MANILA — Malacañang expressed optimism that the Philippines is on track to becoming an upper middle-income country this year, citing sustained economic growth under the current administration.

Citing the World Bank’s assessment, the Philippines’ gross national income (GNI) per capita stood at USD4,470 in 2024, just USD26 short of the threshold for upper middle-income classification.

“Of course masaya po ang Palasyo dahil nakikita po natin ang pagtatrabaho ng administrasyon para po mapaganda ang ating ekonomiya,” Presidential Communications Office Undersecretary and Palace Press Officer Claire Castro said in a press briefing.

“At ang sabi nga rin po ni Secretary Balisacan ay US$26 na lamang po ang kulang at hoping po na nito pong taon na ito, 2025, ay maa-attain na po natin ito pero malalaman po natin ito sa July 2026,” she added.

Department of Economy, Planning, and Development (DepDev) Secretary Arsenio Balisacan earlier said the Philippines is likely to achieve the milestone within the year but noted that the World Bank will only confirm it in July 2026.

To reach upper middle-income status, Balisacan said the economy must sustain growth, with the country expected to expand by 5.5 to 6.5 percent in 2025 and by 6 to 7 percent in 2026.

He also said the peso is unlikely to depreciate significantly and inflation is not expected to be much higher than global levels, both of which could influence the country’s migration to upper middle-income status.