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Business & Economics News

Philippines on the move to becoming an Upper-Middle Income Country

By 2019, the Philippines is expected to become one of the countries in the Upper-Middle income economy in the world.

The Philippines would soon be part of the said higher income band despite the recent challenges that the country is facing. The Department of Finance has said that the country is on its way next year to become an Upper-Middle income economy with the country staying on the right course, soon it will join the countries such as Brazil, China, Bosnia, Botswana, Turkey, Ecuador, Malaysia, Russian Federation, Thailand, Venezuela, Albania, Belarus and Guatemala in the said category.

According to the World Bank, for a country to place in the upper-middle economy, it should have a gross national income (GNI) per capita between $3,957 and $12,235. The Philippines in the meantime is just below $3,900, meaning the country is still under the lower-middle income band along with countries like Indonesia and Vietnam.

The Director General of the National Economic and Development Authority (NEDA) Ernesto Pernia said in an economic briefing that even if the country will just grow 4.4% Gross Domestic Product (GDP) the Philippines will hit $4,000 in the year 2019.

The Philippine President Rodrigo Duterte has led the country to a status of one of the fastest growing economies and ever since his election, he has maintained the country’s status said Finance Assistant Secretary Lambino.