President Ferdinand R. Marcos Jr. expressed confidence on Saturday that the Philippines will meet the World Bank’s gross national income (GNI) per capita range required to achieve upper-middle-income country (UMIC) status this year.

In his toast remarks during the Vin D’Honneur at Malacañang, the President highlighted the country’s strong macroeconomic fundamentals and its 2023 GNI per capita record of USD 4,335 (PHP 241,165), which sets a solid foundation for reaching the UMIC threshold.

“With strong macroeconomic fundamentals, we are confident that the country will be able to hit this year the GNI per capita range set by the World Bank to reach upper middle-income country (UMIC) status,” President Marcos said.

Looking ahead, the President emphasized the government’s commitment to accelerating infrastructure investments, improving business processes, and boosting national competitiveness. These efforts, he said, are aimed at supporting businesses, attracting foreign investments, and driving sustained economic growth.

He also took pride in the Philippines’ economic performance in 2023, calling it a “banner year” for the country. The economy expanded by 5.8 percent in the first three quarters of 2024, positioning the Philippines among the strongest economies in Asia.

The President noted that the country’s revenue collection for the year reached approximately PHP 4.42 trillion, accounting for 16.7 percent of the gross domestic product (GDP)—the highest share in 27 years, since 1997.

Moreover, he highlighted the Philippines’ strong performance in debt management, noting that the country ranked highest in debt transparency among 50 countries surveyed by the Institute of International Finance in 2024.

Additionally, the Philippines received its first-ever credit rating upgrade last year to “A-minus with a stable outlook” from Rating and Investment Information, Inc. (R&I), as well as a positive outlook upgrade from S&P Global Ratings. These upgrades, he said, have made the country more attractive to investors and have helped lower borrowing costs for both the government and businesses.

The President also pointed to a significant improvement in the labor market, with the unemployment rate dropping to 4.0 percent, well below the target range of 4.4 percent to 4.7 percent for the year.

President Marcos reiterated that the government’s continued focus on economic reforms and investments will pave the way for a more resilient and competitive Philippine economy. | PND