Finance Secretary Frederick Go on Thursday said the Philippines must sustain its economic reforms after achieving upper-middle-income status to ensure that the gains of growth benefit more Filipinos.
“The Philippines’ transition to an upper middle-income country is an affirmation of the reforms and policies that the government has consistently pursued to strengthen our economic fundamentals and create more opportunities for our people,” Go said.
“Now, we must continue to build on these gains so that the benefits of economic development reach more Filipinos,” he added.
According to the Department of Economy, Planning, and Development, the Philippines has entered the World Bank’s Upper-Middle Income Country category, driven by sustained growth, sound macroeconomic management, and long-term structural reforms.
The World Bank confirmed the upgrade in its latest income assessment, reporting the Philippines’ gross national income per capita at $4,850, exceeding the $4,636 threshold for upper-middle-income economies.
DEPDev said the shift was supported by steady economic expansion, with gross domestic product growing by an average of 5.8 percent from 2021 to 2025.
Strong performance across all industries also raised the country’s GNI per capita by 8.5 percent in 2025, lifting the Philippines from the lower-middle-income category to the upper-middle-income bracket.
The new classification is expected to strengthen the country’s credit profile, boost investor confidence, and expand access to financing and higher-quality investments that could generate better jobs for Filipinos.