Category: Business Mirror

Philippine Sports Commission (PSC) chairman Patrick ‘Pato’ Gregorio (left) and Manila City Mayor Francisco ‘Isko’ Moreno Domagoso scrutinize the plans at City Hall on Wednesday for the proposed redevelopment of the Rizal Memorial Sports Complex (RMSC), aligning on a shared vision to transform the historic site into a world-class hub for sports, heritage and public engagement ahead of the Philippines’s hosting of the 2027 Southeast Asian Plus Youth Games.

The Luzon Economic Corridor (LEC) is gaining traction, almost two years after I wrote about it in this paper.

The LEC has now drawn interest from Australia, Canada, Denmark, France, Italy, South Korea, Sweden and the United Kingdom, after being initially backed up by the United States and Japan.

The expanded partnership is an ominous sign that the big infrastructure initiative will be a big success and a major job creator in the regions it covers.

The LEC is an ambitious project that seeks to accelerate infrastructure and industrial development along a key corridor linking Subic Bay, Clark, Metro Manila and Batangas province.

It is the first Partnership for Global Infrastructure and Investment (PGI) corridor in the Indo-Pacific region that aims to boost economic growth, enhance supply chain resilience and create high-quality jobs.

I am personally bullish on this initiative because it will greatly boost connectivity from Subic Bay to Batangas through massive investments in rail, energy, digital systems and manufacturing.

Finance Secretary Frederick Go, who co-chairs the LEC Steering Committee, summed it up. The Philippines is building an infrastructure network that ‘will improve daily life for millions of Filipinos and create new opportunities for businesses, industries and communities.’

The participation of more countries in the initiative is a vote of confidence on the administration of President Ferdinand Marcos Jr. The new partners have committed specific technical and financial resources to ensure the corridor’s success.

Australia, for one, is mobilizing investments through its Manila Deal Team, backed by a P1.9-billion partnership for inclusive growth. Denmark is aiming to create 10,000 jobs by revitalizing the Philippine shipbuilding industry and advancing green maritime innovation.

France, for its part, is financing the construction of 100 bridges and boosting industrial capacity through a foreign direct investment project in the aeronautics sector.

Italy, meanwhile, is funding private sector investments in semiconductors, transport and manufacturing.

South Korea is providing a P1.5-billion grant for the National Cyber Security Center and supporting the Ninoy Aquino International Airport (NAIA) modernization.

I was not expecting the early success of the LEC. But our foreign partners clearly saw the big potential of this infrastructure project.

Sweden is funding a P74-million feasibility study for the signaling systems of the Subic-Clark-Manila-Batangas freight railway. Sweden Ambassador to the Philippines Anna Ferry saw the LEC as a great opportunity for her country to contribute to the Philippines’ development and competitiveness.

The UK, on the other hand, is deploying its Growth and Investment Partnerships (GIP+) toolkit, providing up to P411 billion in export finance for infrastructure and energy.

US Senior Advisor for Economic, Energy and Business Affairs Ambassador Heather Variava describes the expanded partnership and new commitments as a sustainable alternative to traditional infrastructure models in the region.

‘This initiative is creating real opportunities…while countering exploitative infrastructure practices with a better alternative,’ says Variava.

Japanese Ambassador to the Philippines Endo Kazuya is also bullish on the LEC. The LEC, in his own words, is expected to create thousands of high-quality jobs and strengthen regional supply chains, positioning the Philippines as a critical link in the Indo-Pacific’s economic architecture.

Digital connectivity and advanced manufacturing initiatives serve as the key aspects of the corridor. These projects will position the LEC as a strategic link in global technology supply chains and complement the Pax Silica initiative, to which the Philippines, Japan and the US are also signatories.

The Pax Silica initiative is a US-led coalition of 13-plus countries designed to secure AI, semiconductor and critical mineral supply chains. The economic bloc may have a geo-political undertone because it focuses on countering China’s tech-manufacturing dominance.

But economic alliances have their own merits and are productive. The LEC, as I wrote earlier, is about a new growth corridor, infrastructure, jobs, urban decongestion, economic inclusion, green energy and logistics.

