New Delhi, Jul 4 (IANS): The World Bank has classified the Philippines as a lower middle-income country with a gross national income (GNI) per capita of $3,950.

According to a report released by the global lender, the Philippines' GNI per capita increased by 11.3 per cent to $3,950 dollars in 2022, still within the multilateral lender's list of lower middle-income economies of $1,136 to $4,465 GNI per capita, reports Xinhua news agency.

President Ferdinand Marcos Jr. has vowed to bring the Philippines to "upper-middle income status by 2024", while National Economic and Development Authority Secretary Arsenio Balisacan set the agenda by 2025.

The Philippine economy is on the recovery track, with its gross domestic product accelerating from 5.6 percent in 2021 to 7.6 per cent in 2022.

The poverty rate declined from 23.5 per cent in 2015 to 18.1 per cent in 2021 despite the shocks by the Covid-19 pandemic and other global headwinds.

The World Bank said the economic dynamism in the Philippines, with increasing urbanisation, a growing middle class, and a large and young population, "is rooted in strong consumer demand supported by a vibrant labour market and robust remittances".