World Bank reclassifies Philippines as upper-middle-income country, but public perception differs

The World Bank reclassified the Philippines as an upper-middle-income country, a change impacting its financial treatment and international standing. This classification is based on the World Bank's internal income categories, influencing concessional lending. Other development institutions are expected to note this significant shift. However, public perception of economic status, measured by surveys like Self-Rated Poverty, shows a different picture, with stagnant poverty rates and a negative net gain in perceived economic improvement.