00:00We have been in low, we were still in the lowest strata of the middle income economy since 1987.
00:10And it is just as well that it is about time that we move up that strata.
00:16We have changed that category somewhat.
00:19We certainly still have ways to go, but I think that in terms of economic growth,
00:29and in terms of being able to identify the sectors in our economy,
00:34and in our government as well, that need to be amended, that need to be modified, that need to be
00:42modernized really.
00:44And that I think that is what led to the World Bank giving us that recognition.
00:50Now that changes the rules a little bit for us,
00:53because we have to become less dependent on just straight out the foreign grants for example.
01:02I do not worry, we were discussing this earlier today,
01:06and I don't think that it will lead to an increase in interest rates for loans for example,
01:13but we do believe the effect will be on the grants that are given.
01:16But nonetheless, that means in a way that can be interpreted as the World Bank saying you no longer need
01:24that.
01:25And we will replace that with investment.
01:27And that I think is a very, very important development for the Philippines and its economy.
01:44Thank you for having me.
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