President Marcos: World Bank's elevation of PH status to 'upper-middle income' will boost economy

President Ferdinand Marcos Jr. on Thursday welcomed the Philippines' classification as an upper-middle-income country by the World Bank, saying the achievement reflects the success of the administration's economic agenda over the past four years.

In its latest income assessment released Wednesday, the World Bank said the Philippines moved into the upper-middle-income category after posting a gross national income (GNI) per capita of USD4,850, surpassing the USD4,636 threshold required for the classification.

“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,” President Marcos said in a video message.

“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,” the President added.

Marcos said the country's new classification is expected to boost confidence in the Philippine economy, encouraging more investments that could create businesses, improve job quality, and expand opportunities for Filipinos.

He stressed that economic gains should translate into tangible improvements in people's lives.

“Economic progress is not meant to stay on paper,” the President said, noting that it means opening doors, putting food on the table, and giving every Filipino the chance to build a better life.

Despite the milestone, Marcos said his administration remains focused on ensuring that economic growth reaches ordinary Filipinos.

“Until every family feels the benefits of our country’s progress.”

The Philippines joined Jordan, Micronesia, Sri Lanka, and Vietnam in moving up from lower-middle-income to upper-middle-income status.

Meanwhile, the Department of Economy, Planning, and Development (DEPDev) attributed the country's new classification to sustained economic expansion, prudent macroeconomic management, and long-term structural reforms.

The agency said the upgraded status is expected to improve the Philippines' credit profile, strengthen investor confidence, and attract financing and higher-quality investments that can generate better-paying jobs. It also recognized the contribution of overseas Filipino workers (OFWs), whose earnings abroad are included in the country's GNI.

DEPDev, however, emphasized that while the new classification is a significant milestone, the government remains focused on making economic growth more inclusive and ensuring its benefits are shared by all Filipinos.

-Paraluman News