23 hours Ago By Tatiana Maligro
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rapplerAds.displayAd( "mobile-middle-1" );MANILA, Philippines – The Philippines and 18 other countries agreed to champion the development interests of fellow middle-income countries (MICs) amid the protectionist policies of wealthier economies.The 19 countries adopted the Makati Declaration during the High-Level Conference of Middle-Income Countries on Tuesday, April 29.
The document outlines proposals to adopt measures to use other metrics other than gross domestic product (GDP), as well as improve access to climate financing. It also includes other strategies that will help them overcome the so-called “middle income trap,” a period of stagnation that prevents countries from achieving high-income status.Must Read ‘Outdated metrics must go’: Manila to host middle income countries conference The World Bank earlier said the Philippines may reach upper-middle income status by 2026 or 2027.
Aside from the Philippines, the coalition includes the following countries:ArmeniaBelarusChileColumbiaCosta RicaDominican RepublicEcuadorEl SalvadorGuatemalaHondurasJamaicaLebanonMexicoMoroccoNamibiaPanamaPeruUruguayDepartment of Economy, Planning, and Development Secretary Arsenio Balisacan said the move affirms the countries’ shared experiences as MICs.“In this context, the Philippines emphasizes the urgent need for deliberate, sustained reforms and enhanced international cooperation to help MICs avoid stagnation and transition successfully to high-income status, enabling economic dynamism and shared prosperity,” he said in a speech.The adoption of the Makati Declaration comes after United States President Donald Trump slapped retaliatory tariffs on several countries, including a 17% duty on Philippine goods.
While Trump paused the effectivity of these levies, he further raised tariffs on Chinese goods to around 145%.For Balisacan, the pact allows countries to shape their own future and help each other overcome common obstacles such as geopolitics, structural inequality, and external debt burdens.“We are confident that through continued dialogue and collective leadership, middle-income countries can usher in a new era of global partnership — one rooted in sustainable progress, genuine inclusion, and long-term development,” the socioeconomic planning chief said.
According to the Department of Foreign Affairs, around 100 countries are MICs. This represents around 75% of the global population and 35% of global GDP. – Rappler.
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