00:00President Ferdinand R. Marcos Jr. believes that the Philippines can use its upper-middle-income country status this 2025.
00:08Alvin Baltasar of Radyo Pilipinas in Detail.
00:14President Ferdinand R. Marcos Jr. believes that the Philippines can use its upper-middle-income country status this 2025.
00:23In a traditional speech of Van den Oor in his palace this past Saturday,
00:27the President said in front of the diplomatic community that in showing the strong macroeconomic fundamentals of the country,
00:34they believe that the Philippines can reach the current level of the country's income.
00:40With strong macroeconomic fundamentals, we are confident that the country will be able to hit this year
00:47the GNI per capita range set for us by the World Bank to reach the upper-middle-income status country,
00:56coming off from an all-time high record registered in 2023 to the tune of US$4,335.
01:07The President also praised the good economic status of the Philippines, which is considered to be the strongest in Asia,
01:15which rose 5.8 percent for the first three quarters of 2024,
01:19a reason to boost the performance of other countries in the Asian region.
01:25This is proven by the high gross domestic product after 27 years of falling to 16.7 percent.
01:32And the revenue collection for 2024, which reached US$4.42 trillion, is a big deal.
01:41The Philippine economy remains among the strongest in Asia,
01:45expanding 5.8 percent for the first three quarters of last year,
01:50and outstripping performances of some peers in the Asian region.
01:55Our revenue collection for 2024 is about US$4.42 trillion,
02:01accounting for 16.7 percent of our GDP.
02:05And this is the highest figure in the last 27 years.
02:09Despite the President's praise for the country's first-ever credit A rating from S&P Global Ratings,
02:16unemployment rate dropped to 4.0 percent,
02:21which is even lower than the 4.4 to 4.7 percent target,
02:26and the reason for this is the strengthening of the labor market.
02:31For Balintang Pambansa, Alvin Baltazar of Radyo Pilipinas.
