Metro Manila (CNN Philippines, September 21) — President Ferdinand “Bongbong” Marcos Jr. expressed confidence about the Philippines achieving its goal of becoming an upper middle-income economy by 2023.
“Despite the challenges of the pandemic and the global economic upheavals, we remain on track to reach upper middle-income status by next year,” Marcos said during his speech at the 77th session of the United Nations General Assembly (UNGA) on Wednesday morning, Philippine time.
Economic managers of the Marcos administration previously said the country may hit the target by 2024.
The economic team of the Duterte administration said if only the Philippines were not struck by the pandemic, it could have realized the goal much earlier. In 2019, the country booked a gross national income (GNI) per capita income of $3,850, as shown by data from the World Bank.
As of 2021, the Philippines’ GNI per capita was $3,640.
According to the World Bank, a country must have a GNI per capita of $4,256 to $13,205 to be considered an upper middle-income economy.
“With steady investment in food security, public health, education, and other social services, we expect to become a moderately prosperous country by 2040. I am confident that we will achieve this vision,” Marcos said.
“Yet no nation stands alone. The achievement of our national ambition requires a global environment that creates conditions that allow all nations, including ours, to thrive in peace. We need the United Nations to continue to work. And we, the Philippines, are determined to be part of the solution,” he added.
Marcos is the first Philippine president to physically address the UNGA since 2010.
