Marcos Declares Philippines Shall Be 'Moderately Prosperous' by 2040 at UN
Speaking for the first time at the United Nations General Assembly, President Ferdinand "Bongbong" Marcos Jr. detailed some of his short-term and long-term plans for the Philippines in a 20-minute speech before the council.
“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.”
Currently, the World Bank sees the Philippines as a lower middle-income economy, joining the ranks of neighboring countries like Vietnam and Indonesia. For comparison, Southeast Asian countries like Malaysia and Thailand joined China in the upper-middle income country category.
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We may want to look at the Philippines' gross national income (GNI) for context. GNI is a good barometer for national development as it tracks the total income generated by a country's citizens around the world.
The Philippines' GNI per capita in 2021 remained below the $3,850 it achieved back in 2019. World Bank data from July 1 shows that the GNI per capita for the Philippines was at $3,640 in 2021. This was due, in large part, to the pandemic, which had the country's GNI per capita fall to $3,430 back in 2020. The new GNI threshold is at $4,256 to $13,205.
But Marcos stressed that the country remains on track to reach upper middle-income status by next year. The president claimed that this can be achievable through what he calls a "global environment."
“The achievement of our national ambition requires a global environment that creates conditions that allow all nations, including ours, to thrive in peace,” Marcos added. “We need the United Nations to continue to work. And we, the Philippines, are determined to be part of that solution.”
Among the other talking points of Marcos' speech included a "friendly" foreign policy, racism among immigrants and refugees, agriculture, and the country's bid for the Security Council.