The situation, in brief
The Philippines has been elevated to upper-middle income status by the World Bank for the first time in 40 years, ending a classification as lower-middle income that has persisted since 1986, Finance Secretary Frederick Go said Saturday. Go made the disclosure in an interview on DZRH News program…
The Philippines has been elevated to upper-middle income status by the World Bank for the first time in 40 years, ending a classification as lower-middle income that has persisted since 1986, Finance Secretary Frederick Go said Saturday.
Go made the disclosure in an interview on DZRH News program Special on Saturday on August 8, as part of the DZRH SONA 2026 Series featuring the Department of Finance (DOF).
“The last time na-rate tayo ng World Bank ay 40 years ago. 40 years ago, in 1986, we were labeled by the World Bank as a lower middle-income classification. Since then hindi tayo nakakuha ng, nandun lang tayo sa lower middle income for 40 years. This year lang po, iniangat tayo sa upper middle-income classification ng World Bank,” Go said.
He credited the elevation to the cumulative effect of economic reforms across multiple administrations, saying the Marcos administration’s programs built on the foundation laid by its predecessors.
Go said the upper-middle income status sends a strong message to foreign investors that the Philippines has sound rules, strong programs, and stable reforms that make it a safe place to invest.
He stressed, however, that the government’s work is not done, because the World Bank’s classification is based on the national average, which means the gains must still reach every Filipino, particularly the poor.
“Ibig sabihin niyan, ang numero kasi ginagamit ng World Bank ay ang average ng buong bansa. Kaya po sinasabi namin na our job is not done. What we really need to do in government is to make sure na itong success ng buong bansa ay mag-trickle down, ay umabot sa bawat Pilipino lalo na ‘yung sa mga nahihirapan,” Go said.
