ASEAN KEY DESTINATIONS
Pernia says PHL on track to achieve upper middle income status in 2019
The Philippines is likely to hit the goal of achieving upper middle income status this year despite global uncertainties hounding economic prospects, the National Economic and Development Authority (NEDA) said Monday.
In a press conference in Pasig City, Socioeconomic Planning Secretary Ernesto Pernia said the country is on track to achieve its goal given the country’s economic growth path.
“In 2017, we were already at 3,800 USD and I think the threshold for becoming upper middle income is something like 3,900 something, just under 4,000,” he said.
Under the World Bank standards, An upper middle-income country has a gross national income per capita of between $3,956 and $12,235.
As of 2018, the Philippines fall under the category of a lower middle income country with a GNI per capita of between $1,006 and $3,955.
“If GNI per capita will grow by 3 percent ... I think we could still hurdle the threshold by 2019. That’s a very conservative estimate,” said Pernia.
The World Bank said earlier Monday that global uncertainties—such as trade tensions between China and the United States and rising global interest rates—could dampen the Philippines’ prospects.
“We can confidently say that we are far from doing badly. We are doing a decent job at least so far,” said Pernia.
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