The World Bank has reclassified the Philippines as an upper-middle-income country after its gross national income (GNI) per capita reached USD 4,850, above the USD 4,636 threshold.
This classification places the country alongside Jordan, Micronesia, Sri Lanka, and Vietnam, which also moved up from lower-middle-income status.
The World Bank said the upgrade was driven by broad-based economic growth averaging 5.8 percent annually over five years.
The Department of Economy, Planning, and Development said the milestone reflects strong macroeconomic fundamentals and sustained reforms despite global and domestic challenges.
Officials added that the new status is expected to boost investor confidence and improve access to financing, while acknowledging that income inequality and other development challenges remain.
Source: PhilNews24 | July 3, 2026
