THE Philippines remains a lower-middle-income economy based on the latest World Bank classifications released on Monday. The government, which has long targeted achieving upper-middle-income (UMIC) status, said it remained confident of hitting this target by the end of this year or next year. Finance Secretary Ralph Recto told reporters in a Viber message on Wednesday that the government still expected the Philippines to cross the upper-middle-income threshold by year-end or in 2026, but World Bank lead economist Gonzalo said that this was more likely to occur in 2027 given external uncertainties. Varela said the country needed to consistently grow by at least 6.0 percent to hit the target next year. Economic growth, however, has fallen below government expectations over the last two years. https://www.manilatimes.net/2025/07/03/business/top-business/ph-still-classed-by-wb-as-lower-middle-income/2142731 (ICE SINGAPORE)

Fonte notizia: The Manila Times, 3 July 2025