Philippines on Track to Achieve Upper-Middle Income Status by 2026: Recto
Manila: The Philippines is on track to achieve the upper-middle income (UMIC) status by the end of 2025 or in 2026, according to Finance Secretary Ralph Recto. Recto expressed confidence in a text message, stating, “Yes we expect to achieve UMIC status by the end of this year or next year.” According to Philippines News Agency, data recently released by the World Bank showed that the Philippines is currently at the lower-middle income (LMIC) status, with the gross national income (GNI) per capita reaching USD4,470 last year. The GNI per capita measures the economic output per citizen, encompassing both domestic