Recto: Philippine nears upper middle-class country statusMANILA, Philippines — The Philippines is close to achieving its much-coveted upper middle-income country (UMIC) status this year and is now setting its sights on higher growth targets, according to Executive Secretary Ralph Recto. Recto said the Philippines recorded a gross national income (GNI) per capita of $4,470 in 2024 – just $26 shy of the $4,496 UMIC threshold. The “lynchpin is clean, credible, and accountable governance” that boosts investor confidence and sustains growth, Recto said. Recto stressed the 6.793-trillion national budget this year, with its historic-high investment in education, healthcare, agriculture, and social protection, will fund development goals. Recto said the government is also committed to accelerating structural reforms so the Philippines can compete as an investment haven in the region.

Source: Philippine Star March 01, 2026 02:31 UTC