Any initiative that creates jobs and reduces the poverty incidence in the Philippines is always welcome.

London, United Kingdom-The World Intellectual Property Day was celebrated last April 26, 2026 with the theme ‘IP and Sports: Ready, Set, Innovate.’

In 2000, World Intellectual Property Organization (WIPO) member states designated April 26-the day on which the WIPO Convention came into force in 1970-as World Intellectual Property Day with the aim of increasing the general understanding of intellectual property (IP).

The WIPO is the United Nations agency that serves the world’s innovators and creators, ensuring that their ideas travel safely to the market and improve lives everywhere.

World IP Day offers a unique opportunity to join with others around the world to consider how a balanced IP system helps the global arts scene to flourish and enables the technological innovation that drives human progress.

WIPO noted that ‘Sports aren’t just about the game-they intersect with fashion, entertainment, media, health, gaming and consumer goods.’

IP such as patents, designs, trademarks, and copyrights, incentivizes innovation and enables cross-industry connections with sports, sparking creativity, technological advancement and economic growth.

World IP Day 2026 celebrates how creativity and innovation, backed by IP rights, keep the world of sports thriving, dynamic and accessible for everyone, everywhere.

Patents encourage technological advances that result in better sporting equipment. From the sports shoe to the swimsuit and the tennis racket to the football, sports technologists have applied their ingenuity, creativity and expertise to develop better and safer equipment in the quest for sporting excellence.

Trademarks, brands and designs contribute to the distinct identity of events, teams and their gear. Brands are critical for creating business value, and the sports business is no exception. Strong brands command customer loyalty and premium prices, constituting valuable assets that drive company revenue and growth. Copyright-related rights generate the revenues needed for broadcasters to invest in the costly undertaking of broadcasting sports events to fans worldwide.

IP rights are the basis of licensing and merchandising agreements that earn revenues to support the development of the sports industry.

I attended a briefing by the International Olympic Committee (IOC) IP team during the recent 2026 annual meeting of the International Trademark Association (INTA) held in London, United Kingdom from May 2 to 6, 2026. INTA is a global, non-profit member organization of brand owners and intellectual property (IP) professionals. Based in New York, it supports trademark development, advocates for policy changes, provides education, and hosts major industry events, including an annual meeting with over 10,000 participants.

The symbols of the Olympic Games are of inestimable value, symbolizing spirit, unity, and athletic excellence on a global stage.

The Olympic Properties refer to the Olympic symbol, flag, motto, anthem, identifications (including ‘Olympic’ or ‘Olympic Games’), and any musical, audio-visual or creative works created in connection with the Olympic Games. The Olympic Properties benefit from extensive legal protection as they are vital to securing the financial sustainability essential for hosting the events.

The Olympic Properties are protected internationally by IP rights, such as registered designs, copyright, trademarks and other rights protecting intangible assets linked to the Olympic Games.

The IOC is a non-profit organization that uses the revenue generated from the exploitation of the IP rights associated with the Olympic Games to assist athletes and develop sports worldwide and to organize the Olympic Games.

Protecting the integrity of the Olympic Properties is crucial to the viability of the Olympic Movement. Otherwise, the IOC’s ability to generate revenue would be in jeopardy and, consequently, the IOC’s and the corresponding National Olympic Committees’ support to the sports world would be compromised.

The trademarks benefit from a broader protection including against the use of goods and services that are not similar to the goods or services for which they are protected, if such use, without due cause, takes unfair advantage of, or is detrimental to, the distinctive character, the repute, or notoriety of the prior trademarks.

This includes ambush marketing, which is an ‘advertising strategy established by a company in order to associate its commercial image with an event and therefore to take advantage of the media impact of this event without paying the related rights and without having obtained prior authorization from the event organizer.’

HOUSE of Representatives prosecutors are tapping private lawyers to bolster their case in the Senate impeachment trial of Vice President Sara Z. Duterte, with both teams now on standby as proceedings move closer, the trial spokesperson said on Wednesday.

House trial spokesperson Zia Alonto Adiong confirmed that private prosecutors have been engaged to assist the House panel, signaling an expanded legal team ahead of the high-stakes trial.

