Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio M. Balisacan emphasized that driving inclusive growth is vital for the Philippines to secure and maintain its standing as an Upper Middle-Income Country (UMIC).
Speaking at the launch of the World Bank’s Philippines Economic Update (PEU) in Makati City, Secretary Balisacan highlighted the country’s economic trajectory in a bilateral exchange with Zafer Mustafaoğlu, World Bank Country Director for the Philippines, Malaysia, and Brunei.
Balisacan noted that achieving UMIC status serves as formal recognition of the nation’s sustained economic momentum. Beyond the title, he stressed that this milestone will significantly enhance the Philippines’ international credit profile, boost foreign and domestic investor confidence, and unlock access to more competitive financing for high-quality investments.
“Sustaining our position as an upper middle-income economy requires continuous momentum,” said Balisacan. He emphasized that maintaining this trajectory depends on the aggressive implementation of structural reforms, the strengthening of public institutions, and fostering long-term investor confidence across key growth sectors.
The Philippines Economic Update is published semi-annually by the World Bank to provide a comprehensive analysis of the country’s macroeconomic developments, policy implementation, and economic outlook.
