Philippines made it to upper-middle income status: World Bank

PHILIPPINES – The country has been reclassified to an upper-middle income economy. The World Bank saw this after the Philippines’ gross national income (GNI) per capita attained USD 4,850 exceeding the needed USD 4,636 threshold. The World Bank credited the milestone to a broad-based growth, with the Philippines’ gross domestic product (GDP) developing by an average of 5.8% yearly over the past five years through major industries. The Department of Economy, Planning, and Development (DEPDev) stated long-term structural reforms, sound macroeconomic management, and sustained growth upgraded the country’s classification. They added that the current state is expected to amplify investor confidence and develop access to financing. Regardless of the achievement, they noted that income inequality and economic challenges are still apparent. They said the administration will continue chasing reforms to guarantee economic growth helps more Filipinos and becomes more comprehensive.