President Ferdinand R. Marcos Jr. expressed optimism on Saturday that the country could hit this year the gross national income (GNI) per capita range set by the World Bank for it to reach upper middle-income country (UMIC) status.
“With strong macroeconomic fundamentals, we are confident that the country will be able to hit this year the GNI per capita range set by the World Bank to reach upper middle-income country (UMIC) status, coming off from an all-time high record registered in 2023 to the tune of USD 4,335 or PHP 241,165.00,” President Marcos said in his toast remarks during the Vin D’Honneur in Malacanang.
“Looking forward, this Government is committed to accelerating infrastructure investments, enhancing the ease of doing business, and boosting national competitiveness. These will support businesses, attract foreign investments, and spur higher economic growth.”
The President also touted the Philippines’ economic performance last year, describing it as a banner year for the country, with the economy remaining among the strongest in Asia by expanding 5.8 percent for the first three quarters in 2024.
The country’s revenue collection last year is about PhP4.42 trillion, accounting for 16.7 percent of gross domestic product (GDP), the highest in the last 27 years since 1997, he said.
And with prudent and transparent debt management, the Philippines scored the highest in debt transparency among the 50 countries surveyed by the Institute of International Finance in 2024.
At the same time, the President said the Philippines also earned last year its first-ever credit rating upgrade of “A minus with stable outlook” from Rating and Investment Information, Inc. (R&I), and an “upgrade of outlook to positive” from S&P Global Ratings. These upgrades made the country more attractive to investors, helping lower borrowing costs for government and businesses.
The Philippines’ unemployment rate also dropped to 4.0 percent, well below the full year target range of 4.4 percent to 4.7 percent owing to the sustained strength of the country’s labor market, he noted. |PND
