{"id":18902,"date":"2024-05-24T03:02:26","date_gmt":"2024-05-24T03:02:26","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/phl-on-track-to-reach-upper-middle-income-status-says-neda-chief\/"},"modified":"2024-05-24T03:02:26","modified_gmt":"2024-05-24T03:02:26","slug":"phl-on-track-to-reach-upper-middle-income-status-says-neda-chief","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/phl-on-track-to-reach-upper-middle-income-status-says-neda-chief\/","title":{"rendered":"PHL on track to reach upper middle-income status, says NEDA chief"},"content":{"rendered":"
\n

THE PHILIPPINES is still on <\/span>track to become an upper middle-income<\/span> economy next year as long as the growth momentum continues, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said.<\/p>\n

\u201cIf growth this year is not dampened, [we] should be on track,\u201d he told reporters on the sidelines of the BusinessWorld Economic Forum on Wednesday.<\/p>\n

The administration of President Ferdinand R. Marcos, Jr. has set a target for the Philippines to reach upper middle-income status by 2025. An upper middle-income country means having a gross national income (GNI) per capita income range of $4,466 to $13,845.<\/p>\n

The World Bank currently classif<\/span>ies the Philippines as a lower middle-income country with a GNI per capita of $3,950.<\/p>\n

Mr. Balisacan said gross domestic product (GDP) growth must average 6.1% in the next three quarters to hit the government\u2019s 6-7% growth target.<\/p>\n

The Philippine economy expanded by 5.7% in the f<\/span>irst quarter, slightly faster than 5.5% in the previous quarter.<\/p>\n

\u201cThere are still three quarters out there. The good thing is inflation is manageable now. Even though we expected worse for the April [print,] it turned out better than expected. So, we hope that will continue,\u201d Mr. Balisacan said.\u00a0<\/span><\/p>\n

Inf<\/span>lation accelerated for a third straight month to 3.8% in April from 3.7% in March. Inf<\/span>lation averaged 3.4% in the January-April period, below the central bank\u2019s 3.8% full-year forecast.<\/p>\n

In the coming months, NEDA expects economic growth to be favorable as the Bangko Sentral ng Pilipinas (BSP) was \u201cless hawkish\u201d in its last policy meeting and has signaled a possible rate cut in August.<\/p>\n

\u201cIf the BSP is not going to raise any further the interest rate, and in fact, the governor has indicated that they might start loosening, so that will improve expectations, and expectation drives consumption,\u201d Mr. Balisacan told reporters.\u00a0 \u00a0<\/span><\/p>\n

Last week, the Monetary Board kept its target reverse repurchase rate unchanged at a 17-year high of 6.5%.<\/p>\n

The waning El Ni\u00f1o dry pattern and expected easing of rice prices may also improve the country\u2019s GDP growth prospects, according to the NEDA chief.<\/p>\n

\u201cSince El Ni\u00f1o is tapering, we expect that world prices for commodities, including rice, are expected to moderate and start falling, especially for rice,\u201d Mr. Balisacan said.<\/p>\n

Rice inf<\/span>lation, which contributes nearly half to the overall inflation print, accelerated by 23.9% in April. However, this was slower than 24.4% in the previous month.<\/p>\n

Security Bank Corp. Chief Economist Robert Dan J. Roces said that achieving upper middle-income status \u201cis not just about hitting a specific threshold, but about building an equitable economy.\u201d<\/p>\n

\u201cWhile the Philippines has made significant progress in recent years, driven by factors such as a young population, a thriving services sector, and increasing foreign investments, it is also crucial that the benef<\/span>its of economic growth are more evenly distributed,\u201d Mr. Roces said in a Viber message.<\/p>\n

To increase its GNI per capita, the country must also ensure competitiveness across all sectors, address infrastructure gaps and challenges, and improve governance in all institutions, Mr. Roces said.<\/p>\n

Since 1987, the Philippines has been classified as a lower middle-income economy, according to the World Bank\u2019s earliest records. <\/span><\/p>\n

\u201cWhile the Philippines has strong growth prospects that suggest it could reach upper middle-income status in a few years, several challenges \u2014 like a potential global economic slowdown, infrastructure and education deficits, and the impact of natural disasters \u2014 could impede this goal,\u201d Jonathan L. Ravelas, senior adviser at professional service f<\/span>irm Reyes Tacandong & Co., said in a Viber message.<\/p>\n

The World Bank forecasts that the Philippines would be the fastest-growing economy in Southeast Asia this year with a 5.8% growth estimate.<\/p>\n

For 2025, the multilateral lender hiked its growth forecast for the Philippines to 5.9% from 5.8%.<\/p>\n

