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The Makati-Mandaluyong skyline in this photo taken on April 12, 2024.   Gigie Cruz, ABS-CBN News

Article (news)

PH ECONOMY

Pia Gutierrez

ABS-CBN News

<div><br/></div><div style="text-align:left"><br/></div><p>MANILA — Malacañang remains confident that the Philippines will still be able to transition to an upper-middle class economy within the administration of President Ferdinand Marcos, Jr. </p><div><a href="https://www.abs-cbn.com/news/business/2025/6/26/philippines-lowers-growth-target-range-for-2025-citing-rising-uncertainties-1839">Philippines lowers growth target range for 2025 citing rising uncertainties; P6.79-trillion budget eyed for 2026</a></div><p>“Okay, inaamin po natin sa ngayon na hindi pa po natin natutuloy ang papunta sa upper middle-income status pero maganda naman po ang nagiging progreso ng ekonomiya dahil sa gumagandang gross national income per capita simula 2024,” Palace Press Officer Claire Castro said.</p><p>The new country classifications released by the World Bank showed that the Philippines remains a lower-middle income country. This, despite earlier target to achieve upper-middle income status in 2025. </p><div><a href="https://www.abs-cbn.com/news/business/2025/6/19/philippines-rise-to-upper-middle-income-ranks-likely-delayed-to-2027-world-bank-1733">Philippines&#x27; rise to upper middle income ranks likely delayed to 2027: World Bank</a></div><p>“Pipilitin po natin itong maabot kahit po siguro mayroon pang mga kondisyon globally sa mga nangyayari ngayon. Dodoblehin pa rin po ang pagsisikap ng pamahalaan,&quot; Castro said,</p><p>A World Bank official last month said the Philippines&#x27; entry into the ranks of upper middle income economies is not likely to happen this year or next year.</p><p>The global financial institution said the country may likely graduate from the lower middle income status by 2027 and not 2025 or 2026 which was earlier targeted by the Philippine government.</p><p>World Bank Lead Economist Gonzalo Varela said though 2026 is still possible, global uncertainties may push back the Philippines’ goal to hit upper middle income status.</p><div><strong>RELATED VIDEO</strong></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/HEUuK7ibL9Q?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>Malacañang remains confident that the Philippines will still be able to transition to an upper-middle class economy within the administration of President Ferdinand Marcos, Jr. </p>

Malacañang remains confident that the Philippines will still be able to transition to an upper-middle class economy within the administration of President Ferdinand Marcos, Jr.

PH to be 'upper-middle class economy' within Marcos term: Malacañang

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PH to be 'upper-middle class economy' within Marcos term: Malacañang

Pia Gutierrez,

ABS-CBN News

Published July 03, 2025 03:05 PM PHT

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Updated July 03, 2025 03:16 PM PHT

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Phlippine economy

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