The Philippines will be on track to achieve upper middle-income status by 2025 if the country’s gross national income (GNI) per capita records a 6.7-percent growth, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said.
On the sidelines of the launch of the National AI Strategy Roadmap 2.0 on Wednesday, Balisacan said the country’s GNI per capita reached $4,230 in 2023, near the global threshold of $4,500.
The World Bank classifies economies based on GNI per capita. Upper-middle-income economies have a GNI per capita of between $4,466 and $13,845. The Philippines is currently classified as a lower-middle-income country.
Last week, Balisacan said upper-middle income status could be achieved in “late 2025 or early 2026.”
The NEDA chief noted that the goal of elevating the country’s World Bank classification is “within reach and achievable.”
“Together with the lower threshold to become an upper middle-income country, if you look at that growth rate, it’s only 6.7 percent,” Balisacan said.
“The report that was just issued by the World Bank actually proved, I mean, it’s consistent with what I was sharing with you,” he added.
Since 1989, the Philippines has been classified as a lower middle-income country, while its ASEAN counterparts have made more significant progress.
Indonesia reached the upper-middle income category with a GNI per capita of $4,580 in 2022 and $4,870 in 2023. Malaysia and Thailand were already in the upper-middle income category, with GNIs per capita of $11,970 and $7,180, respectively, in 2023.