The World Bank has ranked the Philippines from lower middle income to upper middle income because the Philippines has hit the Gross National Income (GNI) per capita required, which is also followed by the rest of the globe.

Based on the global lending body’s criteria for fiscal year 2026, which begins July 1, an upper middle income country has to reach GNI per capita of between $4,496 and $13,935.

In 2024, the Philippines GNI per capita stood at $4,470.

Meanwhile, 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.

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.

Finance Secretary Frederick Go said this signifies that the efforts of the government are working to improve the lives of Filipinos.

“The Philippines’ transition to an upper middle income country is an affirmation of the reforms and policies that the government has consistently pursued to strengthen our economy and to create more opportunities for our people,” he said.