THE Philippines exceeded its Gross National Income (GNI) per capita target for 2023 under the Philippine Development Plan (PDP) 2023-2028 and is on track to becoming an upper middle-income country in the next two years, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said.
Data released by the World Bank last July 1 showed that the country’s GNI per capita reached USD4,230 last year, surpassing the USD3,130 to USD4,203 GNI per capita target set under the PDP.
The GNI per capita last year was also higher by 7.1 percent than the previous year.
GNI per capita measures the economic output per citizen, encompassing both domestic and international earnings.
A higher GNI per capita is one indication of greater economic prosperity and a higher standard of living.
“Achieving the GNI per capita target for 2023 solidifies our trajectory toward attaining Upper Middle-Income Country (UMIC) status within the next two years. However, our mission is far from complete,” Balisacan said.
He added: “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. The government must persist in its efforts to ensure that our economic gains are shared equitably, with the aim of reducing the poverty rate to a single-digit level by 2028.”
The World Bank defines UMIC economies as those with GNI per capita ranging between USD4,516 and USD14,005 for the fiscal year 2025.
Balisacan earlier said the Philippines is poised to achieve UMIC status by 2025, provided the economy sustains its robust growth rate.
For this year, the economic growth target was set at 6 to 7 percent.
For 2025, economic managers earlier set a 6.5 to 7.5 percent economic growth target. (Philippine News Agency)
