Malaca±ang: Malaca±ang on Friday (Canada time) said the Philippines' classification as an upper middle income country should not be seen as the end goal of the country's economic development. In a press briefing here at the Sutton Place Hotel, Palace Press Officer Claire Castro said the country's new status is a milestone that reflects economic progress, but acknowledged that many Filipinos still face financial challenges.
According to Philippines News Agency, Castro emphasized that the elevation to an upper middle income status is a significant achievement but does not mean that all financial difficulties have been eradicated for every Filipino. She highlighted that poverty and inequality continue to be pressing issues, despite the improvements in macroeconomic indicators. The government, she noted, remains committed to implementing interventions that address hunger, poverty, and enhance access to basic services.
Castro elaborated that the administration's economic strategy is focused on sustained economic reforms and programs designed to improve living conditions and expand opportunities. She stressed the importance of ensuring that development is felt at the grassroots level and not just reflected in international classifications. The government is actively working to translate economic progress into tangible benefits for ordinary Filipinos, aiming for a comprehensive improvement in the economy.
The World Bank recently classified the Philippines as an upper middle income economy based on gross national income per capita thresholds. Castro, however, cautioned that this status should not be seen as a finish line but rather a step in the ongoing journey of economic development. She warned against any efforts that could potentially derail growth, underlining the administration's commitment to ensuring that the benefits of economic progress are sustained and felt by all.
In conclusion, while celebrating the milestone, Castro called for continued efforts and vigilance to protect the country's economic gains. She pointed out the need for unity and focus on growth, urging against obstructionist actions aimed at undermining the administration's efforts.
