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MANILA, Philippines – The Philippines is now an upper-middle income country, according to the World Bank.
It means the Southeast Asian nation is among the group of economies with gross national income (GNI) per capita of between $4,636 and $14,375, as calculated using the Atlas method for fiscal year 2027.
READ: Philippines’ ‘upper middle-income’ dream remains elusive
“The Philippines achieved its reclassification through broad-based expansion. GDP grew at an average of 5.8 percent per year over five years, reflecting gains across all major industries, not a single sector boom, but an economy-wide shift,” the Washington-based lender said. /pai INQ
