With the government’s relentless push towards improving the country’s economy starting to bear fruit, Malacañang announced that the Philippines is on the verge of becoming an upper middle-income country this year.
At the press briefing held on Wednesday, Presidential Communications Office (PCO) Undersecretary and Palace Press Officer Claire Castro expressed optimism that sweeping economic reforms implemented by President Ferdinand R. Marcos Jr. would help the Southeast Asian nation to achieve this feat.
Castro told reporters, “Of course masaya po ang Palasyo dahil nakikita po natin ang pagtatrabaho ng administrasyon para po mapaganda ang ating ekonomiya.”
She added, echoing Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan’s assurance that the country is on track to attain upper middle-income status, “At ang sabi nga rin po ni Secretary Balisacan ay USD26 na lamang po ang kulang at hoping po na nito pong taon na ito, 2025, ay maa-attain na po natin ito pero malalaman po natin ito sa July 2026.”
Balisacan, meanwhile, noted that the official confirmation will have to wait until July 2026, and stepping up to an upper middle-income echelon would necessitate a sustained economic growth.
Based on the World Bank’s assessment, the Philippines’ gross national income (GNI) per capita stood at USD4,470 in 2024, which is only USD26 short of the benchmark GNI per capita tor upper middle-income countries.
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