By Darryl John Esguerra, July 3, 2025; Philippine News Agency

https://www.pna.gov.ph/articles/1253474

MANILA – The Marcos administration remains optimistic that the Philippines will reach an upper-middle income status, Malacañang said on Thursday.

This comes after the World Bank’s latest country classification retained the Philippines as a lower-middle income economy, despite government projections to transition to upper-middle income status this year.

“Inaamin po natin na sa ngayon ay hindi pa natin natutulay ang upper-middle income status. Pero sa ngayon, maganda naman ang nagiging progreso ng ekonomiya dahil sa gumagandang gross national income per capita simula 2024 (We admit that as of now, we have not yet reached upper-middle income status. But there’s good economic progress due to improving gross national income per capita starting 2024),” Palace Press Officer Claire Castro said in a Malacañang press briefing.

She said the administration would continue working toward the target despite global headwinds.

Asked if the Palace remains confident, Castro responded, “Yes, lagi pong positibo ang Pangulo, ang economic team, at ang buong administrasyon. So, kakayanin natin ito. (Yes, the President, the economic team, and the entire administration remain positive. We can do it.)”

The Philippine government had earlier set its sights on achieving upper-middle income classification within President Ferdinand R. Marcos Jr.’s term.

The World Bank’s latest country classifications showed the Philippines posted a record gross national income (GNI) per capita of USD4,470 – higher than the USD4,230 GNI in the previous year.

Despite the increase, the Philippines remains about USD26 shy of the World Bank’s USD4,496 to USD13,935 GNI per capita requirement to become an upper-middle income country.