Former President and House Speaker Gloria Macapagal-Arroyo envisions the Philippines as a first-world economy.
Arroyo, who made economic development as the centerpiece of her nine-year administration from 2001 to 2010, expressed hope that the Philippines would become an advanced economy or first-world country within this generation.
First world refers to high-income and industrialized nations such as the United States, Japan and Germany. The Philippines is currently ranked as a middle-income economy, but the National Economic and Development Authority predicts that the country will attain the upper middle-income status by 2022.
Upper middle-income countries have gross national income (GNI) per capita of more than $4,000. The next step is advanced or first-world countries―those with GNI per capita income of $12,700 or more.
The 38 quarters of economic growth under the Arroyo administration from 2001 to 2010 lifted the country’s per capital income. The Philippines also survived the global financial crisis with stronger finances during her term.
Arroyo said she would like to see the Philippines become a first-world country in her lifetime, replicating the feat of her father, the late President Diosdado Macapagal, whose term saw the Philippines become the second richest Asian nation after Japan.