PH to attain upper-middle-income status by 2019
According to the National Economic and Development Authority (NEDA), the Philippines is set to move to upper-middle-income status as early as 2019. It’s three years early from the projected status for 2022 in the government’s Philippine Development Plan (PDP).
“The strong economic growth performance of the country in 2017 enabled us to achieve gross national income (GNI) per capita growth rate of 4.8 percent, higher than the target of 4.5 percent. This would make it possible for us to reach the upper-middle-income country standard definition of just below $4,000 income per capita by end-2019.” This statement is from the Socioeconomic Report 2017 released by Neda last Tuesday, April 3.
Last 2016, the Philippines had a lower middle-income status with income per capita at $3,500. With the economy growing up to 6.7 percent last year — considered one of the fastest in Asia, the 2019 income status is very feasible, especially if ASEAN integration and government projects are well-implemented in the country. Speaking of the latter, the government project “Build, Build, Build”, which focuses on infrastructure and industry development and acceleration is also one of the biggest contributors to the projected status for next year.
Neda Undersecretary Rosemarie G. Edillon also stated that reaching this upper-middle-income status implies the country’s long-term vision “AmBisyon Natin 2040”, which aims for the PH to become a high-income country is possible.