WORLD BANK DATA SHOWS THAT FILIPINOS’ GROSS NATIONAL INCOME LESS THAN $200 AWAY FROM UPPER MIDDLE CLASS CATEGORY

WORLD BANK DATA SHOWS THAT FILIPINOS’ GROSS NATIONAL INCOME LESS THAN $200 AWAY FROM UPPER MIDDLE CLASS CATEGORY

- in Economy, Philippines
0

The World Bank has just released its 2018 assessment of global Gross National Incomes and the results show that the Philippines has nearly broken into the upper-middle-class bracket for the first time since the study was conducted 32 years ago.

For 2018, a mere $166 in Gross National Income (GNI) per capita separates the Philippines from leveling up to the upper-middle-class category. In local currency, this is a mere P8558.47 based on the time of this writing.

This is huge news for Filipinos, who have consistently remained in the lower-middle-income economy bracket since 1987, which is as far back as the World Bank’s archival data goes.

According to the World Bank, low-income economies are defined as those with a GNI per capita of $1,025 or less in 2018; lower-middle-income economies are those with a GNI per capita between $1,026 and $3,995; upper-middle-income economies are those with a GNI per capita between $3,996 and $12,375; high-income economies are those with a GNI per capita of $12,376 or more.

Through the World Bank’s Atlas method, it was estimated that the Philippine GNI per capital for 2018 was $3,830 or roughly P197,500.

The goal of achieving upper-middle class income category for Filipinos is among the top economic objectives of the Duterte administration.

“Today, the Philippines is one of the fastest-growing economies in the world. Reaching this milestone in our development story is attributable to many years of hard work—especially in building a strong fiscal position and a bureaucracy honed to the task of catalyzing growth,” said Department of Finance Secretary Carlos Dominguez III said in April earlier this year during the Philippine Day Forum in Washington D.C.




If you enjoy reading our stories,
please help keep Mindanation up and running by donating any amount.
Your support will go a long way in keeping us going.

Facebook Comments

You may also like

Bong Go supports Katarungan Desk initiative, joins signing of anti-corruption manifesto

In an effort to strengthen the anti-corruption drive