Metro Manila, Philippines – The Philippines has achieved upper-middle income status this year, the World Bank (WB) said on Wednesday, July 1. The global development lender said the country’s gross national income (GNI) per capita of $4,850 exceeded the $4,636 threshold to break through to the upper-middle income category. The WB Development Data Group updates country classifications annually on July 1. GNI is a metric used by the bank to classify economies into income brackets based on a country’s final income divided by its midyear population. “The Philippines achieved its reclassification through broad-based expansion. GDP [gross domestic product] grew at an average of 5.8% per year over five years, reflecting gains across all major industries, not a single sector boom, but an economy-wide shift,” the bank said in its latest blog. The group said these updates reflect which countries can get access to concessional loans and development assistance, and provide…