NEDA chief: 2040 poverty goals may be delayed by a decade

National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan expressed dissatisfaction with the current 6% economic growth rate, stating it jeopardizes the Philippines' goal of becoming a middle-class society free from poverty by 2040.

Balisacan attributed the setback to the COVID-19 pandemic, which he believes caused the country to lose three years of economic growth momentum.

The 'Ambisyon Natin 2040' roadmap aims for the Philippines to achieve high-income status, foster a prosperous middle class, ensure inclusive and sustainable growth, and triple per capita income.

He suggested that these ambitious goals might be delayed by a decade, potentially being met by 2050 if the current growth trajectory continues.

However, Balisacan indicated that achieving the 'Ambisyon Natin 2040' targets by the original deadline is still possible if the country can accelerate its economic growth to consistently exceed 8% or achieve double-digit growth rates.