‘There are also private prosecutors… they’re very ready,’ Adiong said, though he declined to disclose their identities or law firms prior to the formal start of proceedings.

Adiong, who represents Lanao del Sur, stressed that both the House prosecution panel and its private legal partners are prepared to comply with the timeline set by the Senate, which has already convened as an Impeachment Court.

Based on the adopted schedule, the process will begin with the issuance of summons to Duterte, followed by the submission of her answer and other pleadings before the pre-trial and trial proper, which could start as early as June.

Adiong said the inclusion of private lawyers forms part of the prosecution’s preparation to ensure readiness once the Senate calls the case.

‘They want to remain compliant with the Senate. Anytime they are called, they are ready,’ he said, adding that the legal teams are already on standby.

The impeachment case against Duterte covers allegations involving confidential funds, unexplained wealth, bribery, and grave threats, which the prosecution is expected to present before senator-judges.

Despite refusing to provide details about the private lawyers, Adiong emphasized their readiness to step in when needed. Adiong also reiterated that the impeachment trial should proceed under the Senate’s set process unless halted by a Supreme Court ruling, noting that the chamber has already received the Articles of Impeachment and adopted a trial timeline.

‘The ball has already rolled,’ he said, stressing that the Senate now carries the constitutional duty to try and decide the case.

He added that the public will be closely watching how the proceedings unfold, especially with the prosecution reinforcing its ranks through private legal support. Meanwhile, Adiong said the House prosecution panel is considering holding regular press briefings during the impeachment trial of Duterte to help the public better understand the proceedings and avoid confusion over legal issues raised before the Senate impeachment court.

Adiong said the prosecution team is preparing for the likelihood of long trial days, intense public scrutiny, and sustained media interest as the case moves forward.

He noted that while the exact format is still under discussion, he personally supports regular briefings, especially given the high public interest in what is considered one of the country’s most closely watched political and constitutional proceedings.

Adiong explained that regular briefings would help ensure accurate reporting and provide media partners the opportunity to raise questions that could lead to clearer and more comprehensive public understanding.

Uphold accountability

THE Bible Believers League for Morality and Democracy (Biblemode) International meanwhile called on the Senate to promptly begin the impeachment trial of Duterte, stressing the need to uphold constitutional accountability over political considerations.

The group said the House has already fulfilled its mandate after finding probable cause and approving the impeachment complaint by a vote well beyond the constitutional requirement.

The statement was transmitted through a May 19 letter to Speaker Faustino Dy III by Manila Rep. Bienvenido Abante Jr., Biblemode president and one of the endorsers of the fourth impeachment complaint. Abante also serves as a Baptist Church bishop.

Biblemode officers and members from various Bible Baptist churches nationwide signed the statement, expressing unified

support for the immediate continuation of the impeachment process.

The House earlier voted 257-25-9 to impeach Duterte and transmitted the case to the Senate, which has since convened as an impeachment court.

Biblemode emphasized that the trial must be conducted impartially, based on evidence, applicable laws, and jurisprudence-free from political pressure or public opinion.

The group urged the Senate to act swiftly, invoking the principle that ‘justice delayed is justice denied.’

THE Organisation for Economic Co-operation and Development (OECD) has come out in late 2024 with a report on the Philippines’s capital market. The findings include that the the Philippines ranks low on corporate governance rankings compared to peer countries and its public capital markets are underdeveloped.

In addition, the OECD found there’s slow activity and high costs in equity and corporate bond markets in the Philippines. Overall, bank and capital markets financing of non-financial sector are low compared to peer countries, the OECD further wrote.

It’s not that we don’t know what ails our capital market. We know; and our regulators and financial market practitioners do have proposed solutions. The OECD report, however, is a third-party validation of our market’s deficiencies, and prods us to greater urgency.

In response, a volunteer working group of representatives from the Capital Markets Development Foundation Inc. (CMDFI), the Institute of Corporate Directors (ICD), the Financial Executives Institute of the Philippines (Finex) and the Center for Research and Communications (CRC), has taken the initiative to conduct a round of consultations with major capital market stakeholders to identify actionable reforms.

