Go welcomes Philippines’ upper middle-income status
MANILA, Philippines – Finance Secretary Frederick Go welcomed the Philippines’ attainment of upper middle-income status, saying the milestone reflects the country’s strong economic fundamentals.
“The Philippines’ transition to an upper middle-income country is an affirmation of the reforms and policies that the government has consistently pursued to strengthen our economic fundamentals and create more opportunities for our people,” Go said in a statement.
READ: PH attains ‘upper middle income’ rank – World Bank
“Now, we must build on these gains so that the benefits of economic development reach more Filipinos,” he added.
Meanwhile, the World Bank announced the reclassification on Wednesday after the Philippines posted a record gross national income (GNI) per capita of $4,850 in 2025, surpassing the upper middle-income threshold of $4,636 for fiscal year 2027.
The upgrade marks a major milestone, as the country had been classified as a lower middle-income economy since 1987.
READ: Go: Philippines set to reach upper middle-income status
According to the World Bank, the reclassification stemmed from the economy’s “broad-based expansion.”
“GDP grew at an average of 5.8 percent annually over the past five years, reflecting gains across all major industries—not a single-sector boom, but an economy-wide shift,” it said. /pai INQ
