'Strong middle class key to long-term growth'

The country will need to take advantage of global megatrends like digitalization and climate change to strengthen its middle class and achieve the long-term goal of ending poverty, according to the National Eco- nomic and Development Authority (NEDA).

- LOUELLA DESIDERIO

Speaking at the 10th Annual Public Policy Conference, NEDA Secretary Arsenio Balisacan said the government aims to expand the country's middle class as it recognizes the group's role in driving economic growth.

"By leveraging global megatrends, we aim to build resilience among Filipinos and expand the middle class, a crucial component of our nation's long-term development vision as articulated in AmBisyon Natin 2040," he said.

The country's collective long term vision is for a Philippines with a predominantly middle-class society, where poverty is eradicated and every Filipino enjoys a life of dignity and opportunity.

Citing data and studies from the Philippine Institute for Development Studies and the Philippine Statistics Authority, Balisacan said the middle class constitutes approximately 40 percent of the Philippine population, with monthly family incomes ranging from P21,200 to P131,500.