Philippines' upper-middle-income status questioned amid poverty concerns

The Philippines has been reclassified as an upper-middle-income economy by the World Bank, a change that is being called a myth by some. This reclassification is based on a per capita income of $4,850 in 2025, achieved through GDP growth and slowing population growth. However, critics argue this doesn't reflect the reality of widespread poverty and income inequality. Despite the new classification, a significant portion of the population still considers themselves poor, with stark disparities in income and asset ownership, and the country may lose access to crucial development aid.