The Philippines has been classified as an upper-middle income country by the World Bank after nearly four decades in the lower-middle income bracket. President Ferdinand Marcos Jr. described the development as a vote of confidence in the country's potential.
The World Bank reported the change, citing an average annual gross domestic product growth of 5.8 percent over the past five years. President Marcos, speaking in a video message from Vancouver where he arrived Thursday morning Manila time, said the milestone validates the administration's economic policies over the past four years.
Marcos stated that the upgrade affirms steady economic growth and long-term reforms amid global uncertainties. He added that greater confidence would lead to more investments, better jobs and opportunities for Filipino families.
Executive Secretary Ralph Recto noted that attaining the status is not the finish line. He said the government aims to sustain reforms in business ease, digital connectivity, education and climate resilience.
Some groups expressed skepticism. ACT Teachers party-list Rep. Antonio Tinio and others argued that the classification does not reflect realities like low wages for ordinary workers.
