Marcos: PH ‘moderately prosperous’ by 2040




The Manila Times

Business Times

UNITED NATIONS: President Ferdinand “Bongbong” Marcos Jr. on Tuesday expressed confidence that the Philippines will be a “moderately prosperous” country by 2040, with steady investment in food security, public health, education and other social services. Addressing the 77th Session of the United Nations General Assembly here, Marcos said the Philippines remained on track “to reach upper-middle-income status by next year” despite the challenges it faced during the pandemic and the current global crisis. “With steady investment in food [security], public health, education and other social services, we expect to become a moderately prosperous country by 2040. I am confident that we will achieve this vision,” Marcos said. To be recognized as an uppermiddle-income economy, a country must reach the World Bank’s gross national income (GNI) per capita threshold of $4,256 to $13,205. In 2021, the Philippines’ GNI per capita rose to $3,640 from $3,430 in 2020 or at the height of the pandemic, according to the World Bank data. However, Marcos said it would be difficult for the Philippines to achieve this goal if the United Nations would not function well. “No nation stands alone. The achievement of our national ambition requires a global environment that creates conditions that allow all nations, including ours, to thrive in peace,” Marcos said. “We need the United Nations to continue to work. And we, the Philippines, are determined to be part of that solution,” he added. The President cited what the Philippines has done to build better ties with other countries. “The Philippines did not hesitate to donate to the Covax Facility that helped provide vaccines in many parts of the developing world. Multilateralism and international cooperation do make a difference,” Marcos said. “Filipino health workers were at the frontlines in many countries to curb the spread of the virus, risking and oftentimes sacrificing their own lives to save those of others,” he added. The President likewise believed that solutions to the different challenges were just around the corner. “We have always been an optimistic and courageous nation. Despite the enormity of these challenges, we believe that solutions are within our collective grasp,” he added. Meanwhile, Marcos said his administration would also invest in education to equip people with the tools they need to meet the challenges of the Fourth Industrial Revolution. He acknowledged that knowledge and discovery remain the keys to unlock the potential of our dynamic future and that encouraging the young people’s curiosity, honing their skills and protecting their intellectual properties are important investments. “Investments in education are key, and my administration is prepared to make such investments. The Philippines notes with appreciation the Transforming Education Summit held earlier this week at which these subjects were taken up,” Marcos said. “There is perhaps no greater renewable resource than the creativity and innovation of our young. We understand the value of harnessing our people’s talents by creating a robust and creative economy. We will continue to work with partners in promoting this at the international level,” he added.