Jauhn Etienne Villaruel

Article (news)

Harlene Delgado

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px;display:block" width="960"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/1783041334420Screen Shot 2026-07-02 at 8.27.01 AM (17).jpg" style="width:960px" class="fr-fic fr-dib" width="960"/><span class="fr-inner" style="text-align:left">President Ferdinand R. Marcos Jr. departs for an official visit to Canada at the invitation of Prime Minister Mark Carney.<em> PCO/Facebook</em></span></span></span></div><p>VANCOUVER, Canada — President Ferdinand Marcos Jr. said he was not worried on the impact of the World Bank’s reclassification of the Philippines as upper middle-income economy in receiving loans as he expressed confidence that streams of investments will come in instead.</p><p>Marcos took note that the latest status means the Philippines must become &quot;less dependent on just straight-out foreign grants&quot; but maintained that the reclassification can be viewed optimistically as heightening of confidence in the economy.</p><div><a href="https://www.abs-cbn.com/news/business/2026/7/1/philippines-now-an-upper-middle-income-country-2222">Philippines now an &#x27;upper-middle income&#x27; country</a></div><p>“I do not worry, we were discussing this earlier today, and I don&#x27;t think that it will lead to an increase in interest rates for loans, for example, but we do believe the effect will be on the grants that are given,” he said during a media briefing following the joint statement with Canadian Prime Minister Mark Carney at the Vancouver Convention Center Thursday, July 2.</p><p>“But nonetheless, that means in a way that can be interpreted as the World Bank saying, ‘you know, we no longer need that, and we will replace that with investment.’ And that, I think, is a very, very important development for the Philippines and its economy,” Marcos Jr. added.</p><p>The Philippine’s upper middle-income economy status affects its eligibility for official development assistance and concessional financing.</p><p>He further noted that his administration &quot;worked very, very hard&quot; in the past four years to make the Philippines a &quot;more investment-friendly destination&quot; for both locals and foreigners.</p><p>For his part, Carney called it a &quot;positive sign for the Philippines&quot; as he also recognized the private sector as an important partner in overall development.  </p><p>“[L]et&#x27;s take the good with the good... This doesn&#x27;t happen, it&#x27;s not something that reflects the latest economic statistic, a good quarter. It is something more broad and development that&#x27;s been built over the course of the recent years,” he said.</p><div><br/></div><div><strong>RELATED VIDEO</strong></div><div><strong><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/h959U__R5cg?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span></strong><br/></div>

<p>The Philippine’s upper middle-income economy status affects its eligibility for official development assistance and concessional financing.</p>

The Philippine’s upper middle-income economy status affects its eligibility for official development assistance and concessional financing.

Less grants? Marcos confident investments will come after PH’s upgraded income status

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Less grants? Marcos confident investments will come after PH’s upgraded income status

Harlene Delgado,

ABS-CBN News

Published July 03, 2026 09:18 AM PHT

Read More:

Ferdinand Marcos Jr.

PBBM

Canada

Mark Carney

official visit

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