Philippines misses upper middle-income status by $26

The Philippines remains classified as a lower middle-income country by the World Bank based on its gross national income (GNI) per capita of $4,470 for fiscal year 2026.

Despite an increase from $4,320 in 2023 to $4,470 in 2024, the Philippines narrowly missed achieving upper middle-income country status by just $26 below the World Bank's threshold of $4,496-$13,935.

Vietnam has surpassed the Philippines in terms of GNI per capita, standing at $4,490 compared to the Philippines' $4,470, missing UMIC status by only $6.

World Bank data shows that lower middle income countries have a GNI per capita between $1,136 and $4,495 for fiscal year 2026, while upper middle income countries fall within the range of $4,496-$13,845.

Despite steady gains in GNI since 2021, the Marcos administration remains optimistic about reaching its goal of transitioning to upper middle-income status by possibly 2027 despite global economic uncertainties and challenges such as inflation pressures and slower-than-expected growth.

Vietnam's rapid development over nearly two decades highlights the potential for accelerated economic progress, with Vietnam poised to achieve UMIC status in half the time it has taken the Philippines.