PHL now preparing to becoming an upper middle-income country.
The Philippines is now preparing for the possibility of graduating from ADB concessional financing once it becomes an upper middle-income country. The government is now making the necessary preparations that would enable the Philippines to finance its development needs in the future.
These measures include fiscal policy reforms that seek to strengthen the capability of the government to generate funds, as well as efforts to fast-track “game-changing infrastructure projects” that will bring the country “to a higher level of play.” Upper middle-income economies are those with a gross national income (GNI) per capita of between $4,036 and $12,475, while high-income economies are those with a GNI per capita of $12,476 or more. But this will make loans offered by MDBs, such as the ADB, more expensive.
Reference: https://bit.ly/2VFUPu7
