A residential area is dwarfed by the towering buildings in Quezon City. — PHILIPPINE STAR/MIGUEL DE GUZMAN
By Justine Irish D. Tabile, Senior Reporter
PRESIDENT Ferdinand R. Marcos, Jr. on Thursday welcomed the Philippines’ reclassification as an upper-middle income country (UMIC) by the World Bank, but economists cautioned that slowing growth could threaten the country’s ability to retain the status.
“After nearly four decades as a lower-middle income country since 1987, this milestone affirms that the economic policies we have pursued over the past four years have been effective,” Mr. Marcos said in a video message.
“Our steady economic growth, broadly stable currency and long-term reforms have strengthened our economy even amid global uncertainties. It validates the progress we have made and the resilience of the Filipino people,” he added.
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