THE Philippines' move to upper middle-income status is an important milestone that reflects years of steady economic progress. It signals that the country's productive capacity and incomes have improved over time.
The move underscores the importance of the efforts to preserve macroeconomic stability and sustain structural reforms by the National Government. On the part of the BSP, it underlines the importance of managing inflation to encourage investment and protect the purchasing power of Filipino households; maintaining adequate international reserves to ensure confidence; ensuring banks are solid and able to support economic growth; and payment systems are modernized to provide businesses and consumers fast and safe transfers.
- Bangko Sentral ng Pilipinas
