DEPDev: PH high-income goal delayed to 2050

The Philippines' goal of becoming a high-income economy by 2040 is no longer feasible at current growth rates, according to Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan.

Balisacan noted that the country lost significant momentum during the COVID-19 pandemic, with the economy contracting by nearly 9 percent in 2020.

The DEPDev chief stated that achieving these goals might be delayed by a full decade to 2050 if current growth rates persist, but could still be met if the economy grows at an above-8% rate or faster.

Balisacan emphasized the need for diversifying the economy and addressing structural, technical, and institutional constraints to accelerate economic growth.

From 2023 to the first quarter of 2025, the Philippines maintained its position as one of Asia's fastest-growing economies with a decline in unemployment and underemployment rates, alongside a significant drop in poverty incidence.