Marcos sees Philippines as ‘moderately prosperous’ by 2040

·2 min read
Philippines’ President Ferdinand Romualdez Marcos addresses the 77th Session of the United Nations General Assembly at U.N. headquarters in New York, U.S., September 20, 2022. REUTERS/Amr Alfiky
Philippines’ President Ferdinand Romualdez Marcos addresses the 77th Session of the United Nations General Assembly at U.N. headquarters in New York, U.S., September 20, 2022. REUTERS/Amr Alfiky

President Ferdinand Marcos Jr. told the United Nations General Assembly (UNGA) on Wednesday (September 21) that he expects the county to be “moderately prosperous” by 2040.”

“With steady investment in food [security], public health, education, and other social services, we expect to become a moderately prosperous country by 2040,” he said. “I am confident that we will achieve this vision.”

Marcos also said that the Philippines was on track to a higher income status by 2023 despite the COVID pandemic, inflation and rising costs of food and fuel.

“Despite the challenges of the pandemic and the global economic upheavals, we remain on track to reach upper middle-income status by next year,” he remarked.

In his budget message, Marcos allotted P184.1 billion for the agriculture sector, P296.3 billion for the pandemic and health systems, P852.8 billion for the education sector, and P197.0 billion for social services.

During his first State of the Nation Address (SONA), Marcos Jr. said that the Philippine must become an “investment destination” that makes use of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law and other policies that loosen economic restrictions such as the Public Service Act and Foreign Investments Act.

In July, Socioeconomic Planning Secretary Arsenio Balisacan said that the Philippines will achieve upper middle-income status by 2024. But considering the impact of the pandemic, he anticipated that it will be delayed.

“Considering the impact of the COVID-19 pandemic, achieving that target will likely be delayed by a few years, even under the most optimistic projections for growth. In all likelihood, new disruptions and unforeseen events will emerge – circumstances, like the pandemic, that we cannot even imagine at this point.” he said.

Mark Ernest Famatigan is a news writer who focuses on Philippine politics. He is an advocate for press freedom and regularly follows developments in the Philippine economy. The views expressed are his own.

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