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PRESIDENT Ferdinand Marcos Jr. is optimistic that the Philippines can hit its goal of reaching an upper-middle income status during his presidency, Malacañang said on Thursday. Palace Press Officer Claire Castro issued the statement after the World Bank’s latest country classification retained the Philippines as a lower-middle income economy, despite the Marcos administration’s push for an upgrade to upper-middle income status this year.
In a press briefing, Castro said the Marcos administration would double its efforts in order to attain the status.
“We admit that as of now, we have not yet reached upper-middle income status. But there’s good economic progress due to improving gross national income per capita starting 2024,” she said.
“Yes, the president, the economic team, and the entire administration remain positive. So we can do it,” she added. “We will strive to achieve this, even if there are still global conditions amid what’s happening now.” The World Bank recently reported that the country’s gross national income (GNI) per capita rose to a record high of $4,470 in 2023, exceeding the lower end of the government’s target range of $4,454 to $4,592 under the Philippine Development Plan.
To qualify as an upper-middle income economy, a country must have a GNI per capita between $4,496 and $13,935, according to World Bank classification.
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