Palace Pledges to Boost Philippine Economy to Upper Middle-Income Level
Malacañang has committed to doubling government efforts to raise the Philippine economy to the upper middle-income bracket by 2028. This comes after the World Bank's classification placed the Philippines in the lower middle-income group based on GNI per capita.
Malacañang on Thursday vowed to double government efforts to elevate the Philippine economy to the upper middle-income bracket. Palace Press Officer Claire Castro said the administration remains committed to achieving this status before the term of President Ferdinand Marcos Jr. ends in 2028.
The government aims to transition to upper middle-income status by doubling its efforts, according to Castro.
The World Bank's latest country classification results show that the Philippines is still in the lower middle-income bracket, a status it has held since 1987. This classification places the country among economies with a gross national income (GNI) per capita between $1,136 and $4,495 for fiscal year 2026.
Global economies are categorized into four income levels by the World Bank Group - low, lower-middle, upper-middle, and high - based on the previous year's GNI per capita. These classifications are updated annually on July 1.
A country's income classification reflects its development stage and influences its growth trajectory, as well as its eligibility for official development assistance and concessional financing.
According to the source: Inquirer.net.
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