Graph20150518The National Economic and Development Authority (NEDA) warned it is crucial for the Philippines to continue upgrading its products and processes in the global value chains to avoid falling into the “middle-income trap.”

The “middle income trap” is a term used to describe the situation of an economy that has escaped poverty but is still unable to graduate into high-income status due to uncompetitive industries and underdeveloped human capital, among others.

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