The Philippines exceeded its Gross National Income (GNI) per capita target for 2023 under the Philippine Development Plan (PDP) 2023-2028, according to the National Economic and Development Authority (NEDA).

On July 1, the World Bank reported that the country’s GNI per capita reached a historical high of $4,230 in 2023, marking a 7.1 percent increase from the preceding year.

This achievement surpasses the 2023 target range of $4,130 to $4,203 GNI per capita set in the PDP 2023-2028.

“Achieving the GNI per capita target for 2023 solidifies our trajectory toward attaining Upper Middle-Income Country (UMIC) status within the next two years,'' said NEDA Secretary Arsenio Balisacan.

''What matters more to us is that the fruits of economic growth?opportunities, better jobs, and higher incomes?are felt by all Filipinos, especially the poor. The government must persist in its efforts to ensure that our economic gains are shared equitably, with the aim of reducing the poverty rate to a single-digit level by 2028,” said Balisacan.

The World Bank defines UMIC economies as those with GNI per capita ranging between $4,516 and $14,005 for the fiscal year 2025.

With current data, estimates suggest that the Philippines is poised to achieve UMIC status by 2025, provided the economy sustains a robust growth rate in 2024 and 2025.

GNI per capita measures the economic output per citizen, encompassing both domestic and international earnings. A higher GNI per capita is one indication of greater economic prosperity and a higher standard of living.

"The expected transition to Upper Middle-Income Country status is an indication that we are headed in the right direction. More importantly, I should say, our focus now is on sustaining the momentum,'' said Balisacan.

'' More than hitting a number, the ultimate goal is to improve our people’s lives,” said Balisacan. NEDA Public Affairs