MANILA, Philippines — Ferdinand Marcos Jr. on Thursday welcomed the Philippines’ elevation to upper-middle-income status, describing it as a vote of confidence in the country’s economy that would help attract more investments, create quality jobs and expand opportunities for Filipinos.
In a prerecorded video statement after arriving in Vancouver for a four-day official visit, Marcos said the milestone reflects the gains of the government’s economic policies over the past four years.
“After nearly four decades as a lower-middle-income country since 1987, this milestone affirms that the economic policies that we have pursued over the past four years have been effective,” he said.
Marcos credited the country’s steady economic growth, relatively stable currency and long-term reforms for strengthening the economy despite global uncertainties.
He said the new classification validates the country’s progress and the resilience of Filipinos.
“It is also a vote of confidence in our country’s future,” he said. “Economic progress is not meant to stay on paper. It is meant to open doors, put food on the table, and give every Filipino the chance to build a better life.”
The World Bank on Wednesday reported that the Philippines’ gross national income (GNI) per capita reached $4,850 in 2025, surpassing the $4,636 threshold required for upper-middle-income economies.
GNI per capita measures the average income earned by a country’s residents from both domestic and overseas sources and is one indicator of a nation’s standard of living.
The Philippines had initially targeted achieving the classification by 2024, but the COVID-19 pandemic, the economic contraction in 2020 and the depreciation of the peso pushed the timeline back.
Ralph Recto said attaining upper-middle-income status should not be viewed as the country’s end goal.
“The true measure of success is whether every Filipino family feels this upper-middle-income status,” Recto said, adding that the government remains focused on reducing poverty and improving living standards.
He said the administration’s priorities include keeping inflation under control, protecting jobs, strengthening purchasing power, boosting investor confidence and attracting more investments.
The government also plans to accelerate major infrastructure projects, continue implementing targeted assistance programs, efficiently execute the 2026 national budget and finalize a responsive 2027 spending plan.
Meanwhile, Arsenio Balisacan said the upgraded income classification is expected to improve the country’s credit profile, strengthen investor confidence and attract higher-quality investments that generate better jobs.
Balisacan acknowledged that access to concessional official development assistance may gradually decline as the country’s income level rises, but said the government has long prepared for the transition by strengthening its public-private partnership program and expanding other sources of development financing.
