WB: PHL remains lower-middle income economy

The World Bank (WB) announced that the Philippines has kept its standing in the lower-middle income economy bracket in its latest classification of countries by income released last 1 July.

In a statement, the WB said that the Philippines is grouped with 46 other countries, including India, Cambodia, and Zimbabwe and according to its World Development Indicators, the country’s Gross National Income (GNI) per capita in 2018 was $3,830 or over P197,500.

The country has consistently been classified as a lower-middle income economy since 1996.

According to the WB, low-income countries generated a Gross National Income (GNI) per capita of $1,025 or less in 2018; lower-middle income economies generated between $1,026 and $3,995; upper-middle income economies generated between $3,996 and $12,375; while high-income economies generated $12,376 or more.

The GNI per capita is calculated using the WB’s Atlas method.