00:00The Philippines is now classified as an upper-middle-income country by the World Bank after four decades in the
00:06lower-middle-income bracket.
00:08It says Wednesday, July 1, the Philippines' gross national income per capita reached $4,850, exceeding the $4,636 threshold
00:17for upper-middle-income economies.
00:20Economy Planning and Development Secretary Arsenio Balizacan says this confirms the, quote, resilience of the Philippine economy.
00:26President Ferdinand Marcos Jr. meantime says the status is a vote of confidence in our country's future.
00:32Greater confidence means more investments. More investments means more businesses, better quality jobs, and more opportunities for Filipino families.
00:43But upper-middle-income status is not the same as broad prosperity.
00:47Gross national income per capita is a national average, not a measure of how income is distributed among households.
00:52It also includes income earned by Filipinos abroad, meaning overseas Filipino workers help push the country across the threshold.
Comments