PHL to become upper middle-income country by 2022 -NEDA

MANILA -- The Philippines can reach an upper middle-income level over the next six years imperative for poverty reduction, the government's chief economic planner on Thursday said.

National Economic and Development Authority (NEDA) Director-General Ernesto Pernia expects the country's economy advancing 7 percent to 8 percent in the medium-term after growing by targeted 6.5 percent to 7.5 percent this year.

The country's gross domestic product (GDP) expanded by 6.8 percent in 2016.

"This would mean that, over the next six years, the economy will expand by about 50 percent in real terms, and per capita income will rise by over 40 percent. This should bring us to the upper middle income category standing by 2022," he said in a press briefing.

Pernia said the country's gross national income (GNI) per capita is now estimated at USD 3,700.

"Our growth is likely to make it increase further by 50 percent so that will bring it to closer to 6,000 US dollars or 5,500 US dollars and that would already make us an upper middle income country," he added.

The NEDA chief also expressed hope the country will reduce the poverty incidence to 14 percent by 2022, thereby lifting about six million Filipinos out of poverty.

The country's poverty incidence declined to 21.6 percent in 2015 from 25.2 percent in 2012. (PNA)

Source: Philippines News Agency