The recent classification of the Philippines as an upper-middle-income country (UMIC) presents an opportunity for the nation to invest in human capital and spur long-term economic growth.
According to concerned organizations, the country's new status should translate into improved educational and health services, enabling young Filipinos to realize their aspirations and contribute to the economy.
Lolito R. Tacardon, the deputy executive director of the Commission on Population and Development (CPD), emphasized the need for increased investment in human capital. He noted that this would result in the development of quality human resources that can drive socio-economic growth in the future.
The World recently elevated the country's income classification to upper-middle-income from lower-middle-income, following a gross national income (GNI) per capita of $4,850, which falls within the World Bank's UMIC range of $4,636 to $14,375.
The new classification is expected to strengthen the country's credit profile, boost investor confidence, and expand access to financing and higher-quality investments, ultimately leading to better job opportunities for Filipinos.
The Philippines' young population, comprising around 50% of the population, presents a significant opportunity for investment in human capital development. This, combined with the country's recent recognition as a UMIC, can create an environment that supports young people's aspirations.
Neus Bernabeu, country representative in the Philippines for the United Nations Population Fund (UNFPA), highlighted the need to invest better in human capital to ensure the development of the young population. She expressed the hope that the country can create a supportive environment for young people to thrive.
The youth aspirations forum in Mandaluyong City was held in celebration of the upcoming World Population Day 2026, aiming to raise awareness of urgent global demographic issues. The event was led by the CPD and the UNFPA.
