The Philippines’ largest business group is confident that the country can achieve upper-middle-income status as early as 2025.
“Achieving upper-middle-income status is a goal we all want to realize as soon as possible,” said Philippine Chamber of Commerce and Industry president Enunina Mangio.Recent data show promising growth, with GNI expanding by an average of 9 percent to 10 percent since 2021. However, achieving the desired status will require consistent annual GDP growth of 7 percent.
The government’s role is crucial in tackling issues related to the ease and cost of doing business, including transportation and logistics costs, power supply reliability, and streamlining permit and licensing processes. The true measure of success lies in translating upper-middle-income status into tangible benefits for the Filipino people. This means creating income-generating jobs not just in urban centers but also in rural areas, where poverty rates remain significantly higher at 36 percent compared to 13 percent in urban areas.