THE PHILIPPINES is still classified as a lower middle-income country after just missing the threshold to achieve upper middle-income country (UMIC) status, according to the World Bank.
The World Bank’s latest country income classification showed the Philippines posted a record gross national income (GNI) per capita of $4,470. This was higher than its GNI per capita of $4,230 in the previous year.
Despite the increase in GNI per capita, the Philippines remains classified by the World Bank as a lower middle-income country — one with a GNI per capita of $1,136 to $4,495.
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