MALACANANG expressed optimism as the Philippines moves closer to achieving upper-middle-income status.
According to the World Bank, the Philippines’ gross national income (GNI) per capita reached USD 4,470 in 2024—just USD 26 below the benchmark for upper-middle-income countries.
“Of course, the Palace is happy because we can see that the administration is working to improve our economy,” said Presidential Communications Office Undersecretary and Palace Press Officer Claire Castro.
Castro’s statement was in response to Socioeconomic Planning Secretary Arsenio Balisacan’s announcement that the Philippines is approaching upper-middle-income status.
“Secretary Balisacan also said that it’s just USD 26 more, and we’re hoping it can be achieved in 2025, but we will only know for sure by July 2026,” Castro stated. She added that they anticipate a slight decrease in value and do not expect inflation to be higher than in other parts of the world.
