The Philippines has a moderate chance of achieving more than US$6,000 gross national income (GNI) per capita by 2028, according to the Philippine Statistics Authority (PSA).
The projection is based on the 2024 Statistical Indicators on Philippine Development (StatDev), a tool tracking the progress of the government’s economic and social development goals outlined in the Philippine Development Plan (PDP) 2023-2028.
The 2024 StatDev report assesses 439 regular indicators across 14 sectoral chapters of the PDP and 10 headline indicators. The framework serves as an early warning system, highlighting areas where the country is on or off track in meeting its end-of-plan (EOP) targets.
“In 2024, the country’s GNI per capita increased by 3.5 percent to $4,470 from 2023’s $4,320, which shows medium likelihood of attaining the EOP target of $6,044 to $6,571,” the PSA said.
Based on the latest data, only 247 out of 439, or 56.3 percent, of the indicators assessed show a medium to high likelihood of achieving the EOP targets. Among the 14 development sectors evaluated, five demonstrated strong performance, while six showed average progress, the PSA said.
The PSA noted that the gross domestic product (GDP) slightly increased to 5.7 percent in 2024 from 5.5 percent in 2023. “However, the Philippines remains slightly far from hitting its EOP target growth rate of 6.5 percent to 8.0 percent,” it said.
In terms of food inflation, which decreased to 4.5 percent in 2024 from 8.0 percent in 2023, the downward trend indicates a high chance of achieving the EOP target of 2.4 percent to 4.0 percent, the PSA said.
Headline inflation, which tracks changes in the cost of living, declined to 3.2 percent in 2024 from 6.0 percent in 2023, already falling within the EOP target range of 2.4 percent to 4.0 percent, it said.
The PSA said the unemployment rate dropped to 3.8 percent in 2024 from 4.4 percent in 2023, surpassing the lower limit of the desired range of 4.0 percent to 5.0 percent.
The percentage of wage and salary workers in private establishments to total employed workers slightly picked up to 50.9 percent in 2024 from 49.9 percent in 2023. This improvement shows a high likelihood of achieving the EOP target of 53.0 percent to 55.0 percent, it said.
The national poverty incidence, or the proportion of poor Filipinos whose per capita income is not sufficient to meet their basic food and non-food needs, was recorded at 15.5 percent in 2023. “With an end goal of 8.8 percent to 9.0 percent, the latest report indicates a high likelihood of attaining the EOP target,” the PSA said.
Latest data show an increase of 0.6 percent in national government debt stock as a percentage of GDP, to 60.7 percent in 2024 from 60.1 percent in 2023. “Despite the undesired increase, there is still medium likelihood that the EOP target of between 48.0 percent to 53.0 percent will be met,” the PSA said.
