MANILA, Philippines – President Ferdinand R. Marcos Jr. welcomed the Philippines' upgrade to upper-middle income status by the World Bank, describing it as a significant milestone that reflects the country's sustained economic progress.
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| President Ferdinand R. Marcos Jr. welcomes the Philippines' upgrade to upper-middle income status, saying it reflects economic reforms and sustained growth. Photo screenshot from Facebook/Bongbong Marcos |
Marcos said the reclassification demonstrates the effectiveness of the administration's economic programs and reforms implemented over the past four years.
The World Bank recently upgraded the Philippines after its gross national income (GNI) per capita reached $4,850, surpassing the $4,636 threshold required for upper-middle income economies.
READ: Philippines now an 'upper-middle income' country
According to the President, the country's transition after nearly four decades in the lower middle-income category shows that the Philippine economy continues to grow despite global economic challenges.
Marcos said the country's new status is expected to boost investor confidence, attract more businesses, and create additional jobs and economic opportunities for Filipinos.
He emphasized that economic growth should translate into meaningful improvements in the lives of ordinary Filipinos through better livelihoods and greater access to opportunities.
The President also vowed that the government would continue implementing reforms to ensure that the benefits of the country's economic progress are felt by every Filipino.
Meanwhile, the Department of Economy, Planning, and Development (DEPDev) said the Philippines achieved its new classification through sustained economic growth, sound governance, and long-term structural reforms.
DEPDev added that the country's upper-middle income status is expected to strengthen investor confidence, attract higher-quality investments, and generate more productive and better-paying jobs.
The agency also acknowledged the significant contribution of overseas Filipino workers (OFWs), whose remittances have remained a key driver of the Philippine economy.
Despite the milestone, DEPDev said challenges remain and assured the public that the government will continue pursuing policies that promote inclusive growth so that all Filipinos benefit from the country's economic gains.
— The Summit Express
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