Filipino individuals had a higher total income last year, exceeding the target range set in the government’s Philippine Development Plan 2023-2028, the National Economic and Development Authority (NEDA) said.
Based on the World Bank report, NEDA stated that the country’s gross national income (GNI) per capita reached $4,230 last year, up by 7.1 percent from 2022.
It also surpassed the 2023 target range of $4,130 to $4,203 GNI per capita indicated in the government’s medium-term plan.
“Achieving the GNI per capita target for 2023 solidifies our trajectory toward attaining Upper Middle-Income Country (UMIC) status within the next two years,” NEDA Secretary Arsenio M. Balisacan said.
“However, our mission is far from complete. While we, of course, welcome news of such progress, what matters more to us is that the fruits of economic growth—opportunities, better jobs, and higher incomes—are felt by all Filipinos, especially the poor,” Balisacan added.
He called on the government to further boost its efforts so that “our economic gains are shared equitably, to reduce the poverty rate to a single-digit level by 2028,”
The World Bank defines UMIC economies as those with GNI per capita ranging between $4,516 and $14,005 for the fiscal year 2025.
NEDA said that current data suggest that the Philippines is poised to achieve UMIC status by 2025, provided the economy sustains a robust growth rate in 2024 and 2025.
"The expected transition to Upper Middle-Income Country status is an indication that we are headed in the right direction. More importantly, I should say, our focus now is on sustaining the momentum,” Balisacan said.
“We are working double time to further improve the policy and regulatory environment to enable a balanced mix of industries that will sustain the growth of the Philippine economy in the years to come,” he further said.
The NEDA chief reiterated that the ultimate goal, besides hitting the economic targets, is to improve “our people’s lives.”