Vancouver, Canada – President Ferdinand Marcos Jr. said the Philippines’ ascension to upper-middle-income country status will attract more investments, create better-paying jobs and expand opportunities for Filipino families.
In a video statement, Marcos said the country’s reclassification by the World Bank—after nearly four decades as a lower-middle-income economy—validates his administration’s economic policies.
He cited steady economic growth, a broadly stable currency and long-term reforms that strengthened the economy despite global uncertainties.
Marcos described the upgrade as a vote of confidence in the country’s future, saying increased investor confidence would encourage more businesses to expand in the Philippines, creating jobs and opening more opportunities for Filipinos.
The president added that economic progress should translate into tangible benefits for ordinary Filipinos, saying the government would continue working until every family feels the gains of the country’s growth.
Executive Secretary Ralph Recto also welcomed the country’s new classification, saying it reflects stronger economic fundamentals under the Marcos administration and opens the door to more jobs, investments and opportunities.
The World Bank said the Philippines’ upgrade was driven by broad-based economic expansion, with the economy posting an average annual gross domestic product growth of 5.8% over the past five years. Based on estimates by the Department of Economy, Planning, and Development, the country’s gross national income per capita reached $4,850 in 2025, surpassing the World Bank’s upper-middle-income threshold of $4,636.
