Metro Manila, Philippines – Finance Secretary Ralph G. Recto announced that the Philippines’ robust labor market, improved job quality, and historic gross national income (GNI) per capita is solidifying the nation’s path to achieving upper middle-income status by 2025 and a single-digit poverty rate by 2028.
‘’We are encouraging signs that our economic goals are on track and within reach due to continued labor market improvements and a record-high GNI per capita last year,’’ Secretary Rector has stated. The Philippines reached a historic high GNI per capita of USD 4,230 in 2023, reflecting significant improvements in Filipinos’ standard of living and greater economic opportunities.
‘Moreover, Recto emphasized that their focus is now on sustaining this momentum for the Philippines to attain upper middle-income status by next year and reduce the poverty rate to 9% by the end of the President’s term. The World Bank defines upper-middle-income countries as those with a GNI per capita between USD 4,516 and USD 14,005 for fiscal year 2025.
On July 3, 2024, the government launched the National Artificial Intelligence (AI) Strategy Roadmap 2.0 to accelerate AI development, expand killing programs, and boost AI-enabled business processes. Additionally, the National Economic and Development Authority (NEDA) is finalizing the Trabaho Para sa Bayan (TPB) Act to enhance job quality and workforce employability.
Reforms promoting human capital development are also underway, such as the Academic Recovery and Accessible Learning (ARAL) Program, aimed at addressing pandemic-induced learning losses. The proposed FY 2025 National Expenditure Program (NEP) includes initiatives like the Supporting Innovation in the Philippine Technical and Vocational Education and Training System (SIPTVETS) and the Special Training for Employment Program (STEP) to boost income-earning abilities.
