PHL likely to achieve upper-middle-income status in 2020 —NEDA

The Philippines is more likely to achieve upper-middle-income status in 2020, given the slow growth in the first quarter, the National Economic and Development Authority (NEDA) said Wednesday.

“It’s still possible that we can achieve upper-middle country status this year, but I think it’s going to be surer next year,” Socioeconomic Planning Secretary Ernesto Pernia said in a press conference in Pasig City.

“The likelihood of becoming an upper-middle country … Next year, perhaps, because of the setback in our growth performance in the first quarter,” Pernia noted.

In May, Pernia said he was iffy about an upper-middle-income status for the country this year because of the weak in the first quarter.

The gross domestic product (GDP) grew by 5.6% in the first quarter, the slowest in four years since it registered at 5.1% in the first quarter of 2015. —VDS, GMA News