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.