A United Nations-supported strategic action plan to help drive development in middle-income states was formally adopted yesterday in the Philippines.
The Makati Declaration came out following the two-day High-Level Conference of Middle-Income Countries (HLC-MICs) hosted by the Philippine government at the Makati Shangri-La Hotel from April 28 to 29.
The outcome document endorses recommendations to help MICs achieve sustainable growth and avoid falling into the so-called “middle-income trap,” among others.
It outlines key priorities, including financing for development, establishing metrics that effectively measure development beyond the traditional GDP, and debt sustainability.
The declaration covers climate action and finance, digital transformation, gender equality, and social protection. It also seeks to advance the role of MICs in the development dialogue within the UN system.
Despite experiencing rapid economic growth, Foreign Affairs Secretary Enrique Manalo said MICs continue to face challenges such as inequality, unemployment, and the devastating effects of climate change.
“The road ahead will include ensuring that the needs of MICs are recognized and addressed in various UN processes,” he said in a press conference.