The Securities and Exchange Commission (SEC) is being kept posted and the results of the consultative should eventually be made part of an updated ‘Capital Market Development Blueprint’ to be prepared by the SEC itself.

The broad major tasks that the OECD report identified include: improving corporate governance; facilitating access to public equity market; increasing stock market liquidity; facilitating market-based long-term financing via corporate bonds; and, deepening investor base.

These major tasks have to be translated to specific projects or undertakings and, more importantly, assigned to particular stakeholders for accomplishment. The focus is on so-called ‘low-lying fruits’ which are more easily doable immediately. The process of consultations ensures that all major stakeholders have been heard and are on board the reform program. Suffice it to say that there has been a commendable agreement of thinking on the urgency for action.

We give attention to the capital market because significantly, it provides the facilities and network for business enterprises and the government to raise long-term funds from investors. Moreover, capital market financing complements and balances the bank financing which presently dominates the financing of businesses.

Capital raised at the Philippine Stock Exchange (PSE) in 2021 was P234.48 billion, a record high. This year 2026, the amount is a very modest P175 billion (projected). It is however in and through government securities where the capital market plays a much larger role. The capital market enables the government, through the National Treasury, to do repetitive and recurring fund-raising activities that are so essential to government operations. Weekly auctions to sell government securities are part of the regular financing of government’s revenue shortfalls.

For example, national government borrowings in 2026 are budgeted at P2.68 trillion, P2.1 trillion or 78 percent of which represents domestic borrowing through Treasury bonds and bills. That’s the magnitude of funds raised by government from the capital market.

From another perspective, the national government’s debt-to-GDP ratio, which is the common metric used to determine a ‘safe’ government debt load, has increased from a low of 39.6 percent (2019) to a high of 65.2 percent (March 2026).

The Philippines could trim its dairy imports as the country’s milk self-sufficiency ratio (SSR) is projected to rise to 3.3 percent this year, according to the National Dairy Authority (NDA).

NDA Administrator Marcus Antonius Andaya said the agency is banking on dairy herd expansions through its stock farms and feed centers to expand local milk output.

‘Our goal for this year is 3.3 percent (sufficiency), and we’re confident that we can hit that through the arrival of imported animals and our operational stock farms and feed centers,’ Andaya told reporters in a recent interview.

He said reaching the 3 percent milk SSR will be ‘good enough,’ since raising it to 1 percent ‘took 30 years in the making.’ The NDA is targeting to increase milk SSR to 5 percent by 2028.

‘If we get 3 percent in 2026, then 4 percent in 2027, then 4.5 percent by 2028, that’s not bad. We shoot for the moon, then still land among the stars (if we narrowly miss the goal).’

The projected rise in SSR, which determines the extent to which local production can meet its domestic requirement, also corresponds with the adjustment in NDA’s forecast for milk output this year.

For 2026, the agency is targeting another all-time-high milk output of 53 million liters, up from last year’s record of 43.3 million liters.

The outlook is partly anchored on the arrival of 1,600 heads of Holstein-Jersey cattle from Australia, which Andaya said, could arrive in October.

Of this, he said 800 heads were procured from its 2025 budget, while the remaining were purchased through this year’s funding. Meanwhile, Andaya said the dairy industry was not excluded from the rippling effects of the Middle East war, citing an increase in animal costs abroad.

He noted that each dairy now animal costs around P220,000, higher than the pre-crisis rate of P180,000.

Currently, the NDA chief said the agency is operating four stock farms in the country, which were established in General Tinio, Nueva Ecija; Ubay, Bohol; Prosperidad, Agusan del Sur; and Carmen, Cotabato. He added that another stock farm in Malaybalay, Bukidnon, is set to be completed and operational this year. Each 50-hectare farm with a capacity of 150 heads costs P50 million.

Andaya said the agency is seeking a budget of P1.5 billion for 2027 to build additional stock farms, three of which will be in Sorsogon, Baguio, and Negros.

The purpose of a stock farm is to breed, grow, and acclimate imported dairy animals before distributing them to Dairy Multiplier Farms (DMFs) and eventually to local farmers. Government data showed that the country’s milk production rose by 6.47 percent to 11.79 million liters in the first quarter of 2026 from 11.07 million liters recorded in the same period last year.

