The Philippines remained as a lower-middle income country (LMIC) in the World Bank’s latest income classifications released on Wednesday.
The report showed the country’s gross national income (GNI) per capita rose to $4,470 in 2024, up from $4,320 in 2023.
The figure remains slightly below the $4,496 threshold needed to move up to upper-middle income country (UMIC) status.
Based on the World Bank Atlas method, low-income economies are those with a GNI per capita of $1,135 or less, lower-middle income economies range from $1,136 to $4,495, upper-middle income economies span $4,496 to $13,935, while high-income economies exceed $13,935.
Despite falling short of the UMIC cutoff, the Philippines’ latest GNI per capita is within the government’s 2024 target range of $4,454 to $4,592 under the Philippine Development Plan.
