MANILA – Finance Secretary Frederick Go said government reforms that strengthened the country’s economic fundamentals helped the Philippines attain upper-middle income country (UMIC) status, adding that efforts will continue to ensure more Filipinos benefit from economic growth.

“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 Thursday.

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

The statement came after the World Bank, in its latest income assessment released late Wednesday, reclassified the Philippines as an upper-middle income economy after its gross national income (GNI) per capita reached USD4,850, surpassing the USD4,636 threshold.

The World Bank classifies upper-middle income economies for fiscal year 2027 as those with a GNI per capita ranging from USD4,636 to USD14,375.

According to the World Bank, GNI per capita measures a country’s economic output per citizen, taking into account both domestic and international earnings.

A higher GNI per capita is considered one indicator of greater economic prosperity and an improved standard of living.