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Manila Bulletin devider Business devider Japan aids PH in pursuit of higher income status

Japan aids PH in pursuit of higher income status

Published Aug 30, 2023 05:16 am

At A Glance

  • Japan is committed to supporting the Philippines in achieving an upper middle-income status.<br>Japan is the largest provider of loan and grant commitments to the Philippines, amounting to around $12.92 billion or about 40.5 percent of its total official development assistance (ODA) portfolio.<br>Japan is one of Manila's largest trade, investment, and development partners.<br>Finance Secretary Benjamin Diokno said the Japanese financial support will help the Philippines achieve its goal of attaining upper-middle-income status by 2025.<br>The Philippines is currently classified as a lower middle-income country by the World Bank with a gross national income per capita of $3,950 in 2022.

Japan declared its commitment to support the Philippines in attaining an upper middle-income status in the next few years.

A joint committee meeting was held in Tokyo on Tuesday, Aug. 29 between the Philippine delegation and the Japanese government to determine the necessary development assistance for the Philippines.

Finance Secretary Benjamin E. Diokno said the Japanese financial support will help the country achieve its goal of attaining upper-middle-income status by 2025.

Japan holds the position as the largest provider of loan and grant commitments to the Philippines, accounting for approximately $12.92 billion or 40.5 percent of its total official development assistance (ODA) portfolio.

These loans and grants are intended for various projects in infrastructure, disaster risk mitigation, food security, education, health, maritime safety, peace and development in Mindanao, and job creation, among others.

Japan is also a key trade, investment, and development partner of the country.

“We are grateful for Prime Minister Kishida’s commitment to support the Philippines’ pursuit of the upper middle-income country status through impactful ODA and private-sector investments,” Diokno said in his speech.

The Philippines is currently a lower middle-income country with a gross national income (GNI) per capita of $3,950 or around P224,125 in 2022. 

GNI per capita measures average earnings per person and is used to assess economic well-being and living standards.

On June 30, the World Bank revised its income classification threshold, widening the range of GNI per capita necessary for a country to be categorized as an upper-middle-income economy. 

The new range for the fiscal year 2024 now extends from $4,466 to $13,845, surpassing the previous band of $4,256 to $13,205.

Despite the higher threshold, Diokno earlier said that he remained optimistic about the country's progress toward becoming an upper-middle-income economy by 2025.

The Covid-19 crisis caused a decline in the country’s per capita income in 2020, dropping to $3,350 from $3,640 in 2019. 

However, the Philippine GNI recovered and reached $3,550 in 2021.

Despite this progress, Vietnam has surpassed the Philippines, with a GNI per capita of $4,010 as of the end of 2022. 

Prior to the pandemic, the Philippines held a 13 percent lead over Vietnam with $3,770 compared to Vietnam's $3,340. (Xander Dave Cabellos)

Related Tags

Upper middle income status Department of Finance (DOF) Official Development Assistance (ODA)
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