Manila: The Marcos administration remains optimistic that the Philippines will reach an upper-middle income status, Malaca±ang said on Thursday. This comes after the World Bank's latest country classification retained the Philippines as a lower-middle income economy, despite government projections to transition to upper-middle income status this year.

According to Philippines News Agency, Palace Press Officer Claire Castro acknowledged that the country has not yet reached upper-middle income status. However, she highlighted the positive economic progress due to the improving gross national income per capita anticipated to start in 2024. Castro emphasized that the administration is committed to working toward this target despite facing global economic challenges.

When asked about the administration's confidence in achieving the goal, Castro affirmed, "Yes, the President, the economic team, and the entire administration remain positive. We can do it." The Philippine government had previously set its sights on reaching upper-middle income classification within President Ferdinand R. Marcos Jr.'s term.

The World Bank's recent country classifications indicated that the Philippines recorded a gross national income (GNI) per capita of USD4,470, an increase from the previous year's USD4,230 GNI. Despite this progress, the country remains approximately USD26 short of the World Bank's requirement of USD4,496 to USD13,935 GNI per capita to achieve upper-middle income status.

The administration's optimism reflects its commitment to driving economic growth and improving the country's income classification.