The World Bank has confirmed the status of the Philippines as an upper-middle-income country.

Based on the World Bank's latest income assessment this July, the Philippines' gross national income per capita has reached 4,850 US dollars, surpassing the 4,636 US dollar threshold for upper-middle-income countries.

According to the Department of Economy, Planning and Development, or DepDev, this improvement is driven by the continued growth of the Philippine economy, macroeconomic management, and long-term structural reforms.

DepDev added that this development only shows the resilience of the Philippine economy.

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