Phl to achieve upper middle-income status by 2031

The Philippines is projected to be an upper middle-income economy by 2031, past the government's target of reaching the status by 2025, amid a broader growth slowdown in the Association of Southeast Asian Nations (ASEAN) economy, ANZ Research said.

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In a report written by ANZ economists Sanjay Mathur, Krystal Tan and Debalika Sarkar, the research firm said the Philippines would cross the World Bank's threshold for uppermiddle-income economies by 2031.

"This is not an unfavorable outcome, but the broader question is whether faster growth and higher per capita incomes can be attained," ANZ Research said.

Last year, the World Bank said the Philippines may reach upper middle-income status by 2025 or 2026, which is in line with the Marcos administration's target.

An upper middle-income country means having a gross national income (GNI) per capita income range of $4,466 to $13,845.

The World Bank currently classifies the Philippines as a lower middleincome country with a GNI per capita of $3,950.

The Philippines has been classified as a lower middle-income country since 1987, based on the earliest available data from the World Bank.