, unemployment, and the devastating effects of climate change,” Manalo said.

“MICs are often left out of concessional financing and enhanced development cooperation opportunities while at the same time managing competing priorities as well as debt burden," he added.

Manalo said the declaration also outlined priorities such as debt sustainability, climate action and finance, digital transformation, and science technology innovation as well as gender equality and decent work and social protection,” Manalo said.

The “like-minded” group is composed of Armenia, Belarus, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Jamaica, Lebanon, Mexico, Morocco, Namibia, Panama, Peru, the Philippines, and Uruguay.

Manalo said over 100 countries are classified by the World Bank as middle-income. 

“They account for roughly 75% of the global population, 60% of the world’s poor, and 1/3 of the global GDP (gross domestic product),” the country’s top diplomat said. –NB, GMA Integrated News