The Philippines is on track to achieving upper middle-income country status next year, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said Thursday.
Balisacan made the statement during the signing of a new six-year partnership between the Philippine government and the Asian Development Bank (ADB) to advance the country’s development agenda.
“The Philippines is on track to achieving upper middle-income country status, and it is imperative that the gains from our economic growth are felt by all Filipinos. As the CPS [country partnership strategy] was formulated through comprehensive consultations with NEDA and other government agencies, we are confident that the strategies outlined are aligned with the PDP, effectively guiding our efforts to address socioeconomic and regional disparities, enhance resilience, and foster a more inclusive and equitable economy,” said Balisacan.
The ADB CPS for 2024-2029 will focus on strengthening human development, boosting economic competitiveness and quality infrastructure and sustaining natural resources and ecosystems while enhancing disaster resilience.
ADB president Masatsugu Asakawa, who earlier announced his resignation effective Feb. 23, 2025, reaffirmed the ADB’s strong commitment to supporting the Philippines’ economic and social transformation through the new CSP. “Building on our shared successes, I am confident that together we will achieve remarkable progress in this new chapter of our partnership,” he said.
The ADB, the second-largest source of official development assistance (ODA), has made a total net commitment of $8.84 billion, comprising 26 ODA loans and 23 ODA grants to the Philippines.
Meanwhile, NEDA said the government is committed to enhancing critical infrastructure, promoting human and social development and strengthening community resilience against environmental hazards to achieve the nation’s long-term vision of a strongly rooted, comfortable and secure life for all Filipinos.
Balisacan, speaking during the 60th World Planning Congress (WPC), discussed how the government utilizes development planning as a strategic tool to advance the country’s collective vision for inclusive development, known as the Ambisyon Natin 2040.
“The Philippines stands at a critical juncture, with the opportunity to protect the gains made and to enhance the economy’s potential for rapid and inclusive growth toward the AmBisyon,” said Balisacan.
Balisacan emphasized the importance of promoting human and social development by creating livable communities that provide individuals and families with access to food, healthcare, education, social protection, and quality employment opportunities.
