By Dean Aubrey Caratiquet
In the face of adversity and other challenges that have threatened to derail the country’s march towards rising up the global ranks in terms of financial capacity, the Philippines’ progress in various key indicators of growth remained on track.
This, as the World Bank reported, is the rise of the Southeast Asian nation from a low-middle income to an upper-middle income status, after achieving a Gross National Income (GNI) per capita of $4,850, surpassing the $4,636 threshold for this category.
The international bank said in a statement, “The Philippines achieved its reclassification through broad-based expansion. GDP grew at an average of 5.8% per year over five years, reflecting gains across all major industries, not a single sector boom, but an economy-wide shift.”
Four other countries have also been reclassified by the World Bank in its latest report, such as Jordan, Micronesia, Sri Lanka, and Vietnam.
Welcome improvement
In a video message on Thursday, President Ferdinand R. Marcos Jr. welcomed this development as a historic economic milestone for the country’s bottomline.
“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.
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 hailed this achievement as a vote of confidence that will set the stage for a brighter future for Filipinos, with more opportunities and better jobs in the pipeline for the citizenry to work with.
Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan said in a statement, “This confirms the resilience of the Philippine economy. Despite global and domestic shocks, we have relentlessly pursued inclusive growth, strengthened fundamentals, and remained on track with our development agenda.”
He however, stressed that the country’s income status reclassification does not entail neglect of the ongoing challenges faced by the common folk, noting that the agency is hard at work to ensure that this growth remains inclusive and attainable for all Filipinos.
The World Bank Group Country Income Classifications is an annual update released by the international finance institution that highlights either the progression or regression of global economies, with their income status classified into four groups: low, lower-middle, upper-middle, and high. (with report from Elijah Canlas | PTV News)
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