Vancouver, Canada — Malacañang said the Philippines’ upgrade as an upper-middle-income status is an important economic milestone but should not be viewed as the final goal.
Communications Undersecretary Claire Castro acknowledged that many Filipinos continue to struggle with poverty and high prices despite the World Bank reclassification.
“Ito pong pagiging upper middle income country, hindi po ito finish line. Hindi po ito katapusan. Marami pa pong dapat gawin ang bansa para mas umangat pa ang ekonomiya,” she said.
[Translation: Becoming an upper-middle-income country is not the finish line. It is not the end. The country still has much more to do to further strengthen the economy.]
Castro said the new classification does not mean every Filipino has escaped financial hardship.
She said the government will continue implementing programs to address poverty, hunger and other economic challenges.
She said the country’s stronger economic standing is expected to attract more investors and create more jobs.
“Ang ibig lamang po kasing sabihin nito ay mayroon po tayong malakas na ekonomiya na maaaring makapag-engganyo sa mga investors na mamuhunan sa ating bansa, na magkikreate ng jobs.”
[Translation: It simply means we now have a stronger economy that can encourage more investors to invest in the Philippines and create jobs.]
Castro urged the public to view the World Bank’s recognition as an opportunity to sustain reforms rather than as the endpoint of the country’s economic journey.
