Philippines Aims to Become Upper-Middle Income Country by 2026

Lakas-Christian Muslim Democrats (Lakas-CMD) president, Leyte 1st district Rep. Martin Romualdez stated that the House of Representatives will support the Marcos administration's goal of elevating the Philippines to upper-middle income country status by late 2025 or 2026. Romualdez, the former House Speaker, shared optimism with Department of Finance (DOF) Secretary Ralph Recto that the country could achieve this status based on World Bank data and economic performance.

Romualdez pledged to prioritize legislative measures in the 20th Congress to maintain the country's progress towards this goal. He emphasized the importance of creating a policy environment that promotes job creation, income growth, and economic benefits for all sectors of society.

He highlighted the need for legislative focus on inclusive growth, enhanced public services, and investments in infrastructure, digitalization, and human capital development. Romualdez also stressed the importance of measures to strengthen food security, improve healthcare and education access, and expand infrastructure through the Build Better More (BBM) program.

He reiterated his commitment to align legislative efforts with President Ferdinand Marcos Jr.'s vision for a better Philippines, aiming for an economy that benefits all Filipinos. Romualdez pointed out that the Philippines is currently classified as a lower-middle income country but is nearing the upper-middle income threshold.

He emphasized the importance of the 2026 national budget in advancing the administration's development goals, focusing on poverty reduction, addressing inequality, and enhancing government services. Romualdez highlighted the role of responsible budgeting in driving inclusive and sustainable development.

He expressed confidence in the House's collaboration with the administration to pass laws that support these objectives while considering inflation risks and fiscal sustainability. Romualdez stressed that the ultimate goal is to ensure that economic growth translates into tangible improvements in people's lives.

The 20th Congress, covering 2025 to 2028, is crucial for advancing the country's development goals during the latter part of President Marcos' term.