A general view of the financial Makati district in Manila, the Philippines, Feb. 25, 2006. Photo by Reuters
The World Bank has assessed that the Philippines is approaching the upper-middle-income status, based on current growth trends in gross national income (GNI) per capita.
English-language newspaper Philippine Star cited the multilateral lender as saying that the Philippines is projected to be close to the upper-middle-income threshold.
The bank’s list of new income classification and thresholds will be updated on July 1.
Data released by WB last year showed that the Philippines remained a lower-middle-income country, with a GNI per capita of US$4,470 in 2024.
The bank classifies economies with a GNI per capita of $1,136-4,495 as lower-middle-income while those with a GNI per capita of $4,496-13,935 are classified as upper-middle-income. High-income ones have a GNI per capita of over $13,935.
The Philippines has been part of the lower-middle-income group since 1987.
