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PH to be upper-middle income country in 2019, Pernia says

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ABS-CBN News

MANILA - The Philippines will break into the ranks of upper-middle income countries as early as next year, one of the country&#x27;s economic managers said on Tuesday. Socioeconomic Planning Secretary Ernesto Pernia said that while economic expansion slowed down in the first half of 2018, the country&#x27;s growth momentum remained.Pernia said growth in the Philippines is increasingly being driven by investments, instead of consumption.&quot;The Philippines is also slated to become an upper-middle income country by 2019, as early as 2019, not 2022, with a per capita income of more than $4,000,&quot; Pernia said during a briefing by economic managers.The World Bank defines upper-middle income countries as having a per capita income of $3,896 to $12,055. China, Malaysia, and Thailand are upper-middle income countries under the World Bank classification while Taiwan, Singapore and Japan are dubbed as high-income economies with incomes of $12,056 or more. The Philippines is currently classified as a lower middle income country along with Myanmar, Laos, Vietnam, Indonesia and India. A per capita income of $4,000 translates to roughly P216,000 at today&#x27;s exchange rate. The government is aiming for a medium term growth target of 7 to 8 percent.

The World Bank defines upper-middle income countries as having a per capita income of $3,896 to $12,055.

The World Bank defines upper-middle income countries as having a per capita income of $3,896 to $12,055.