Upgrading to the upper-middle income status remains achievable if the country will focus on improving the agriculture sector and its human capital, according to Socioeconomic Planning secretary Karl Chua.
The National Economic and Development Authority said the government continues to strive to achieve the 2040 vision where everyone is living in a more comfortable middle-class society.
Chua said this could be done by improving the agriculture industry and human capital.
He added, “The Philippines has great potential, but to sustain our next level of development, we have to innovate and further improve the way we do things.”
According to Chua, the Philippines should gradually shift to a new framework where ideas are coming from within the country and contributed by its human resources.
This compares to the current set-up where the Philippines is simply assembling products and using ideas generated by other countries.