DOF chief Go says PH must sustain reforms after World Bank upgrade

Finance Secretary Frederick D. Go said the Philippines’ transition to the World Bank’s upper-middle income category validates the Marcos administration’s economic reforms after the country joined economies such as Malaysia, Thailand, and China.

The World Bank reclassified the Philippines as an upper-middle income economy after the country’s gross national income per capita rose above the threshold in 2025. 

“The Philippines’ transition to an upper middle-income country is an affirmation of the reforms and policies that the government has consistently pursued to strengthen our economic fundamentals and create more opportunities for our people,” Go said in a statement on Thursday. 

“Now, we must continue to build on these gains so that the benefits of economic development reach more Filipinos,” he added. 

Frederick D. Go

Department of Finance Secretary 

The Department of Economy, Planning, and Development said the reclassification reflected sustained growth, sound macroeconomic management and long-term structural reforms. 

The Philippines remains below high-income economies such as Singapore, Japan and South Korea under the World Bank’s income classification. 

The government said the new status is expected to strengthen the country’s credit profile, boost investor confidence and support access to more financing and higher-quality investments.  

—Edited by Miguel R. Camus