Statement of Malacañang on PH Economy Standing
Malacañang welcomed the World Bank report that showed the Philippines just $26 shy to be considered an upper middle-income status country.
Amid the kickoff of the deliberation of the proposed 2026 national budget, there was a brief moment when they discussed the economic standing of the Philippines. Batangas 6th District Representative Ryan Recto reacted to the country falling short in hitting the goal to be an upper middle-income country.
Recto, a newbie in the congress and the son of Department of Finance Secretary Ralph Recto and Batangas Governor Vilma Santos, stressed that the country is just $26 short to hitting the bar set for the nation to be considered as an upper middle-income country. He made the emphasis during his turn to interpellate the economic team which included his father.
“For the fiscal year 2026, the world defines an upper-middle income economy as one with a GNI (gross national income) per capita, using the World Bank atlas method between $4,496 and $13,935. Currently, the Philippines posted a recorded GNI per capita of $4,470,” the younger Recto said.
Former Senator and now Finance Secretary Ralph Recto responded to his son jokingly threatened him during the budget talks that he will run against him in their district if he has more questions. The said moment turned the mood during the budget talks lighter for a moment. He assured his son that the country will achieve the target this year.
Meanwhile, Batangas 6th District Rep. Ryan Recto expressed his confidence that the Philippines will achieve its target to be an upper middle-income country this year. He also congratulation the country’s economic team which includes his father as well as the Marcos administration.
Recently, Socioeconomic Planning Secretary Arsenio Balisacan expressed that the Philippines is approaching the benchmark of becoming an upper middle-income country. Malacañang revealed its reaction to it.
Based on a report on Inquirer, Malacañang expressed its happiness over the Philippines nearing towards being an upper middle-income country. According to Palace press officer undersecretary Claire Castro, it shows that the Marcos administration is working for the country’s economy.
“Of course, the Palace is happy because we can see that the administration is working to improve our economy,” the Malacañang press official said.
Atty. Claire Castro also expressed the hope of the Palace that the Philippines will really reach the target this 2025. Based on the report, the Malacañang press official said it will only be known by July 2026.
Currently, the Congress is deliberating the proposed 2026 budget. Previously, House Speaker Martin Romualdez assured that they will scrutinize the budget proposal as every Peso should benefit the people.