The Philippines has remained a lower-middle income economy under the latest World Bank (WB) classification, which saw it trailing behind some of its neighbors in Southeast Asia.
Data from the international lending agency showed the Philippines gross national income (GNI) in 2022 at $3,950.
The country’s GNI per capital fell within the WB’s bracket for lower-middle income economies of $1,136 – $4,465. The income bracket was raised from $1,086 – $4,255 a year ago.
Calculated using the World Bank Atlas method, for the current 2024 fiscal year, low-income economies are defined as those with a GNI per capita of $1,135 or less in 2022; lower-middle income economies are those with a GNI per capita between $1,136 and $4,465; upper-middle income economies are those with a GNI per capita between $4,466 and $13,845; high-income economies are those with a GNI per capita of $13,845 or more.
The Philippines is joined in the lower-middle income bracket by Vietnam ($4,010 GNI per capita); Laos ($2,360); Cambodia ($1,700); and Myanmar ($1,210).
It trailed behind its neighbors which are in the upper-middle income, namely: Malaysia ($11,780); Thailand ($7,230); and Indonesia ($4,580), which moved up this year from a lower middle income status.
Singapore ($67,200) and Brunei ($31,410) are in the high income bracket.
In his first State of the Nation Address in July 2022, President Ferdinand Marcos Jr. said his administration is looking to bring the Philippines to “upper-middle income status by 2024” with “at least $4,256 income per capita.”
Socioeconomic Planning Secretary Arsenio Balisacan said the Philippines is likely to achieve its target of becoming an upper-middle income economy by 2025, a year later than what the government expected.—LDF, GMA Integrated News
