The country is now considered as an “upper-middle income” country.
During a press briefing in Canada, Presidential Communications Office (PCO) Undersecretary Claire Castro noted the achievement, which was recently upgraded by the World Bank to the “upper-middle income country” status.
According to the World Bank, the Philippines moved into the said category after its gross national income per capita of US$4,470 in 2024, driven by sustained economic growth and updated national accounts methodology.
“Actually, yung pag-recognize po ng World Bank na narating na po ng Pilipinas ang upper middle income status, ito po ay isang mahalagang pagkakataon, tawagin niya ay milestone dahil since 1987, ngayon lang po umangat ang ating level. So dapat po natin ipagmalaki ito,” Castro said.
She also told that President Ferdinand Marcos Jr. believes the recent move of the World Bank is a result of efforts to make the Philippines more attractive to both local and foreign investors.
These efforts, she noted, include strengthening the role of the private sector as a partner in national development and expanding free trade agreements.
“Naniniwala rin ang Pangulo na bunga ito ng pagsisikap ng pamahalaan na gawing mas kaakit-akit ang bansa sa mga lokal at dayuhang mamumuhunan,” she said. “Kasama na dito ang pagpapalakas ng papel ng pribadong sektor bilang katuwang sa pambansang kaularan, at ang pagpapalawak ng mga kasunduan sa malayang kalakalan, katulad ng isinusulong ng Pilipinas sa Canada.”
In addition, the President also expressed confidence that the country’s improved economic standing would encourage more investors and businesses to establish operations in the Philippines — which will help to create more jobs and generating higher incomes for Filipino families.
However, the Chief Executive stressed that the government must continue pursuing reforms to sustain the country’s economic growth.
Castro also said that several sectors of the economy and the government still need to be improved and modernized to ensure that the Philippines maintains its growth momentum and continues progressing toward inclusive and sustainable development.
“Binigyan din ng Pangulo ang maraming pang sektor ng ekonomiya at ng pamahalaan ang kailangan baguhin at gawing mas moderno upang mapanatili ang paglago ng bansa,” Castro added.
INTERVENTIONS TO HELP THE POOR
Meanwhile, Castro also underscored that the interventions to help poor and vulnerable Filipinos will continue despite the Philippines’ elevation to upper-middle-income country status.
Speaking at a press briefing in Canada, Presidential Communications Office Undersecretary and Palace Press Officer Claire Castro said the World Bank’s recognition marks a historic achievement for the country.
She emphasized that the country’s new classification does not mean all Filipinos have already escaped economic hardship.
“At ito naman po ay hindi ibig naman sabihin na ang bawat Pilipino ay nasa ganoong level na hindi na magkakaroon ng financial challenge,” she stated. “Alam po natin sa ngayon na marami pa rin po mga kababayan natin ang kinakailangan (tulungan).”
Castro furthered by saying the government remains focused on addressing poverty and hunger through sustained interventions.
“At doon po pumapasok yung intervention ng administrasyon. Pati po ang mga isyu tungkol sa mga kagutuman, nagkakaroon ng intervention ang gobyerno at nagpapatupad ng kinakailangan natin para ang mga kababayan natin ay maramdaman ang ginhawa sa buhay.”
The Palace Official also stressed that the country’s new status should be viewed as a stepping stone rather than the ultimate goal.
“So, ito pong pagiging upper-middle-income country, hindi po ito finish line. Hindi ito katapusan. Marami pa dapat gawin ang bansa para mas umangat pa ang ekonomiya,” Castro said.
Castro said the improved classification signals a stronger economy that could encourage more investors to put money into the country and create more jobs.