Malacañang on Wednesday expressed optimism as the Philippines inches closer to achieving upper middle-income status, underscoring the government’s efforts in driving economic growth and development.
“Of course, masaya po ang Palasyo dahil nakikita po natin ang pagtatrabaho ng administrasyon para po mapaganda ang ating ekonomiya (the Palace is happy because we see the administration’s hard work to improve our economy),” Palace Press Officer Claire Castro told reporters.
Castro made the remarks in reaction to Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan’s statement that the Philippines is close to reaching the upper middle-income threshold.
Castro said Balisacan mentioned the country is just USD26 away from meeting the threshold.
She said the Marcos administration is bullish that the Philippines will achieve the milestone this year.
“[We are] hoping po na nito pong taon na ito, 2025 ay maa-attain na po natin ito pero malalaman po natin ito sa July 2026. So, tingnan na lang po natin (that this year, 2025, we will attain that. But we will know for sure by July 2026, so let’s just wait and see),” Castro said.
Balisacan earlier said the Philippines met its gross national income (GNI) per capita targets for both 2023 and 2024, saying it is short of just USD26 to become an upper-middle-income country.
He said the Philippines also remained Asia’s fastest-growing economy from 2023 through the first quarter of 2025. (PNA)