The Philippines is now only $26 short of qualifying as an upper middle-income country (UMIC), according to Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan.
In a Palace briefing on Wednesday, Press Officer Claire Castro highlighted the administration’s optimism, stressing that the government’s economic reforms are showing tangible results. “Of course, the Palace is pleased because we can see the administration’s efforts to improve our economy,” she said.
Castro also underscored Balisacan’s statement that the gap is minimal and could soon be closed. “As Secretary Balisacan also said, we are only short by 26 dollars, and he is hopeful that this year, 2025, we will be able to attain it,” she added.
However, while the government remains hopeful, official confirmation of the country’s new income classification will not come immediately. Castro clarified that the World Bank’s announcement is expected in July 2026. “Although we will only know by July 2026, let’s just wait and see,” she said.
The prospect of achieving UMIC status reflects the country’s economic momentum, with policymakers aiming to lift millions of Filipinos toward better income opportunities and living standards.