The Luzon Economic Corridor (LEC) is gaining traction, almost two years after I wrote about it in this paper.

The LEC has now drawn interest from Australia, Canada, Denmark, France, Italy, South Korea, Sweden and the United Kingdom, after being initially backed up by the United States and Japan.

The expanded partnership is an ominous sign that the big infrastructure initiative will be a big success and a major job creator in the regions it covers.

The LEC is an ambitious project that seeks to accelerate infrastructure and industrial development along a key corridor linking Subic Bay, Clark, Metro Manila and Batangas province.

It is the first Partnership for Global Infrastructure and Investment (PGI) corridor in the Indo-Pacific region that aims to boost economic growth, enhance supply chain resilience and create high-quality jobs.

I am personally bullish on this initiative because it will greatly boost connectivity from Subic Bay to Batangas through massive investments in rail, energy, digital systems and manufacturing.

Finance Secretary Frederick Go, who co-chairs the LEC Steering Committee, summed it up. The Philippines is building an infrastructure network that ‘will improve daily life for millions of Filipinos and create new opportunities for businesses, industries and communities.’

The participation of more countries in the initiative is a vote of confidence on the administration of President Ferdinand Marcos Jr. The new partners have committed specific technical and financial resources to ensure the corridor’s success.

Australia, for one, is mobilizing investments through its Manila Deal Team, backed by a P1.9-billion partnership for inclusive growth. Denmark is aiming to create 10,000 jobs by revitalizing the Philippine shipbuilding industry and advancing green maritime innovation.

France, for its part, is financing the construction of 100 bridges and boosting industrial capacity through a foreign direct investment project in the aeronautics sector.

Italy, meanwhile, is funding private sector investments in semiconductors, transport and manufacturing.

South Korea is providing a P1.5-billion grant for the National Cyber Security Center and supporting the Ninoy Aquino International Airport (NAIA) modernization.

I was not expecting the early success of the LEC. But our foreign partners clearly saw the big potential of this infrastructure project.

Sweden is funding a P74-million feasibility study for the signaling systems of the Subic-Clark-Manila-Batangas freight railway.

Sweden Ambassador to the Philippines Anna Ferry saw the LEC as a great opportunity for her country to contribute to the Philippines’ development and competitiveness.

The UK, on the other hand, is deploying its Growth and Investment Partnerships (GIP+) toolkit, providing up to P411 billion in export finance for infrastructure and energy.

US Senior Advisor for Economic, Energy and Business Affairs Ambassador Heather Variava describes the expanded partnership and new commitments as a sustainable alternative to traditional infrastructure models in the region.

‘This initiative is creating real opportunities…while countering exploitative infrastructure practices with a better alternative,’ says Variava.

Japanese Ambassador to the Philippines Endo Kazuya is also bullish on the LEC. The LEC, in his own words, is expected to create thousands of high-quality jobs and strengthen regional supply chains, positioning the Philippines as a critical link in the Indo-Pacific’s economic architecture.

Digital connectivity and advanced manufacturing initiatives serve as the key aspects of the corridor. These projects will position the LEC as a strategic link in global technology supply chains and complement the Pax Silica initiative, to which the Philippines, Japan and the US are also signatories.

The Pax Silica initiative is a US-led coalition of 13-plus countries designed to secure AI, semiconductor and critical mineral supply chains. The economic bloc may have a geo-political undertone because it focuses on countering China’s tech-manufacturing dominance.

But economic alliances have their own merits and are productive. The LEC, as I wrote earlier, is about a new growth corridor, infrastructure, jobs, urban decongestion, economic inclusion, green energy and logistics.

Any initiative that creates jobs and reduces the poverty incidence in the Philippines is always welcome.

The Department of Environment and Natural Resources (DENR), through its National Capital Region (NCR) office, on Wednesday defended the cutting of century-old trees around Manila Zoo.

In its official statement, the DENR-NCR Office cited Presidential Decree No. 705, Presidential Decree No. 953, and other existing forestry and environmental regulations, which ‘allow the cutting or earthballing of trees when necessary for infrastructure projects, public works, and other development activities, provided that the required permits are secured and environmental safeguards are strictly observed.’

