REELECTED Leyte 1st District Rep. Ferdinand Martin G. Romualdez today vowed to push for inclusion in the legislative agenda of the House of Representatives measures to reinforce the national goal of achieving upper-middle income (UMIC) status for our country by late 2025 or 2026.
Rep. Romualdez, Speaker of the recently concluded 19th Congress, shared Finance Secretary Ralph Recto’s optimism that the country could reach UMIC status by the end of this year or in 2026, based on data from the World Bank and the country’s economic performance.
“I will espouse legislative priorities that would help sustain this momentum,” said Rep. Romualdez. “Our goal is to create a policy environment that supports job creation, raises incomes, and ensures that economic gains are felt across all sectors of society.”
To achieve this end, he said the 20th Congress – which opens later this month – should focus on measures that “promote inclusive growth, improve public services, and support investments in infrastructure, digitalization, and human capital development.”
It is also crucial, Rep. Romualdez said, for legislative priorities to include measures that strengthen food security, increase access to affordable healthcare and education, and expand infrastructure development through the Build Better More (BBM) program.
“In support of President Ferdinand Marcos Jr.’s vision for a Bagong Pilipinas, I and our allies in the House would work to ensure every law we pass brings us closer to an economy that works for all Filipinos,” said Rep. Romualdez, president of Lakas-CMD—the biggest political bloc in the House comprising about a third of the chamber.
According to the World Bank’s latest classification, the Philippines remains in the lower-middle income (LMIC) category with a gross national income (GNI) per capita of USD4,470 in 2024.
This figure surpassed the lower end of the government’s 2023-2028 target and brought the country closer to the UMIC threshold of USD4,496.
The Marcos administration has also projected in its 2024 Philippine Development Report that the country could attain upper middle-income status by 2025 or 2026, “driven by strong economic performance and sound fiscal policies.”
Rep. Romualdez added that the House should work closely with the Department of Budget and Management (DBM) to ensure that the 2026 national budget – set at P6.793 trillion – will serve as a key tool to accelerate progress toward the Marcos administration’s medium-term development goals.
“We want the national budget to reflect our shared goals of lifting more Filipinos out of poverty, closing inequality gaps, and making government services more efficient and accessible,” he said.
He added that such spending, when properly implemented, can stimulate domestic demand and protect purchasing power, particularly in rural and low-income communities.
“Sound budgeting and responsible legislation go hand in hand. The House is committed to supporting the executive’s fiscal roadmap and ensuring that resources are directed toward inclusive and sustainable development,” Rep. Romualdez said.
He expressed confidence that the House would continue working with the administration to pass measures supporting these objectives, while being mindful of inflation risks and fiscal sustainability.
“Achieving upper-middle income status is a meaningful milestone, but more important is ensuring that growth leads to tangible improvements in the lives of our people,” he said.
“We are committed to legislation that enables broad-based progress and economic security for all Filipinos.”
