Philippines' NEDA Secretary Arsenio Balisacan believes the country has a good chance of becoming an upper-middle income economy by 2025. As of now, the Philippines is a lower-middle income economy based on the World Bank's classification.
The Philippines has a good chance of achieving upper-middle income economy status in 2025, according to National Economic and Development Authority ( NEDA ) Secretary Arsenio Balisacan . Currently, the Philippines is classified as a lower-middle income economy by the World Bank . The gross national income (GNI) per capita for the country in 2022 was $3,950, which falls within the lower-middle income bracket.
The World Bank has updated its GNI per capita range for lower-middle income economies to $1,136-$4,465 as of 2023. Balisacan emphasized that achieving this status will require reaching the growth target for 2024, maintaining growth through 2025, and ensuring the currency does not weaken significantly against major trading partners
Philippines Upper-Middle Income NEDA Arsenio Balisacan GNI Per Capita World Bank
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