NEDA confident Philippines will achieve upper-middle income status by 2022

Despite economic setbacks from the COVID-19 pandemic, NEDA is confident that the Philippines will achieve upper-middle income country status by 2022.

Acting Socioeconomic Planning Secretary Karl Kendrick Chua stated during a virtual briefing on Thursday that despite strict quarantine measures and an expected GDP contraction of -9.5% in 2020, the government remains optimistic about its development goals.

Chua emphasized that reducing poverty by six million Filipinos and achieving upper-middle income status are still on track.

The World Bank defines an upper middle-income economy as having a GNI per capita between $3,956 and $12,235; the Philippines currently falls in the lower middle-income category with a 2019 GNI per capita of between $1,006 and $3,955.

Chua also mentioned that reducing poverty to 14% by 2022 is achievable if issues related to both COVID-19 and non-COVID-19 are addressed effectively.