The cutting of the century-old trees earned criticism from netizens.

In its defense, the DENR-NCR said for every tree, thousands of trees will be planted in its place.

According to the DENR-NCR, the tree-cutting along the western portion of Quirino Avenue is for the construction of the Southern Access Link Expressway Project, which will connect the Skyway to Roxas Boulevard. The activity is covered by a duly issued permit (Permit No. 2026-02-24-TCEBP-1609) granted to the Southern Access Link Expressway Corporation.

To offset the trees that were cut, the project proponent is required to undertake large-scale replacement planting within the next planting season as a condition of the permit.

For this project, the permit requires that 50,700 replacement seedlings be planted within the City of Manila, in accordance with the Memorandum on Seedling Replacement Uniform Ratio; planting sites are to be identified in coordination with the local government to ensure local ecological benefit, the DENR-NCR said.

Moreover, the DENR-NCR said that ‘tree cutting’ is not automatically permitted. All applications undergo evaluation and are subject to compliance with environmental laws, technical assessment, coordination with concerned local government units, and the implementation of mitigation measures to address ecological impacts,’ it said.

BATANG San Miguel scored a 79-52 trashing of Batang Talk ‘N Text in the 10-Under division in the 2026 Batang Philippine Basketball Association on Tuesday at the Victoria Sports Complex in Quezon City.

Ivan Luke Hufano and Khalix Aiden Marohom tallied 26 and 20 points, respectively, to lead the way for the Batang Beermen and spoil the 37-point eruption of Lucas Gabriel Miciano for the Batang Tropang 5G.

SMB shoots for a finals berth in the three-team division when it takes on Batang Rain or Shine on Friday.

Simon Bailey Robles scored 11 points and Nathan Louie De Leon added eight for the Tropang 5G.

The Batang Beermen trailed 13-17 after the first quarter but turned things round with a 26-5 explosion in the second period to seize the lead for good.

In the 15U division, Adrian De Guzman, Mihangel Philrick Morre and Mark Vincent Patungan scored 15 points each as the Batang Meralco turned back Batang Pureblends, 71-63.

The Batang Bolts were behind at 17-24 after one quarter but dictated the tempo in the three quarters to take the win.

Batang Meralco tied early leader Batang Ginebra in the four-team 15-U division.

The Batang Gin Kings opened its campaign with a 72-68 win over the Batang Converge FiberXers last Saturday.

Aside from 10U and 15U, the Batang PBA is also staging 11U and 13U divisions this year, as well as 3×3 for eight-year-old kids and below in a bid to provide more platforms and exposure for young aspirants who could be the future of Philippine basketball.

BEYOND the inflation spikes and slowing growth triggered by the prolonged Middle East conflict lies a harsher economic reckoning: the Philippines’s long-fading ambition of becoming a high-income economy by 2040 may now be effectively out of reach.

This comes as Department of Economy, Planning, and Development (DepDev) Secretary Arsenio M. Balisacan admitted earlier this week that the government is recalibrating the AmBisyon Natin 2040 roadmap, the country’s long-term development blueprint, after a series of shocks and disruptions derailed the original growth trajectory.

For analysts, the recalibration reflects how repeated economic shocks have steadily pushed the Philippines farther from its original 2040 timetable.

Ateneo de Manila University (ADMU) economist Leonardo A. Lanzona explained that an honest assessment would show that the 2040 target is effectively gone, with even Balisacan acknowledging that achieving high-income status within the original timetable is ‘not feasible.’

Last year, the socioeconomic planning chief said economic growth of 6 percent or lower would not be enough to become a high income country in 15 years. (See: https://businessmirror.com.ph/2025/08/01/with-growth-of-6-or-less-phl-cant-meet-ambisyon-to-be-high-income-country-by-2040/).

‘The Iran shock and US tariff headwinds now layer fresh downside risk on top of the pandemic-era output gap that was never fully recovered. ‘Fallen behind’ understates it-the trajectory has been permanently reset,’ Lanzona told the BusinessMirror.

Foundation for Economic Freedom (FEF) President Calixto V. Chikiamco agreed, saying several ‘negative geopolitical and other external factors’ are now undermining the assumptions behind the plan.

