4-7-2023 (MANILA) The World Bank has classified the Philippines as a lower middle-income country, with a gross national income (GNI) per capita of US$3,950. This classification was based on a report released on Monday by the World Bank, which stated that the Philippines’ GNI per capita increased by 11.3 percent to $3,950 in 2022. This figure falls within the World Bank’s list of lower middle-income economies, which have a GNI per capita ranging from $1,136 to $4,465.
President Ferdinand Romualdez Marcos has set an ambitious goal of elevating the Philippines to “upper-middle-income status by 2024,” while National Economic and Development Authority Secretary Arsenio Balisacan has targeted achieving this status by 2025.
The Philippine economy is showing signs of recovery, with the gross domestic product (GDP) growing from 5.6 percent in 2021 to 7.6 percent in 2022. Despite the challenges posed by the Covid-19 pandemic and other global headwinds, the poverty rate has also seen a decline, dropping from 23.5 percent in 2015 to 18.1 percent in 2021.
The World Bank highlighted the economic dynamism in the Philippines, attributing it to factors such as increasing urbanization, a growing middle class, and a large and young population. The country’s strong consumer demand, supported by a vibrant labor market and robust remittances, has played a significant role in driving economic growth.
