MANILA: President Ferdinand Marcos Jr. on Thursday (July 2) said the Philippines’ new status as an upper-middle-income country is an affirmation of the effectiveness of the government’s economic policies and validation of the resilience of Filipinos.
The World Bank announced that the Philippines is now among the group of economies with gross national income per capita of between US$4,636 and US$14,375, as calculated using the Atlas method for fiscal year 2027.
The country joined Jordan, Micronesia, Sri Lanka, and Vietnam, which also moved from low-middle-income to upper-middle-income country status.
“The Philippines has officially become an upper-middle-income country. After nearly four decades as a lower-middle-income country since 1987, this milestone affirms that the economic policies that we have pursued over the past four years have been effective,” he said in a video statement.
“Our steady economic growth, broadly stable currency, and long-term reforms have strengthened our economy even amid global uncertainties. It validates the progress that we have made and the resilience of the Filipino people,” he continued.
Marcos noted that this milestone is a “vote of confidence in our country’s future.” The “greater confidence” that it gives to the country will also result in more investments, according to Marcos.
“More investments means more businesses, better quality jobs, and more opportunities for Filipino families,” he said.
“This is worth celebrating because economic progress is not meant to stay on paper. It is meant to open doors, put food on the table, and give every Filipino the chance to build a better life,” the president added.
He vowed that the government will continue working for better economic growth until every family feels the benefit of our country’s progress. - Philippine Daily Inquirer/ANN
