Employers confident PH can attain upper middle class income status by 2025

THE Employers Confederation of the Philippines (ECOP) expressed confidence that the Philippines can reach upper middle-class income status by 2025 through the support of the Japanese government.

In a press briefing on Monday, February 13

ECOP President Segio Ortiz Luis said the $13 billion worth of investment pledge from Japan will help boost the Philippine economy and generate around 24,000 jobs for Filipinos.

He was referring to President Ferdinand “Bongbong” Marcos Jr.’s visit in Japan from Feb. 8 to 12, 2023. Marcos met Japanese Prime Minister Fumio Kishida along with 1,300 private investors and discussed the improved climate and investment environment.

“It is not impossible for that to happen,” Ortiz said.

He said the Japanese private sector representatives, along with about 240 Filipino business companies who were also part of the business delegation, were “excited to invest” in the Philippines.

“There are about 300,000 overseas Filipino workers in Japan, and they are treated very well. That is why OFWs don’t have a problem there. All of the hotel employees are OFWs, and the Japanese employers like them. So these 24,000 future jobs, this is not impossible,” he said.

The Philippines is currently classified as a lower middle-income economy by the World Bank. Its latest gross national incomes per capita rose from $3,430 in 2020 to $3,640 in 2021. (ManilaTimes.net) n