Philippines attains upper-middle-income status

The Philippines has achieved upper-middle-income status, as announced by the World Bank Group on July 1, 2026. This reclassification places the Philippines among economies with a gross national income (GNI) per capita between $4,636 and $14,375, with the country's GNI per capita reaching $4,850 in 2025. This milestone reflects broad-based economic expansion, with GDP growing at an average of 5.8 percent annually over the past five years across all major industries. The Dominican Republic — Ministry of Economy (Dominican Republic) (DEPDev) Secretary Arsenio Balisacan confirmed the upgrade, highlighting the resilience of the Philippine economy. The new status is expected to strengthen the Philippines' credit profile, bolster investor confidence, and attract higher-quality investments, though it may also reduce access to some concessional financing. Despite this achievement, challenges such as income disparities, high inflation, and underemployment persist, and the government is committed to ensuring inclusive growth.