The recent classification of the Philippines as an upper-middle-income country (UMIC) should spur more investments in human capital, such as education and healthcare, to help young Filipinos realize their aspirations and contribute to long-term economic growth, according to concerned organizations on Thursday. The Commission on Population and Development (CPD) and the United Nations Population Fund (UNFPA) issued the call in a joint statement reported by BusinessWorld.
CPD and UNFPA emphasized that the UMIC status presents an opportunity to prioritize investments in education, health, and social protection for the youth. They noted that the country's demographic dividend — a large working-age population — can be fully harnessed only if young people are equipped with the necessary skills, health, and opportunities.
The organizations urged the government to allocate more resources to human capital development to ensure inclusive and sustainable growth. They also highlighted the need for policies that address poverty, malnutrition, and access to quality education and healthcare, which are critical to sustaining the country's economic trajectory.