Tag: World Bank

Foreign business groups welcomed the Philippines' elevation to upper middle-income economy status as a strong endorsement of the country's economic progress, while urging the government to accelerate reforms needed to convert the milestone into sustained investment and long-term growth.

The Philippines' elevation to upper-middle-income status by the World Bank is expected to strengthen investor confidence and bolster the country's appeal as an investment destination, marking a new phase of economic development while raising expectations for broader, more inclusive growth.

The World Bank Group has approved a record USD1.02-billion financing package for the Philippines, backing reforms aimed at lowering electricity costs, strengthening water security and accelerating the country's transition to cleaner energy.

The Philippine government is pinning its next employment surge on three high-growth industries—business process outsourcing (BPO), semiconductors, and renewable energy, said Finance Secretary Frederick Go.

The World Bank expects Philippine economic growth to slow to 3.7 percent in 2026, down from 4.4 percent in 2025, according to its East Asia and Pacific (EAP) outlook released on April 8.