VANCOUVER, Canada – President Ferdinand Marcos Jr. said Wednesday, July 1, that the World Bank’s confirmation of the Philippines’ status as an upper middle income country is a “vote of confidence in our country’s future.”

“Greater confidence means more investments. More investments mean more businesses, better quality jobs and more opportunities for Filipino families,” Marcos said in a message recorded during an official visit to Canada.

The Philippines’ aspiration for income status upgrade — from lower middle income to upper middle income — was launched in late 2015 to early 2016, straddling the administrations of the late Benigno Aquino III and Rodrigo Duterte. The COVID-19 pandemic disrupted what had been a steady rise towards that goal.

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On July 1, 2026, the World Bank released annual country classifications, where the gross national income in the Philippines clocked in at $4,850, clearing the $4,636 threshold for upper middle income status.

The Philippines was classified as lower middle income since 1987, or the year after Marcos’ namesake and father, the late dictator Ferdinand E. Marcos, was ousted from office.

“After nearly four decades as a lower middle income country since 1987, this milestone affirms that the economic policies we have pursued over the past four years have been effective,” said Marcos.

He added: “Our steady economic growth, broadly stable currency and long-term reforms have strengthened our economy even amid global uncertainties. It validates the progress we have made and the resilience of the Filipino people.”

Yet even as Marcos hails the status update, the Philippines has been reeling from the rising cost of goods, fueled by the US and Israel’s war on Iran that had disrupted the global oil supply chain. Government data showed headline inflation at 6.8% in May 2026, way about the Bangko Sentral ng Pilipinas’ 2% to 4% target range.

Still, Marcos said: “This is worth celebrating because economic progress is not meant to stay on paper. It is meant to open doors, put food on the table and give every Filipino the chance to build a better life.” – Rappler.com