Breaking through: PH attainment of upper middle-income status

In his first State of the Nation Address in 2022, President Ferdinand Marcos Jr. boldly declared that the Philippines aimed to become an upper middle-income country (UMIC) by 2024.

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It was an ambitious but motivating target—one that galvanized policy and economic planning. That aspiration remains within reach, even if slightly delayed.

According to the latest data from the World Bank, the Philippines' gross national income (GNI) per capita has now reached $4,470—just $26 short of the UMIC threshold of $4,496. With strong momentum in 2024 and continued growth in 2025, the country stands poised to finally cross that long-sought threshold, possibly by early 2026.

Finance Secretary Ralph Recto, reacting to the latest figures, expressed optimism that this milestone will be achieved "sooner than later," thanks to prudent fiscal management and sustained public investment. Socioeconomic Planning Secretary Arsenio Balisacan offered a tempered but determined outlook: "Reaching the UMIC level requires not just faster growth, but broader, more inclusive growth that uplifts every Filipino."