Chikiamco said the prolonged oil crisis could continue weighing on the economy even if the Middle East conflict eases, while rapid advances in artificial intelligence also pose risks to several industries in the country, including its multi-billion business process outsourcing (BPO) industry.

‘The country is also vulnerable to climate change and a severe El Niño this year, together with high fertilizer prices, may cause significant damage to our agricultural sector,’ he also told the BusinessMirror. Under AmBisyon Natin 2040, the government aims to triple the country’s per capita income. This means having a per capita income of at least $11,000 through a sustained 6.5-percent annual gross domestic product (GDP) growth.

It also seeks to transform the Philippines into a predominantly middle-class society where poverty is eradicated and economic growth translates into a better quality of life for ordinary Filipinos.

Redefining middle classData from the 2016 AmBisyon Natin survey showed that nearly eight in 10 Filipinos (which translates to 79.2 percent) aspired for a ‘simple and comfortable life,’ while only a small fraction envisioned living like the rich.

For most Filipinos, this meant earning enough to meet daily needs, owning a medium-sized home and a vehicle, sending children to college, and being able to travel occasionally within the country.

The survey also showed strong aspirations for mobility and convenience, with a majority preferring to own a vehicle rather than rely solely on public transportation. Philippine Institute for Development Studies (PIDS) Senior Research Fellow John Paolo R. Rivera said the country’s 2040 aspirations may need to evolve beyond the traditional notion of middle-class prosperity anchored mainly on income growth and consumer ownership.

‘Key question is not just whether households earn more but whether they can sustain a decent quality of life,’ Rivera told the BusinessMirror.

The United Nations (UN) defines quality of life as a broad and multidimensional concept that goes beyond income and employment, encompassing access to food, healthcare, housing, infrastructure, social protection, public safety, environmental security, and even human rights.

Rivera said a truly middle-class society should be defined not only by higher incomes, but by economic security, quality education, accessible healthcare, affordable housing, and protection from ‘shocks.’

‘The vision remains achievable if the country uses this recalibration as an opportunity to address long-standing structural constraints rather than simply adjust the timeline,’ he added.

Deeper reforms

Meanwhile, Chikiamco said the Philippines must first address weak agricultural productivity, warning that persistently high food prices could undermine efforts to industrialize by raising wages and production costs.

‘This means that the country should move away from small scale agriculture toward promoting agribusiness. It should promote farm consolidation and remove the land retention limits of 5 hectares under the agrarian reform law,’ he explained.

Under AmBisyon Natin 2040, the government identified eight priority sectors for investment, including housing and urban development, manufacturing, connectivity, education, tourism, agriculture, health and wellness, and financial services, as part of efforts to build competitive industries that can deliver affordable goods and services.

Rivera said the recalibrated roadmap should also prioritize human capital, food and energy security, digital and physical infrastructure, innovation, and institutional strengthening.

‘Sectors with strong productivity and employment potential such as advanced manufacturing, agribusiness, tourism, and modern services should be at the center,’ he also said.

Capabilities audit

For Lanzona, however, the traditional sector-listing approach is no longer enough because it identifies priority industries without determining the specific constraints preventing them from advancing.

He said this leads to broad and unfocused allocation of resources, where industries are included in development plans but do not necessarily receive the targeted support needed at their current stage of development.

Lanzona instead pushed for a ‘capabilities audit,’ or a more detailed assessment of where industries currently stand, what bottlenecks they face, and what specific interventions they need to move up the value chain.

‘Without knowing where each industry actually stands in its upgrading trajectory, the milestones one attaches to the vision are arbitrary and the political economy critique applies with full force, because undifferentiated or unclear sector support is far easier to capture by incumbent political interests than stage-specific capability targets,’ Lanzona added.

Latest World Bank data showed that the Philippines remains classified as a lower middle-income economy, with a gross national income (GNI) per capita of $4,470 in 2024-just $26 below the lower bound of the UMIC range, currently set at $4,496 to $13,935.

The bank revises its income classifications annually, with updated thresholds and country rankings typically released on July, based on the previous year’s GNI per capita data.