Palace Vows to Raise PH Economy to Upper Middle-Income Status
MANILA, Philippines — Malacañang pledged on Thursday to intensify government efforts to elevate the Philippine economy to the upper middle-income bracket. This ambitious goal remains a top priority for the administration.
During a briefing, Palace Press Officer Claire Castro reaffirmed the commitment to achieve this milestone before President Ferdinand Marcos Jr.’s term concludes in 2028. “The government will still double its efforts so that we can reach our goal of transitioning to upper middle-income status,” she said.
World Bank Classification Highlights Current Status
This declaration follows the World Bank’s latest country income classification, which still lists the Philippines in the lower middle-income bracket—a status it has maintained since 1987. The classification covers countries with a gross national income (GNI) per capita between $1,136 and $4,495, based on the Atlas method for fiscal year 2026.
The World Bank updates these income levels annually on July 1, categorizing economies as low, lower-middle, upper-middle, or high income. These classifications not only reflect a country’s development stage but also influence its growth trajectory and access to official development assistance and concessional financing.
Economic Growth and Development Prospects
Moving to the upper middle-income group signifies enhanced economic stability and greater opportunities for sustainable growth. It also opens doors to more favorable financial support and international partnerships, which are crucial for infrastructure and social development projects.
Local leaders and economic experts agree that focused reforms, investment in human capital, and boosting productivity are essential steps to realize this vision. The government’s renewed dedication signals a strong push towards achieving this economic transformation within the next few years.
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