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Marcos welcomes PH’s upper middle income rank, calls it “vote of confidence”

A view of the Metro Manila skyline as seen from Taytay, Rizal on January 11, 2023. George Calvelo, ABS-CBN News

Article (news)

METRO MANILA SKYLINE

Harlene Delgado

Benise Balaoing

ABS-CBN News

VANCOUVER, Canada — President Ferdinand Marcos Jr. welcomed the World Bank’s classification for the Philippines as an upper-middle-income economy.“After nearly four decades as a lower-middle-income country since 1987, this milestone affirms that the economic policies we have pursued over the past four years have been effective,” Marcos said in a video message released Wednesday night after arriving here in Canada for his official visit.Marcos also credited the country’s “steady economic growth, broadly stable currency and long-term reforms” in strengthening the Philippine economy even amid global uncertainties.“It validates the progress we have made and the resilience of the Filipino people,” he added.The Philippine leader also called the move “a vote of confidence in our country’s future” which would translate into more job opportunities for Filipinos.“Greater confidence means more investments. More investments mean more businesses, better quality jobs and more opportunities for Filipino families,” Marcos Jr. stated. “This is worth celebrating because 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,” he added. The chief executive vowed that his administration will continue to work “until every family feels the benefits of our country’s progress.”Finance Secretary Fredrick Go, for his part, said the Philippines&#x27; transition to an upper-middle-income economy is an affirmation of the reforms that the government has pursued to strengthen economic fundamentals and create more opportunities for Filipinos.<div>UPPER MIDDLE INCOME BUT HUNGRY?</div>At least two lawmakers, however, said that the &quot;upper-middle-income&quot; tag means nothing to Filipinos who do not earn enough to make ends meet.&quot;Ipinagmamalaki ng administrasyong Marcos Jr. ang &#x27;upper-middle income&#x27; status habang ang average na manggagawa ay kumikita lamang ng P510 kada araw—wala pang kalahati ng P1,312 na kinakailangang living wage,&quot; ACT Teachers Party-list Representative Tinio said. &quot;Walang halaga ang &#x27;upper-middle income&#x27; status kung ang ordinaryong Pilipino ay hindi makakabili ng pagkain at damit,&quot; Tinio stressed.&quot;Ang tunay na sukatan ng pag-unlad ay kung kailan ang bawat Pilipino ay may seguridad sa trabaho at sapat na kita para sa kanilang pamilya,&quot; he added.Caloocan representative Edgar Erice, meanwhile, stressed that the per capita income figures do not reflect the economic realities faced by most Filipino families.The World Bank classified the Philippines as upper-middle-income based on its gross national income (GNI) per capita exceeding the threshold of $4,635. “To illustrate, if a billionaire enters a room with 99 penniless people, the average wealth of everyone in that room would immediately skyrocket. Yet the reality remains that 99 of the 100 people are still poor,” Erice said.“Economic growth should not be measured merely by averages. It should be measured by whether the lives of ordinary Filipinos are genuinely improving,” he said.

President Ferdinand Marcos Jr. welcomed the World Bank’s classification for the Philippines as an upper-middle-income economy.

President Ferdinand Marcos Jr. welcomed the World Bank’s classification for the Philippines as an upper-middle-income economy.

Marcos welcomes PH’s upper middle income rank, calls it 'vote of confidence' for country

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Marcos welcomes PH’s upper middle income rank, calls it 'vote of confidence' for country

Harlene Delgado,

Benise Balaoing,

ABS-CBN News

Published July 02, 2026 12:35 PM PHT

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Updated July 02, 2026 01:07 PM PHT

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upper middle income country

GNI

gross national income

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Tinio

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