Philippines to be ‘moderately prosperous’ by 2040: Marcos

The Philippines has 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, he said.

Daphne Galvez

Daphne Galvez

Philippine Daily Inquirer


September 21, 2022

MANILA — The Philippines may be a “moderately prosperous” country by 2040, President Ferdinand “Bongbong” Marcos said on Tuesday (Wednesday Manila time) in his 20-minute statement before the 77th session of the United Nations (UN) General Assembly.

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,” he said. “I am confident that we will achieve this vision.”

He also touted how the Filipinos have been making significant strides in its three-decade journey to sustainable development.

The President admitted, however, that the Philippines would need help in achieving this goal, through a “global environment” that allows every nation to thrive.

“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.”

According to the World Bank, the Philippines remained a lower middle-income economy for this fiscal year.

Marcos said the Philippines made efforts to build better ties with other countries, saying multilateralism and international cooperation “do make a difference.”

“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,” he 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.

He also believed that solutions to the different challenges were just within grasp.

“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.

Marcos was the first Southeast Asian leader to take the podium and deliver his statement during the general debate. He was the second speaker in the afternoon session of the General Assembly.

This marks his first UN engagement after he took his oath as the Philippines’ Chief Executive.

The UN General Assembly is only among his engagements during his six-day working visit to the United States.

In the following days, he is expected to meet with some world leaders and American businessmen.

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