However, the World Bank\u2019s growth forecasts for the Philippines still fall behind the government\u2019s 6-7% target band.<\/p>\n

During the BusinessWorld Economic Forum, Mr. Balisacan cited the need to \u201cdiversify\u201d the country\u2019s growth sources to ensure inclusive and sustainable economic expansion.<\/p>\n

\u201cSo, what are the growth drivers? We are pushing on all fronts. Opportunities across the entire economy abound in enabling public infrastructure such as energy, water, and\u00a0physical and digital connectivity, as well as social infrastructure such as schools, healthcare facilities, and housing,\u201d he said.<\/p>\n

The government is also looking to expand growth outside the National Capital Region (NCR), he added. \u2014 Beatriz Marie D. Cruz<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE PHILIPPINES is still on track to become an upper middle-income economy next year as long as the growth momentum continues, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said. \u201cIf growth this year is not dampened, [we] should be on track,\u201d he told reporters on the sidelines of the BusinessWorld Economic Forum [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[14644,138,18041,4891,11354,2121,192,7876,6919,16807],"class_list":["post-18902","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-bworldonline","tag-chief","tag-middle-income","tag-neda","tag-phl","tag-reach","tag-says","tag-status","tag-track","tag-upper"],"yoast_head":"\nPHL on track to reach upper middle-income status, says NEDA chief - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/phl-on-track-to-reach-upper-middle-income-status-says-neda-chief\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PHL on track to reach upper middle-income status, says NEDA chief - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE PHILIPPINES is still on track to become an upper middle-income economy next year as long as the growth momentum continues, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said. \u201cIf growth this year is not dampened, [we] should be on track,\u201d he told reporters on the sidelines of the BusinessWorld Economic Forum [\u2026]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/energybuzz.ph\/phl-on-track-to-reach-upper-middle-income-status-says-neda-chief\/\" \/>\n<meta property=\"og:site_name\" content=\"Energy Buzz\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-24T03:02:26+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/phl-on-track-to-reach-upper-middle-income-status-says-neda-chief\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/phl-on-track-to-reach-upper-middle-income-status-says-neda-chief\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#\\\/schema\\\/person\\\/344f8dbaaecf75e51367eef93f492892\"},\"headline\":\"PHL on track to reach upper middle-income status, says NEDA chief\",\"datePublished\":\"2024-05-24T03:02:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/phl-on-track-to-reach-upper-middle-income-status-says-neda-chief\\\/\"},\"wordCount\":722,\"publisher\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#organization\"},\"keywords\":[\"bworldonline\",\"chief\",\"middle-income\",\"neda,\",\"phl\",\"reach\",\"says\",\"status\",\"track\",\"upper\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/phl-on-track-to-reach-upper-middle-income-status-says-neda-chief\\\/\",\"url\":\"https:\\\/\\\/energybuzz.ph\\\/phl-on-track-to-reach-upper-middle-income-status-says-neda-chief\\\/\",\"name\":\"PHL on track to reach upper middle-income status, says NEDA chief - Energy Buzz\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#website\"},\"datePublished\":\"2024-05-24T03:02:26+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/phl-on-track-to-reach-upper-middle-income-status-says-neda-chief\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/energybuzz.ph\\\/phl-on-track-to-reach-upper-middle-income-status-says-neda-chief\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/phl-on-track-to-reach-upper-middle-income-status-says-neda-chief\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/energybuzz.ph\\\/staging\\\/6915\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"PHL on track to reach upper middle-income status, says NEDA chief\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#website\",\"url\":\"https:\\\/\\\/energybuzz.ph\\\/\",\"name\":\"Energy Buzz\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/energybuzz.ph\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#organization\",\"name\":\"Energy Buzz\",\"url\":\"https:\\\/\\\/energybuzz.ph\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/energybuzz.ph\\\/staging\\\/6915\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/EnergyBuzzLogo.png\",\"contentUrl\":\"https:\\\/\\\/energybuzz.ph\\\/staging\\\/6915\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/EnergyBuzzLogo.png\",\"width\":1315,\"height\":656,\"caption\":\"Energy Buzz\"},\"image\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#\\\/schema\\\/logo\\\/image\\\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#\\\/schema\\\/person\\\/344f8dbaaecf75e51367eef93f492892\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/136dede3a147ecd1a9946f78a827dcc4c82e31eece4650a789bbb3656cebe664?