World Bank: PH now an upper-middle income country
The upgrade followed 5.8% average GDP growth from 2021 to 2025 and higher earnings from overseas Filipino workers, the World Bank said.
- On Wednesday, July 1, the World Bank upgraded the Philippines to upper-middle income status after its gross national income per capita reached $4,850, exceeding the $4,636 threshold.
- The upgrade follows broad-based economic expansion, with GDP growing 5.8% annually over five years. Department of Economy, Planning, and Development Secretary Arsenio Balisacan credited strengthened fundamentals and inclusive growth.
- Overseas Filipino workers significantly contributed to the higher GNI, Balisacan noted. However, he acknowledged that income disparities and economic difficulties persist for many Filipinos.
- Despite the upgrade, the Philippine Statistics Authority reported headline inflation at 6.8% in May, remaining above the Bangko Sentral ng Pilipinas' 2% to 4% target range.
- Officials maintain that stronger fundamentals will eventually outweigh potential declines in concessional development assistance. The administration aims to create high-quality domestic jobs, reducing reliance on overseas employment.
15 Articles
15 Articles
Marcos: PH upper-middle income status 'a vote of confidence in our country’s future'
VANCOUVER, Canada — President Ferdinand Marcos Jr. on Thursday welcomed the Philippines’ attainment of upper middle-income status, saying the milestone is a "vote of confidence in our country’s future.""For years, Filipinos have worked hard to build this country. Today, the world has taken notice. The Philippines has officially become an Upper-Middle-Income Country," Marcos said in a video message."After nearly four decades as a lower-middle-inc…
World Bank: PH now an upper-middle income country
MANILA, Philippines – The Philippines has reached upper-middle income (UMIC) status, the World Bank said. In its latest income assessment released Wednesday, the World Bank reported that the Philippines’ gross national income (GNI) per capita was at US$4,850, exceeding the US$4,636 threshold. For the current fiscal year, low-income economies are defined as those with a GNI per capita, calculated using the World Bank Atlas method, of USD1,175 or …
Philippines reaches upper-middle income status — World Bank
MANILA, Philippines – The Philippines is now classified as an upper-middle income country by the World Bank (WB). The WB confirmed the upgrade in its latest country income classification update on Wednesday, July 1, placing the Philippines in the upper-middle income category after its gross national income per capita reached $4,850. This exceeded the $4,636 threshold set by the World Bank for upper-middle income economies. “This confirms the res…
DEPDev: World Bank confirmed Philippines' upper-middle-income status
The World Bank (WB) has confirmed the status of the Philippines as an upper-middle-income country (UMIC) after its gross national income per capita exceeded the UMIC threshold, the Department of Economy, Planning, and Development (DEPDev) announced on Wednesday.
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