NEDA’s Chua: Philippines still on track to reach upper-middle income status by 2022

The Philippines is still on track to graduate to the upper-middle income country status by the end of next year given its recent economic performance, according to Socioeconomic Planning Secretary Karl Kendrick Chua.

Chua made the remarks on Tuesday, after the economy grew by 7.1% in the second quarter, following the 12% growth posted in the second quarter of the year.

“For the UMIC, it is really slated at the end of 2022 or early 2023, but I think given the strong progress, the likelihood to achieving that even within 2022 is now higher,” he told reporters.

Chua earlier this year said the country will graduate into an UMIC in 2022 despite the COVID-19 pandemic, but this is later than initially expected 2019.

The World Bank defines an upper middle-income economy as a country which has gross national income (GNI) per capita of between $3,956 and $12,235.

As of 2019, the Philippines was categorized as a lower middle income country with a GNI per capita of between $1,006 and $3,955.

Chua on Tuesday also said the country’s economy is expected to return to pre-pandemic levels by 2022. — RSJ, GMA News