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/136dede3a147ecd1a9946f78a827dcc4c82e31eece4650a789bbb3656cebe664?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/136dede3a147ecd1a9946f78a827dcc4c82e31eece4650a789bbb3656cebe664?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"url\":\"https:\\\/\\\/energybuzz.ph\\\/staging\\\/6915\\\/author\\\/admin\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"PHL on track to reach upper middle-income status, says NEDA chief - Energy Buzz","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/energybuzz.ph\/phl-on-track-to-reach-upper-middle-income-status-says-neda-chief\/","og_locale":"en_US","og_type":"article","og_title":"PHL on track to reach upper middle-income status, says NEDA chief - Energy Buzz","og_description":"THE PHILIPPINES is still on track to become an upper middle-income economy next year as long as the growth momentum continues, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said. \u201cIf growth this year is not dampened, [we] should be on track,\u201d he told reporters on the sidelines of the BusinessWorld Economic Forum [\u2026]","og_url":"https:\/\/energybuzz.ph\/phl-on-track-to-reach-upper-middle-income-status-says-neda-chief\/","og_site_name":"Energy Buzz","article_published_time":"2024-05-24T03:02:26+00:00","author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/energybuzz.ph\/phl-on-track-to-reach-upper-middle-income-status-says-neda-chief\/#article","isPartOf":{"@id":"https:\/\/energybuzz.ph\/phl-on-track-to-reach-upper-middle-income-status-says-neda-chief\/"},"author":{"name":"admin","@id":"https:\/\/energybuzz.ph\/#\/schema\/person\/344f8dbaaecf75e51367eef93f492892"},"headline":"PHL on track to reach upper middle-income status, says NEDA chief","datePublished":"2024-05-24T03:02:26+00:00","mainEntityOfPage":{"@id":"https:\/\/energybuzz.ph\/phl-on-track-to-reach-upper-middle-income-status-says-neda-chief\/"},"wordCount":722,"publisher":{"@id":"https:\/\/energybuzz.ph\/#organization"},"keywords":["bworldonline","chief","middle-income","neda,","phl","reach","says","status","track","upper"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/energybuzz.ph\/phl-on-track-to-reach-upper-middle-income-status-says-neda-chief\/","url":"https:\/\/energybuzz.ph\/phl-on-track-to-reach-upper-middle-income-status-says-neda-chief\/","name":"PHL on track to reach upper middle-income status, says NEDA chief - Energy Buzz","isPartOf":{"@id":"https:\/\/energybuzz.ph\/#website"},"datePublished":"2024-05-24T03:02:26+00:00","breadcrumb":{"@id":"https:\/\/energybuzz.ph\/phl-on-track-to-reach-upper-middle-income-status-says-neda-chief\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/energybuzz.ph\/phl-on-track-to-reach-upper-middle-income-status-says-neda-chief\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/energybuzz.ph\/phl-on-track-to-reach-upper-middle-income-status-says-neda-chief\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/energybuzz.ph\/staging\/6915\/"},{"@type":"ListItem","position":2,"name":"PHL on track to reach upper middle-income status, says NEDA chief"}]},{"@type":"WebSite","@id":"https:\/\/energybuzz.ph\/#website","url":"https:\/\/energybuzz.ph\/","name":"Energy Buzz","description":"","publisher":{"@id":"https:\/\/energybuzz.ph\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/energybuzz.ph\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/energybuzz.ph\/#organization","name":"Energy Buzz","url":"https:\/\/energybuzz.ph\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/energybuzz.ph\/#\/schema\/logo\/image\/","url":"https:\/\/energybuzz.ph\/staging\/6915\/wp-content\/uploads\/2023\/09\/EnergyBuzzLogo.png","contentUrl":"https:\/\/energybuzz.ph\/staging\/6915\/wp-content\/uploads\/2023\/09\/EnergyBuzzLogo.png","width":1315,"height":656,"caption":"Energy Buzz"},"image":{"@id":"https:\/\/energybuzz.ph\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/energybuzz.ph\/#\/schema\/person\/344f8dbaaecf75e51367eef93f492892","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/136dede3a147ecd1a9946f78a827dcc4c82e31eece4650a789bbb3656cebe664?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/136dede3a147ecd1a9946f78a827dcc4c82e31eece4650a789bbb3656cebe664?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/136dede3a147ecd1a9946f78a827dcc4c82e31eece4650a789bbb3656cebe664?s=96&d=mm&r=g","caption":"admin"},"url":"https:\/\/energybuzz.ph\/staging\/6915\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/posts\/18902","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/comments?post=18902"}],"version-history":[{"count":0,"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/posts\/18902\/revisions"}],"wp:attachment":[{"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/media?parent=18902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/categories?post=18902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/tags?post=18902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}