President Ferdinand Marcos Jr. has welcomed the Philippines’ upgrade to upper-middle-income country (UMIC) status, saying it reflects the country’s steady economic progress.
The World Bank said the Philippines reached the new classification after posting a gross national income (GNI) per capita of $4,850, above the $4,636 threshold.
“After nearly four decades as a lower-middle-income country since 1987, this milestone affirms that the economic policies we have pursued over the past four years have been effective,” Marcos Jr. said.
“Our steady economic growth, broadly stable currency, and long-term reforms have strengthened our economy even amid global uncertainties. It validates the progress we have made and the resilience of the Filipino people,” he added.
The Department of Economy, Planning, and Development said the new status is expected to strengthen investor confidence, improve the country’s credit profile, and bring in more investments that could create better jobs for Filipinos.IMT
