Philippines aims for upper-middle income status by 2028

The Marcos administration remains hopeful that the Philippines will achieve upper-middle income status despite the World Bank retaining its classification as a lower-middle income economy in fiscal year 2026.

Palace Press Officer Claire Castro emphasized at a briefing on Friday that the government will focus on socioeconomic progress and continue with reforms in infrastructure, education, innovation, digitalization, and ease of doing business to elevate the country's economic status within President Ferdinand Marcos Jr.'s term.

The Philippines recorded a GNI of USD4,470 in 2025, an increase from USD4,320 in 2023, though it still falls short of the World Bank's threshold for upper-middle income status (USD4,496 to USD13,935).

Castro reiterated that the goal is targeted to be achieved by 2028 and expressed optimism despite earlier projections suggesting a possible delay until 2027.

In his first State of the Nation Address in July 2022, Marcos revealed his administration's goal for the Philippines to attain an upper-middle income status with a GNI per capita of USD4,256 by 2024, though this timeline has since been adjusted.