The government has pledged to raise the Philippines to upper-middle income status next year, an ambitious goal that will require a high growth rate and economic diversification.
Economic managers insist that the goal remains in sight despite the World Bank continuing to classify the country as lower-middle income and also raising the thresholds to qualify for the next level.The country recorded a gross national income per capita of $4,230 in 2023, an improvement from $3,950 a year earlier but still within the $1,146-$4,515 range that was raised from $1,136 to $4,465 previously.
Upper-middle-income status also now requires a per capita GNI of $4,512 to $14,005, up from the previous range of $4,466-$13,845.Earlier this month, Finance Secretary Ralph Recto told The Manila Times that he was 'confident we can attain UMIC by the end of next year.''If not 2025 then 2026. But if I recall the data, we should be UMIC next year,' he said, adding that 'a nominal growth of 10 percent should take us there.
Income Status: Is The Country Almost There?
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