NEDA: PH could be upper middle-income by 2026

The Philippines may attain upper middle-income status by next year if the economy expands by at least six percent, according to NEDA Secretary Arsenio Balisacan.

He clarified that this classification is unlikely to be achieved this year as the World Bank's data based on 2025 performance will be released in mid-2026.

The country is currently classified as a lower middle-income economy with a per capita GNI of $4,230 in 2023, and requires a per capita GNI between $4,516 and $14,005 to be classified as upper middle-income.

The economy posted a revised 5.7 percent growth in 2024, below the government's target of six to 6.5 percent.

For 2025 and 2026, the government has set an annual growth target of six to eight percent.

Balisacan noted that reaching the upper end of this year's growth target may not be realistic due to uncertainty caused by the US imposing reciprocal tariffs on trade partners including the Philippines.