President Ferdinand Marcos Jr. on Thursday vowed to continue working until Filipino families feel the gains from the Philippines’ rise to upper-middle-income country status, as Executive Secretary Ralph Recto said the administration would sustain reforms to keep the economy growing.
In a video message, Marcos welcomed the country’s official transition to upper-middle-income status, saying the hard work of Filipinos to build the nation has paid off and that “the world has taken notice.”
“The Philippines has officially become an Upper-Middle-Income Country. After nearly four decades as a lower-middle-income country since 1987, this milestone affirms that the economic policies we have pursued over the past four years have been effective,” Marcos said.
He said the country’s steady economic growth, broadly stable currency, and long-term reforms have strengthened the Philippine economy despite global uncertainties.
“It validates the progress we have made and the resilience of the Filipino people. It is also a vote of confidence in our country’s future,” Marcos added.
The President said stronger confidence in the country would bring in more investments, spur business growth, create better quality jobs, and open more opportunities for Filipino families.
“This is worth celebrating because economic progress is not meant to stay on paper. It is meant to open doors, put food on the table, and give every Filipino the chance to build a better life. That is the work we will continue to do until every family feels the benefits of our country’s progress,” Marcos said.
The World Bank, in its latest income classification released on Wednesday, said the Philippines reached upper-middle-income status after posting a gross national income per capita of US$4,850, higher than last year’s US$4,470 and above the US$4,636 threshold.
Recto said the World Bank recognized that the country’s ascent was driven by broad-based economic expansion, with gross domestic product growing by an annual average of 5.8 percent over the past five years.
He said this showed that growth came from multiple industries, not just a single sector.
Recto said the Philippines now joins regional upper-middle-income economies such as China, Malaysia, Thailand, Indonesia, and Vietnam.
He, however, stressed that reaching upper-middle-income status is not the finish line.
“Ang tunay na sukatan ng tagumpay ay kung nararamdaman ba ito ng bawat pamilyang Pilipino,” Recto said.
“Kaya hindi tayo titigil hangga’t mas maraming Pilipino ang nakakaahon sa kahirapan at mas gumagaan ang kanilang pamumuhay,” he added.
To sustain growth, Recto said the government would focus on bringing down inflation, protecting jobs, strengthening purchasing power, boosting consumer and business confidence, and attracting more investments.
He said the government would accelerate major infrastructure projects in the second half of the year, continue rolling out a more targeted UPLIFT program to cushion the lingering effects of the Middle East conflict, efficiently implement the 2026 national budget, and finalize a responsive 2027 national budget.
Recto said the administration would also continue reforms to make doing business easier, strengthen digital connectivity, improve education and workforce skills, and build resilience against climate-related risks and external shocks.
“As the Philippines gradually relies less on concessional financing as an upper middle-income country, the government will expand the use of public-private partnerships, deepen domestic capital markets, and tap other market-based financing sources to sustain investments in infrastructure and development,” he added.