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On July 1, 2026, the World Bank reclassified the Philippines as an upper middle-income country, or UMIC, citing a gross national income per capita of $4,850.
While policymakers celebrated the statistical milestone, the lived reality of millions of Filipinos reveals an illusion of prosperity masking persistent poverty, inequality and technological dependency.
Surveys show that 52% of families rated themselves poor in March 2026, equivalent to 72 million Filipinos unable to meet basic needs. Inflation, peso depreciation from P52 to P61 against the U.S. dollar, and soaring commodity prices have eroded household purchasing power, pushing even segments of the middle class into poverty.
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