In a statement released on social media by the World Bank, the Philippines is named among five countries that have elevated from lower-middle to upper-middle income.
The list includes countries such as Jordan, Micronesia, Sri Lanka, and Vietnam.
Meanwhile, one country has ascended from low to lower-middle income: Togo.
The World Bank declared that the Philippines obtained this reclassification via broad economic growth.
"GDP grew at an average of 5.8% per year over five years, reflecting gains across all major industries, not a single sector boom, but an economy-wide shift," the World Bank stated.
According to Zafer Mustafaoglu, World Bank Division Director, the Philippines' rise in economic stature will aid in creating more and better jobs in the country, enhancing the nation's productivity capabilities and fostering innovation.
