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World Bank: PH Still a Lower-Middle Income Economy

  • The Philippines remained a lower-middle income economy.
  • On July 1, the World Bank revised the threshold for the four-income categories—low, lower-middle, upper-middle, and high-income countries.
  • In 2019, the Philippines has a higher per capita GNI of $3,850 than the $3,170 reported in 2018 data from the World Bank.
  • Visit The Financial Today’s homepage for more stories.

According to the World Bank’s latest numbers, the Philippines remained a lower-middle income economy.

On July 1, the World Bank revised the threshold for the four-income categories—low, lower-middle, upper-middle, and high-income countries—and reclassified the countries based on their per capita 2019 gross national income (GNI).

In 2019, the Philippines has a higher per capita GNI of $3,850 than the $3,170 reported in 2018 data from the World Bank.

But despite the rise, it still falls within the $1,036-$4,045 income class for the lower-middle income segment that was revised upward from $1,026-$3,995 in the previous July 1, 2019 update range.

The government is targeting to move to the upper-middle income level by 2022. It is also eyeing to secure a long-term credit rating “A” by that year when the Philippines finally loses the concessional loans it now enjoys.

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